Dime Community Bancshares in Hauppauge, N.Y., has lined up its next CEO. The $3.8 billion-asset company said in a press release that Stuart Lubow will succeed Kevin O’Connor on Aug. 31. Lubow has been Dime’s president and chief operating officer. O’Connor will remain on the board until Dec. 31. Lubow will join the board. O'Connor has been CEO since the 2021 merger of Dime and Bridge Bancorp, where he was

MVB Financial in Fairmont, W.Va., sold a large portion of its subprime auto loans during the second quarter. The $3.5 billion-asset company said in a press release that it sold $20.4 million of subprime loans, allowing it to release the loan-loss reserve for those loans. MVB still has $27 million of subprime auto loans on its balance sheet. MVB had a loan-loss release of $4.2 million in the second quarter.

First Interstate BancSystem in Billings, Mont., laid off 70 mortgage employees in the second quarter. The $31 billion-asset company said in a press release that the cuts should help it save $6.9 million annually. Separately, the company said it plans to introduce a new suite of consumer credit cards in August. “We believe these initiatives will help us to continue growing our customer base and expanding our relationships with existing

Pioneer Bancorp in Albany, N.Y., has acquired Hudson Financial, an advisory firm in Hudson, N.Y. The $1.8 billion-asset Pioneer said in a press release that Hudson has $225 million of assets under management. The price wasn’t disclosed. “Pioneer is committed to providing a wide range of seamless, integrated products and services under one roof that enable people, families, and businesses to achieve their financial goals,” Pioneer President and CEO Tom

Eagle Bancorp in Bethesda, Md., closed two branches and laid off some employees as part of a cost-cutting effort. The $11 billion-asset company said in a press release that it closed locations in the Georgetown neighborhood of Washington, D.C., and Chantilly, Va. The closures should save Eagle $408,000 annually. Eagle now has 13 branches. Eagle also said it implemented a “reduction-in-force” that will help it save $2.4 million in the

Banc of California in Santa Ana has agreed to buy PacWest Bancorp in Beverly Hills, Calif. The companies said in a press release that it the deal is expected to close in late 2023 or early next year. Banc of California said that affiliates of funds managed by Warburg Pincus and certain investment vehicles managed or advised by Centerbridge Partners will pay $400 million for equity securities to be issued

Atlantic Union Bankshares in Richmond, Va., has agreed to buy American National Bankshares in Danville, Va. The $20.6 billion-asset Atlantic Union said in a press release that it will pay $416.8 million in stock for the $3.1 billion-asset American National. The deal, which is expected to close in the first quarter, valued American National at 174% of its tangible book value. “American National is a high-quality community bank with an

Organizers of the proposed Integrity Bank in Houston plan to raise $37 million of initial capital. The group said in its application with the Federal Deposit Insurance Corp. that the planned bank’s holding company, Integrity Bancorp, would conduct a private placement. Integrity, which would operate as a state savings bank, will focus on serving as a small business bank. Eleven of the proposed bank’s organizers will serve on its board.