Patriot National Bancorp in Stamford, Conn., will restate financial results for the first half of 2023 after miscalculating an adjustment to the Current Expected Credit Loss standard. The $1.2 billion-asset company disclosed in a regulatory filing that investors cannot rely on its financial statements for the first and second quarters due to an error tied to CECL calculations. Patriot National estimated that, after it corrects the issue, the increase in

Eastern Bankshares in Boston has appointed a banking veteran to its board. The $21 billion-asset company said in a press release that Marisa Harney had become a director and will join its audit and risk management committees on Jan. 1. Harney recently served as chief credit officer at First Citizens BancShares in Raleigh, N.C. Before that, she was chief credit officerat CIT Group, which sold to First Citizens in January

Republic First Bancorp in Philadelphia has a new chairman after finalizing an agreement to sell stock to an investor group. The $6.2 billion-asset company said in a press release that it will sell securities to a group that includes George Norcross, III, Gregory Braca and Philip Norcross for $35 million. As part of a truce between the parties, the board will be reconstituted, with Philip Norcross serving as its chairman.

Issues with two commercial real estate loans caused a spike in nonperforming loans at New York Community Bancorp in Hicksville, N.Y. The $111 billion-asset company said in a press release that NPLs increased by 68% from a quarter earlier, to $392 million. New York Community noted that NPLs to total loans remains low by historical standards, at 47 basis points. Still, New York Community joins a growing list of lenders

Civista Bancshares in Sandusky, Ohio, is taking a break from the income tax refund business. The $3.7 billion-asset company said in a press release that it will remain on the sidelines for the 2024 tax season. The business had contributed $2.4 million of annual revenue from 2021 to 2023. Civista is still grappling with fallout of the Treasury Department mistakenly sending $5.6 billion in stimulus payments to the company in

Tompkins Financial in Ithaca, N.Y., reported a quarterly loss after repositioning its balance sheet. The $7.7 billion-asset company lost $33.4 million in the third quarter, reflecting a $47.5 million loss from securities sales. Tompkins sold nearly $430 million of securities in the quarter. Tompkins said the proceeds were largely reinvested in higher-yielding securities, estimating that that securities revenue should improve by roughly $15.4 million over the next 12 months. "We

Primis Financial in McLean, Va., is closing eight branches this month. The $3.8 billion-asset company said in a press release that it is closing the locations in late October. That represents about a quarter of Primis’ branches. Primis incurred about $1.5 million of one-time expenses in the second quarter tied to the planned closures. The move should save Primis about $2.9 million annually. The company said when it announced second-quarter

Old National in Evansville, Ind., has agreed to buy CapStar Financial Holdings in Nashville, Tenn. The $49 billion-asset Old National said in a press release that it will pay $344.4 million in stock for the $3.3 billion-asset CapStar. The deal, which is expected to close in the second quarter, priced CapStar at 106% of its tangible book value. Old National entered Tennessee last year via its high-net-worth division. It recently hired a