The Credit Union Executives Society (CUES) in Madison, Wis., has hired a search firm to help it find a successor for John Pembroke, who died in November. CUES hired DDJ Myers to help it find a new president and CEO, according to the Credit Union Times. Pembroke “created a solid foundation and trajectory for the organization by tripling CUES membership, launching new and innovative offerings and positioning the organization as

The Federal Reserve Board has rejected a request by Custodia Bank to reconsider last month’s decision to deny the Cheyenne, Wyo., company’s application to be supervised by the Fed. The Fed rejected Custodia’s application after concluding that it was “inconsistent with the required factors under the law.” The regulator determined that the business model and proposed focus on novel and untested crypto activities “presented significant safety and soundness risks.” The

Citizens Trust Bank in Atlanta will hold about $65 million of USD Coin (USDC) cash reserves for Circle Internet Financial in Boston. Circle, a digital fintech firm that issues USDC, said the agreement is part of a broader effort to allocate a share of USDC dollar-denominated reserves to minority depository institutions (MDIs) and community banks. "For the future of finance and banking to be more inclusive than the past, historically marginalized

Federal bank regulators are warning banks to be diligent about potential runs associated with crypto-related deposits. The Federal Reserve, Federal Deposits Insurance Corporation and the Office of the Comptroller of the Currency, in a joint statement, pressed banks to keep an eye on certain crypto-related deposits. They pointed specifically to deposits banks hold for crypto firms’ clients and deposits used as reserves for stablecoins. Rather than introduce new risk management requirements, the

A potential battle is brewing at First Foundation after the Dallas company invalidated an attempt by an activist investor to have individuals stand for board election. The $13 billion-asset company disclosed in a regulatory filing that it determined that Driver Management’s nomination notice was “materially deficient” and that its window for accepting nominations had closed. “Driver does not have the right to nominate any candidates for election as directors at

Byline Bancorp in Chicago briefly walked away from talks to buy Inland Bancorp in Oak Brook, Ill. The $7.4 billion-asset Byline agreed in late November to buy the $1.2 million-asset Inland for $165 million in cash and stock. Initial talks between the companies ended last May before being resurrected three months later, according to a regulatory filing tied to the pending deal. Inland’s investment bank reached out to a variety

Dietrich Bank in Effingham, Ill., will soon have a new CEO. The $1.2 billion-asset bank said in a press release that Jason Semple, its chief financial officer, will succeed the retiring Chuck Deters on May 1. Semple will also join the boards of the bank and its holding company, Prime Banc Corp. Deters, who has been CEO since 2014, agreed to stay for a transition period through the second quarter.

Main Street Financial Services in Wheeling, W.Va., has agreed to buy Wayne Savings Bancshares in Wooster, Ohio. The $604.3 million-asset Main Street said in a press release that it will pay $68 million in stock for the $729.8 million-asset Wayne Savings. The deal is expected to close in the second half of this year. Wayne Savings’ shareholders are expected to own about 52.5% of the combined company, which will retain the