An activist investor has backed off a plan to nominate two directors to run for board seats at National Bankshares in Blacksburg, Va. The $1.7 billion-asset company said in a press release that Driver Management had withdrawn its nominees. The company said it did not make any concessions, nor did it negotiate any settlement with Driver. “We are grateful for the outpouring of support from shareholders in recent days, who

First Carolina Bank in Rocky Mount, N.C., has hired an executive from Pinnacle Financial Partners to oversee its fintech strategy. The $2.1 billion-asset bank said in a press release that it had named Pat Pritchard to serve as managing director of fintech and digital banking. First Carolina said Pritchard’s initial focus will be on the core deposit relationship it just created with BM Technologies. Under that agreement, the bank will

The White House is encouraging the Federal Deposit Insurance Corp. to exempt community banks from a special assessment tied to the failure of two regional banks. The FDIC is weighing options for replenishing an estimated $23 billion hit to the Deposit Insurance Fund, and current law requires the agency to level a special assessment on banks. Regulators agreed to insure all deposits at Silicon Valley Bank and Signature Bank. The

The Consumer Financial Protection Bureau issued a rule that would require lenders to report data on small-business lending. The long-awaited rule, part of a mandate in the Dodd-Frank Act designed to address discrimination, will require lenders beginning next year to collect data on the approval and denial of small-business applications. Lenders will also have to keep tabs on borrowers’ geographic locations and demographics, along with pricing. The rule defines small

The Federal Reserve and Treasury Department have fined Wells Fargo in San Francisco a total of $97.8 million for unsafe and unsound practices tied to “historical inadequate oversight of sanctions compliance risks.” The Fed said in a press release that it fined the company $67.8 million. Wells was hit with a separate $30 million fine by the Treasury. The Fed said “deficient oversight” at Wells Fargo Bank enabled it to

SkyPoint Federal Credit Union in Germantown, Md., said its CEO is retiring. The $210 million-asset credit union said in a press release that Jim Norris will also retire as president. SkyPoint didn’t identify his successor. Norris has been SkyPoint’s leader for the past 12 years. He spearheaded a rebranding from Montgomery County Employees FCU in 2018. Since 2018, SkyPoint has received five community development financial institution (CDFI) grants totaling $4.2

First Financial in Arthur, N.D., has agreed to buy HSB Financial in Harwood, N.D. The parent of the $515 million-asset BankNorth did not disclose the price it will pay for the parent of the $47 million-asset Harwood State Bank. The deal is expected to close this summer. “This purchase will be a great fit for both banks and our customers,” BankNorth CEO James Williams III told BankBeat. “Both banks are

Patriot National Bancorp in Stamford, Conn., will have a new bank CEO. The $1.1 billion-asset company said in a press release that David Lowery will also become president of Patriot Bank in late April. He succeeded Robert Russell, who is leaving to “pursue another career opportunity.” Lowery, who joined the company in 2021, is the bank’s chief lending officer. Lowery has held senior roles at Iberiabank, Metropolitan Commercial Bank and