Piedmont Financial Holding in Winston-Salem, N.C., has agreed to buy Wake Forest Bancshares in Wake Forest, N.C. The parent of the $1.2 billion-asset Piedmont Federal Savings Bank said in a press release that it will pay $36.8 million for the parent of the $118 million-asset Wake Forest Federal Savings and Loan Association. The transaction is expected to close during the fourth quarter. Piedmont will cash out Wake Forest Federal’s minority

Cullen/Frost Bankers in San Antonio plans to double its branches in Austin, Texas, by 2026. The $51.2 billion-asset company said in a press release that it expects to hire 170 people as part of the expansion. The bank already has 17 branches in Austin. Frost Bank has already expanded in Houston and Dallas, where year-to-date customer growth is 25% higher than a year earlier. “We have been looking forward to

First Foundation in Dallas prevailed in a proxy battle with an activist investor.   The $13.6 billion-asset company said in a press release that shareholders elected its 10 candidates during this year’s annual meeting. The release did not break down vote totals.   Driver Capital Management had nominated Allison Ball, a partner at Hanover Technology Investment Management, to vie for a board seat.   “We would like to thank all

Bank of America in Charlotte, N.C., plans to enter four new states by opening branches across nine markets over the next four years. The $3.1 trillion-asset company said in a press release that it will open locations in Nebraska, Kentucky, Alabama and Louisiana. Branches are planned in cities such as New Orleans; Birmingham, Ala.; Milwaukee; and Omaha, Neb. At least 30 branches are planned. “As part of our high-tech and

The Credit Union Executives Society has a new CEO. The association said in a press release that Heather McKissick, former executive vice president of community impact, marketing and communication at the $4.6 billion-asset University Federal Credit Union in Austin, Texas, had taken on the role She succeeded John Pembroke, who died in November. “Throughout my career I have witnessed the transformative power of leadership development," McKissick said in the release.

PacWest Bancorp in Los Angeles continues to shed assets.   The $44.3 billion-asset company disclosed in a regulatory filing that it agreed to sell a portfolio of lender finance loans with a total commitment amount of roughly $3.5 billion to alternative credit strategy funds managed by Ares Management.   The portfolio includes an aggregate outstanding principal balance of about $2.2 billion.   PacWest said the first tranche closed on June 22,

Robinhood Markets has agreed to buy X1, a San Francisco platform that offers a no-fee credit card with rewards. Robinhood said in a press release that it will pay $95 million in cash in a move that should help it expand its product offerings and deepen relationships with existing customers. The deal is expected to close in the third quarter. The acquisition “will bring us closer towards our goal of

The Securities and Exchange Commission does not plan to pursue an enforcement action against Sterling Bancorp in Southfield, Mich.   The $2.4 billion-asset Sterling said in a press release that a letter from the SEC stated that an investigation of the company had ended.   Sterling had previously disclosed that it believed the probe was tied to accounting, financial reporting and disclosure matters and internal controls associated with its defunct Advantage