Bruce Lee plans to retire as president and CEO of Heartland Financial USA in Denver. The $19.4 billion-asset company said in a press release that Lee will also retire from the board at the end of the year. Heartland has formed a search committee and hired Heidrick & Struggles to search for Lee’s successor. "On behalf of the board, I want to thank Bruce for his significant contributions and dedicated

Capital One Financial in McLean, Va., has agreed to buy Discover Financial Services in Riverwood, Ill., for $35.3 billion. Capital One said in a press release that it will pay $35.3 billion in stock for Discover. The deal is expected to close in late 2024 or early next year. “From Capital One’s founding days, we set out to build a payments and banking company powered by modern technology,” Richard Fairbank,

PNC Financial Services Group in Pittsburgh has a new president.   The $562 billion-asset company said in a press release that Michael Lyons had taken on the role. He succeeded William Demchak, who remains chairman and CEO.   Lyons, who will oversee PNC’s primary operating business lines and its regional presidents office, previously served as head of corporate and institutional banking.   “For more than a decade, Mike has been

Truist Financial in Charlotte, N.C., has agreed to sell the remaining stake in its insurance business. The $535 billion-asset company said in a press release that it will receive $10.1 billion of after-tax cash proceeds from selling an 80% stake in Truist Insurance Holdings to a group led by Stone Point Capital and Clayton, Dubilier & Rice. Mubadala Investment Co. and other investors are involved. The sale is expected to

Toast, a digital technology platform for the restaurant industry, plans to cut about 550 jobs. The fintech said in a press release that it also plans to reorganize its facilities and operations as part of an effort “to promote overall operating expense efficiency.” Toast said it plans to cut the positions between now and the end of the year. The company expects to incur $45 million to $55 million of

Finward Bancorp in Munster, Ind., has split the roles of chairman and CEO. The $2.1 billion-asset company disclosed in a regulatory filing that Joel Gorelick had become chairman, succeeding Benjamin Bochnowski, who remains CEO. Gorelick retired as the company’s president and chief operating officer in January 2013. He has served on the board since 2000. “The board believes that this leadership structure … is appropriate for the [company] and the

Community Bank System in Syracuse, N.Y., revised its fourth-quarter earnings to take into account a decision to settle a potential class-action lawsuit alleging unpaid wages to branch employees. The $15.6 billion-asset company disclosed in a regulatory filing that it agreed to pay $5.8 million to settle the litigation. As a result, quarterly earnings were reduced by 12%, to $38.3 million.

Hometown Financial Group in Easthampton, Mass., has agreed to buy North Shore Bancorp in Peabody, Mass. The $4.7 billion-asset Hometown said in a press release that it expects to buy the $1.7 billion-asset North Shore in the second half of the year. The financial terms weren’t disclosed. Hometown said that no branch closures or staff reductions are expected. Kevin Tierney Sr., North Shore’s CEO, will become Hometown’s president and lead