Quontic Bank Holdings in New York faces limitations on distributing capital under an enforcement action with the Federal Reserve. The parent of the $584 million-asset Quontic Bank entered into a written agreement that requires Fed approval before it can pay dividends, repurchase stock or make any other capital distributions. Fed approval is also required before the company incurs, increases or guarantees debt. Quontic must provide a written plan for maintaining

Community bankers have become more pessimistic about the economic outlook, according to a quarterly survey by the Conference of State Bank Supervisors. The CSBC said in a press release that its Community Bank Sentiment Index fell by 10 points to 73 in the second quarter – its lowest level since the index launched in 2019. Roughly 95% of the bankers surveyed said they believe the economy is already in a

The California Bankers Association didn’t have to look far to find its next CEO. The association said in a press release that Kevin Gould had also become its president. Gould, who joined the CBA in 2002, was director of state government relations. “As an experienced association executive who has been with the CBA more than 19 years, Kevin is uniquely qualified to lead the association,” Stan Ivie, the association’s chairman

First Commonwealth Financial in Indiana, Pa., is the latest bank to disclose that customer data was compromised by the zero-day vulnerability in the MOVEit file transfer. The $11.1 billion-asset company said in a regulatory filing that a vendor used the application in one of its offerings. “Based on the investigation to date, it is likely that certain of the bank’s customers who use debit cards had personal information copied through

Ramp, a finance automation platform, has acquired Cohere.io, an AI-focused customer support platform. Ramp did not disclose the price it paid for Cohere.io. Cohere.io’s customers include Ramp, Deel, Loom and SecureFrame. The AI-focused company has raised more than $3.5 million in venture funding from investors such as Initialized Capital. At Ramp, Cohere.io's team will lead AI projects designed to save time and money. An initial project will include making workflows

Community Bank System in Syracuse, N.Y., will have a new CEO in 2024. The $15.2 billion-asset company said in a press release that Mark Tryniski will retire as president and CEO on Dec. 31. Tryniski, who had led the company since 2006, plans to remain a director until the end of next year. Dimitar Karaivanov, the company’s chief operating officer, will succeed Tryniski and join the board on Jan 1.

Veteran bank executive James Abbott is planning to strike out on his own to launch an investment fund. Abbott, who served as director of investor relations at Zions Bancorp. for 14 years, announced on his LinkedIn account that he had formed Diligence Capital USA. Abbott, who is CEO and chief investment officer of the new fund, said very little about the fund’s strategy beyond a plan of "engagement and activist

First Merchants in Muncie, Ind., is the latest bank to disclose that customer data was exposed in the global incident involving Progress Software. The $18.2 billion-asset company said in a regulatory filing that, while the MOVEit transfer incident, did not involve its bank’s internal network or IT systems, customers that use online and mobile banking could have had personal information copied through the cyberattack. The vendor confirmed that it implemented