The Federal Deposit Insurance Corp. has extended the bidding process for Silicon Valley Bridge Bank in Santa Clara, Calif. The FDIC said in a press release that there “has been substantial interest from multiple parties” but the bidders need more time to explore all options “to maximize value and achieve an optimal outcome.” The FDIC said it will simplify the process and expand the bidder pool by allowing parties to

AmeriServ Financial has filed a lawsuit against Driver Management in an effort to invalidate the activist investor’s bid to have three people stand for election to the Johnstown, Pa., company’s board.   The $1.4 billion-asset company said in a press release that the lawsuit, filed in the Court of Common Pleas of Cambria County, Pa., includes Abbott Cooper, Driver’s managing member, and the investor’s director nominees.   The lawsuit also

New York Community Bancorp in Hicksville has acquired "substantially all deposits and certain loan portfolios" tied to Signature Bridge Bank in New York. The Federal Deposit Insurance Corp. said in a press release that the $90 billion-asset New York Community unit Flagstar Bank had entered into a purchase and assumption agreement. Regulators closed the $110 billion-asset Signature on March 12, setting up a bridge bank. New York Community will gain

The Federal Reserve will launch its FedNow Service in July. The Fed said in a press release the formal certification process will begin during the first week of April. The Fed and certified participants will conduct production validation activities in June to confirm readiness for the launch. FedNow "will enable every participating financial institution, the smallest to the largest and from all corners of the country, to offer a modern

SVB Financial Group in Santa Clara, Calif., has filed for Chapter 11 bankruptcy protection a week after regulators seized its bank. The company said in a press release that it is seeking court-supervised reorganization in the U.S. Bankruptcy Court for the Southern District of New York. SVB said it continues to explore strategic alternatives for units SVB Capital and SVB Securities. SVB said it believes it has about $2.2 billion of

RBB Bancorp said the sister of Alan Thian, who resigned as the Los Angeles company’s president and CEO last year, has stepped down from its board. The $3.9 billion-asset RBB disclosed in a regulatory filing that Catherine Thian resigned on March 13, citing health reasons. She also resigned her posts on the company's asset/liability, nomination and corporate governance, director's loan and CRA committees. She also left the boards of RBB

Sterling Bancorp revised its fourth quarter and 2022 earnings after entering into a plea agreement with the Justice Department tied to the Southfield, Mich., company’s defunct mortgage program. The $2.5 billion-asset company said in a press release that it agreed to plead guilty to one count of securities fraud tied to disclosures for its Advantage Loan Program made between 2017 and 2019. Sterling agreed to pay $27.2 million in restitution

First Republic Bank in San Francisco will receive a total of $30 billion of uninsured deposits from 11 U.S. banks. The bank said in a press release that the funds will come from Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley, Bank of New York Mellon, PNC Bank, State Street, Truist and U.S. Bank. The “collective support strengthens our liquidity position, reflects the ongoing quality of our business,