Civista Bancshares in Sandusky, Ohio, is taking a break from the income tax refund business. The $3.7 billion-asset company said in a press release that it will remain on the sidelines for the 2024 tax season. The business had contributed $2.4 million of annual revenue from 2021 to 2023. Civista is still grappling with fallout of the Treasury Department mistakenly sending $5.6 billion in stimulus payments to the company in

Tompkins Financial in Ithaca, N.Y., reported a quarterly loss after repositioning its balance sheet. The $7.7 billion-asset company lost $33.4 million in the third quarter, reflecting a $47.5 million loss from securities sales. Tompkins sold nearly $430 million of securities in the quarter. Tompkins said the proceeds were largely reinvested in higher-yielding securities, estimating that that securities revenue should improve by roughly $15.4 million over the next 12 months. "We

Primis Financial in McLean, Va., is closing eight branches this month. The $3.8 billion-asset company said in a press release that it is closing the locations in late October. That represents about a quarter of Primis’ branches. Primis incurred about $1.5 million of one-time expenses in the second quarter tied to the planned closures. The move should save Primis about $2.9 million annually. The company said when it announced second-quarter

Old National in Evansville, Ind., has agreed to buy CapStar Financial Holdings in Nashville, Tenn. The $49 billion-asset Old National said in a press release that it will pay $344.4 million in stock for the $3.3 billion-asset CapStar. The deal, which is expected to close in the second quarter, priced CapStar at 106% of its tangible book value. Old National entered Tennessee last year via its high-net-worth division. It recently hired a

Morgan Stanley has selected a successor to its retiring CEO. The investment bank said in a press release that Ted Pick, its co-president, will take over for James Gorman on Jan. 1. Gorman, who has led Morgan Stanley for the past 14 years, will become executive chairman; Pick will join the board. Andy Saperstein, Morgan Stanley’s other co-president, will become head of wealth and investment management. Dan Simkowitz will become

Kearny Financial in Fairfield, N.J., and Premier Financial in Defiance, Ohio, recently upgraded their digital platforms. The $8 billion-asset Kearny said in a press release that it launched an enhanced digital banking platform this month. The platform is expected to expand the bank’s client-facing online and mobile capabilities while providing an improved experience. “Our continued focus on digital engagement complements our high-touch, personalized service model and allows us to expand

Cambridge Savings Bank in Massachusetts is in the market for a CEO. Wayne Patenaude announced his decision to retire from the $6.7 billion-asset bank in an internal email, according to the Boston Business Journal. Patenaude will continue to run the bank as it looks for his successor. Patenaude “is committed to actively participating in the CEO selection process” and a “seamless transition” to his successor, the bank said in a

Third Coast Bancshares in Houston has cut about 5% of its employees as part of a cost-cutting effort. The $4.2 billion-asset company said in a press release that the cuts are designed to “better align with current market conditions.” Roughly 20 jobs were cut based on the bank’s June 30 employment numbers. Third Coast incurred $460,000 in severance costs during the third quarter. The company had previously announced plans to