Organizers of the proposed Erebor Bank in Columbus, Ohio, have received conditional approval from the Federal Deposit Insurance Corp. The proposed bank must have $276 million in initial capital, FDIC-compliant protocols for deposit account processing in the event of a bank failure, and maintain a 12% minimum Tier 1 leverage ratio during its first three years of operations. The bank must also ensure access to additional capital via a capital

Paducah Bank and Trust in Paducah, Ky., will start the new year with a new leader. The $997 million-asset bank said in a press release that Ashley Johnson will become its president and CEO on Jan. 2. She will also join the board. Johnson, the bank's chief banking officer, will succeed Mardie Herndon, who will retire at the end of the year.

PayPal Holdings in San Jose, Calif., has applied for an industrial loan charter. The payments giant said in a press release that it plans to form PayPal Bank in Utah. The proposed bank would enable PayPal to more efficiently provide lending solutions to U.S. small businesses while reducing reliance on third parties. "Securing capital remains a significant hurdle for small businesses striving to grow and scale," Alex Chriss, PayPal's president

West Union Bank in West Union, W.Va., will start 2026 with a new CEO. The $296 million-asset bank said in a press release that Michael Malfregeot will also become its president on Jan. 1. Malfregeot, who is a senior lender, will succeed Tom Whaling, who is retiring. "Michael has a strong vision for the future," Whaling said in the release. "He loves banking, West Virginia, and the people of West

Blue Foundry Bancorp in Rutherford, N.J., approached Fulton Financial in Lancaster, Pa., about a merger after more than 20 other banks and credit unions passed on a deal. The $32 billion-asset Fulton agreed last month to buy the $2.2 billion-asset Blue Foundry for $243 million in a deal expected to close in the second quarter. The deal priced Blue Foundry at just 77% of its tangible book value. A regulatory

The Independent Community Bankers of America has selected six startups to join its next ThinkTECH Accelator program. The new participants are: Crux Analytics: Specializes in agentic workflows to back small business acquisition, engagement, and retention Flatirons AI: Generative AI to streamline bank operations and strengthen compliance InvestiFi: Digital investment services directly from checking accounts, bypassing third‑party rails Onsetto: White‑label AI platform simplifying commercial account transitions for payments, receivables, and payroll

Former Acting Comptroller Michael Hsu has become a venture partner of Core Innovation Capital. The Los Angeles VC firm said in a press release that Hsu will partner with founders to anticipate regulatory hurdles, engage constructively with policymakers, and "design strategies that align innovation with safety, soundness, and fairness." “After years focused on safeguarding the financial system, I’m thrilled to now help build the innovations shaping its future,” Hsu said

Pioneer Bancorp in Albany, N.Y., has formed a broker-dealer subsidiary. The $2 billion-asset company said in a press release that Pioneer Capital Markets will initially focus on proprietary trading of investment-grade municipal bonds. “Pioneer Capital Markets enhances our core offerings by leveraging proprietary municipal bond trading and interest income to deliver diversified, market-driven revenue streams,” Thomas Amell, the company's president and CEO, said in the release. Peter Brandel is the