A former president of First Security Bank-West in Beulah, N.D., has been sentenced to two years in federal prison after pleading guilty to two counts of bank fraud. The Justice Department said in a press release that Brady Daniel Torgerson was also ordered to serve three years of supervised release and pay a $200 special assessment. Torgerson was arrested in November 2022 for committing fraud against First Security and Union

Customers Bancorp in Malvern, Pa., has formed a new loan syndications banking team, marking an expansion in middle-market lending. The $20 billion-asset company said in a press release that it hired Kyle Silberman as a managing director and head of loan syndications. He previously served as head of syndications at Amerant Bank. The team will largely focus on the commercial real estate, health care, fund finance, technology/venture and financial institution

Joe DePaolo, founding CEO of Signature Bank, plans to gradually step back from the New York bank. The $110 billion-asset bank said in a press release that DePaolo, its president and CEO, will transition to a senior adviser role this year. Eric Howell, Signature’s chief operating officer, will become president on March 1. Howell will continue to serve as COO. DePaolo will remain CEO and stay on the board. The

Truist Financial in Charlotte, N.C., has agreed to sell a 20% stake in its insurance unit for nearly $2 billion in cash. The $555 billion-asset company said in a press release that it plans to sell the stake to funds managed by Stone Point Capital. Mubadala Investment and other entities are also participating in the transaction. The transaction values Truist Insurance Holdings at $14.8 billion, including a common equity value of $9.8 billion

Lake Shore Bancorp in Dunkirk, N.Y. has suspended its quarterly dividend after its bank was classified as being in a “troubled condition” by the Office of Comptroller of the Currency. The $700 million-asset company disclosed in a regulatory filing that it will focus its capital resources on fixing “operational, compliance and governance deficiencies described in the order.” Lake Shore agreed to a consent order on Feb. 9 that replaces a

  TD Bank in Toronto has pledged $50 billion to underserved communities as part of a community benefits plan tied to its pending purchase of First Horizon in Memphis, Tenn. TD Bank said in a press release that it worked with the National Community Reinvestment Coalition to create the five-year plan. "Banks have an important role in providing economic opportunity and supporting changes that help low- and moderate-income, diverse and

Comun, a challenger bank that will focus on the Latino community, has raised $4.5 million in seed funding. The neobank said in a press release that the funding round was led by Costanoa Ventures, with participation from South Park Commons and FJ Labs. Comun said it plans to use the funds to build a financial hub with expanded solutions and resources for Latino immigrants. “We built Comun to make it

Hiring challenges spurred Salisbury Bancorp in Lakeville, Conn., to start looking for a buyer last fall. The $1.5 billion-asset company agreed to sell itself to NBT Bancorp in Norwich, N.Y., in December for $204 million. Salisbury’s board also factored in limited growth opportunities, economic uncertainty and the state of consolidation when it decided to gauge the market for selling, according to a regulatory filing tied to the sale to NBT.