Executives at First Republic Bank in San Francisco will forego annual bonuses for 2023. The $213 billion-asset bank disclosed in a regulatory filing that CEO Michael Roffler, Executive Chairman James Herbert II and all other executive officers will also forfeit vesting all performance-based incentives this year. Herbert also decided to waive his salary, effective March 12. The bank said the moves reflect recent volatility and an effort “to foster closer

PacWest Bancorp in Los Angeles briefly explored raising capital before deciding that doing so “would not be prudent.”   The $41.2 billion-asset company said in a press release that it secured $1.4 billion in fully funded cash proceeds from ATLAS SP Partners through a new senior asset-backed financing facility. The move unlocked liquidity from “unencumbered, high-quality assets in an expeditious manner.” Overall deposits are down 20% from Dec. 31, including

First Mid Bancshares in Mattoon, Ill., has agreed to buy Blackhawk Bancorp in Beloit, Wis. The $6.7 billion-asset First Mid said in a press release that it will pay $90.3 million in stock for the $1.3 billion-asset Blackhawk. The deal, which is expected to close in the second half of this year, priced Blackhawk at 138.1% of its tangible book value. Blackhawk has 10 branches, $782 million of loans and

PacWest Bancorp in Los Angeles said deposit volatility has “calmed” in recent days.   The $41.2 billion-asset company said in a press release that it had elevated net deposit outflows after regulators closed Silicon Valley Bank and Signature Bank, with a concentration in its venture banking business.   Net outflows “have fallen sharply” since March 13, with “deposit balance fluctuations substantially stabilizing,” PacWest said.   The company said its bank

The Federal Deposit Insurance Corp. has extended the bidding process for Silicon Valley Bridge Bank in Santa Clara, Calif. The FDIC said in a press release that there “has been substantial interest from multiple parties” but the bidders need more time to explore all options “to maximize value and achieve an optimal outcome.” The FDIC said it will simplify the process and expand the bidder pool by allowing parties to

AmeriServ Financial has filed a lawsuit against Driver Management in an effort to invalidate the activist investor’s bid to have three people stand for election to the Johnstown, Pa., company’s board.   The $1.4 billion-asset company said in a press release that the lawsuit, filed in the Court of Common Pleas of Cambria County, Pa., includes Abbott Cooper, Driver’s managing member, and the investor’s director nominees.   The lawsuit also

New York Community Bancorp in Hicksville has acquired "substantially all deposits and certain loan portfolios" tied to Signature Bridge Bank in New York. The Federal Deposit Insurance Corp. said in a press release that the $90 billion-asset New York Community unit Flagstar Bank had entered into a purchase and assumption agreement. Regulators closed the $110 billion-asset Signature on March 12, setting up a bridge bank. New York Community will gain

The Federal Reserve will launch its FedNow Service in July. The Fed said in a press release the formal certification process will begin during the first week of April. The Fed and certified participants will conduct production validation activities in June to confirm readiness for the launch. FedNow "will enable every participating financial institution, the smallest to the largest and from all corners of the country, to offer a modern