OceanFirst Financial in Red Bank, N.J., expects operating expenses to decline by 5% to 10% beginning in the fourth quarter. The $13.6 billion-asset company made the disclosure in an investor presentation, noting that more details would be shared in the third quarter. OceanFirst’s core noninterest expense totaled $61.2 million in the first quarter. About $13.1 million of the expenses, or roughly 21%, were tied to technology. Another $2.1 million was

Customers Bancorp in West Reading, Pa., has acquired a portfolio of venture banking loans from the Federal Deposit Insurance Corp. The $21 billion-asset company said in a press release that it gained $631 million of loans, paying 85% of book value. Customers also said it hired 30 people from the group that originated the loans. In addition to California, the bankers are based in Austin, Texas; Boston; Chicago; Denver; Raleigh,

RBB Bancorp in Los Angeles has a new president.   The $4.1 billion-asset company said in a press release that Johnny Lee had also been named chief banking officer.   Lee previously served as head of international and commercial banking at East West Bank. He was at East West for a decade.   "We are thrilled to have Johnny join us … and look forward to his contributions to the

F&M Bank in Clarksville, Tenn., has promoted a veteran banker as its president. The $1.7 billion-asset bank said in a press release that Jim Peck had taken on the role. Peck, who joined F&M as an executive vice president in 2021, succeeded Sammy Stuard, who remains chairman and CEO. Peck “is a proven leader and team builder with an impressive resume of banking experience that spans over 30 years in

MUFG Union Bank in San Francisco, which was sold in December to U.S. Bancorp, was ordered to pay a $15 million civil money penalty for failing to waive certain charges tied to private bank and consumer accounts. The Office of the Comptroller of the Currency claimed in a May 8 consent order that the bank did not waive the fees despite stating that it would in account disclosures. The OCC

A proposed de novo bank in Houston plans to have a big focus on trust and wealth management services. Organizers of Houston Bank of Commerce & Trust also plan to raise $30 million to $40 million of initial capital, according to their latest application with the Federal Deposit Insurance Corp. The group initially applied with the FDIC in February 2022. Mark Jacobs, former Houston area president for Regions Bank, would

An investor group has agreed to buy Southern Bankshares in Claxton, Ga. The group planning to buy the $160 million-asset company is led by individuals from Jacksonville, Fla. A press release gave no more information on the group. The transaction is expected to close in the fourth quarter. The price wasn’t disclosed. Philip Williams, the company’s president and CEO, will remain in a senior leadership role. “What an exciting time

Atlantic Union Bankshares in Richmond, Va., plans to lay off 4% of its staff and exit indirect auto lending as part of a broader series of expense cuts. The $20.1 billion-asset company disclosed in a regulatory filing that the job cuts will take place by the end of July. Atlantic Union also said it is renegotiating certain third-party contracts and reducing corporate office space by terminating leases. The company said