A group in Owensboro, Ky., has received conditional approval from the Federal Deposit Insurance Corp. to form a bank. The organizers of the proposed Cornerstone Community Bank need to raise $20 million of initial capital before opening the bank. The application was submitted in August. Kyle Aud, a former market president at German American Bank, would serve as CEO. Jonathan Lawson, a former chairman and president of Bank of Ohio

St. Lawrence Federal Credit Union in Ogdensburg, N.Y., has filed the applications to buy two branches from Citizens National Bank of Hammond in New York. The credit union, which agreed to buy the locations in mid-November, applied with the Federal Deposit Insurance Corp. on Feb. 4. Amber Taylor, the credit union's president and CEO, said when the deal was announced that the proposed acquisition is "part of our continued mission

Milestone Bank in Salt Lake City has launched an asset-based lending division. The $385 million-asset bank, which has focused on equipment finance, said the new division will provide revolving working-capital lines of credit secured primarily by accounts receivable and inventory. The expanded offerings will focus on manufacturers, dealers and other business-to-business operators. Milestone hired Daniel Godfrey to lead the division. Godfrey has 23 years of experience in ABL, including 18

EnFi, a fintech that partners with banks and credit unions to deploy targeted AI agents to complete commercial lending tasks, has raised $15 million in its Series A funding round. The fintech said in a press release that FINTOP led the round, with participation from Patriot Financial Partners, Commerce Ventures, Unusual Ventures and Boston Seed Capital. John Philpott, a FINTOP partner, will join EnFi's board.

Bank of Hawaii in Honolulu will have a new leader in April. The company said in a press release that Peter Ho will retire as chairman and CEO on March 31.  Ho plans to remain a consultant to the company through the end of 2027. James Polk, the company's president and chief banking officer, will succeed Ho as CEO and join the board. Raymond Vara Jr., president and CEO of

Gateway Bank in Oakland, Calif., raised $16.1 million in a private placement. The bank said in a press release that it sold common stock to institutional and accredited investors. The pricing wasn't disclosed. Proceeds will be used to strengthen regulatory capital ratios and support organic growth and strategic expansion into new Bay Area markets. The capital raise "positions Gateway Bank to accelerate our growth initiatives while staying anchored to what

Banco Santander has agreed to buy Webster Financial in Stamford, Conn. Santander said in a press release that it will pay $12.3 billion in cash and depository shares for the $80 billion-asset Webster. The deal, which is expected to close in the second half of this year, priced Webster at 200% of Webster's tangible book value. “This is an exciting combination that brings together complementary strengths and a shared commitment

Tri-County Bank in Stuart, Neb., has agreed to buy Butte State Bank in Butte, Neb. The merger application was submitted on Jan. 30. The price wasn't disclosed. Butte State was chartered in 1944 and has been owned by three generations of the Brewster family since 1963. The merger "allows the Brewster family heritage to continue providing banking services to the region ... as it has for the past 63 years,"