Citizens Financial Group in Providence, R.I., will end its indirect auto lending program on July 1. The $222 billion-asset company said in a press release that the move is part of a strategy to optimize its balance sheet and emphasize relationship-based lending. Citizens will retain and service existing auto loans on its balance sheet. “This decision further enables us to lend in areas that provide better risk-adjusted returns and improved

A shareholder group that has been sparring with Republic First Bancorp for months is now calling for the resignation of the Philadelphia company’s president and CEO. The group, which includes George Norcross III, Philip Norcross and Gregory Braca, said in a regulatory filing that it also wants Thomas Geisel to step down from the $6.2 billion-asset company’s board. Geisel took over those roles from Harry Madonna in December. Since then,

A group in Houston has reapplied to form Houston Bank of Commerce & Trust. Organizers of Houston Bank of Commerce & Trust submitted new applications to state and federal regulators on May 31. The applications were not immediately available. The organizing group has grown from six people to eight. Mark Jacobs would serve as president and CEO, according to the original application filed in February 2022. He recently was the

Due diligence for third-party relationships took center stage in final joint guidance from federal bank regulators. The Federal Reserve, Federal Deposit Insurance Corp. and Treasury Department said that sound risk management must take into account the level of risk, complexity and size of the bank. The nature of the third-party relationship must also be considered. The 68-page guidance covers any business arrangement between a bank and another entity, including fintechs.

A trio of technology firms have merged to create a single company. CFM, NXTsoft and IMM said in a press release that they had combined to form Kinective. The new company has 300 employees across offices in Phoenix; Orlando, Fla.; and New Jersey. Stephen Baker, who was the CEO of CFM, will serve in the same role at Kinective. The company is backed by private equity firm OceanSound Partners. CFM

The Federal Deposit Insurance Corp. has given conditional approval for a group in Scottsdale, Ariz., to form Zenith Bank & Trust. Organizers must raise $22 million in capital before the proposed bank can open. The group behind Zenith Bank applied with the FDIC in June 2022. Organizers said in their application that they planned to register with the Federal Reserve to make Zenith Financial Holding the proposed bank’s holding company. 

First Citizens BancShares in Raleigh, N.C., has brought back a veteran banker to lead its CIT Commercial Finance group. The $215 billion-asset company said in a press release that Jim Hudak had become president of the group, effective immediately. Hudak supervised CIT’s commercial finance businesses from 2008 to 2019. First Citizens bought CIT Group last year. “It’s a pleasure to welcome Jim back and to leverage his experience and deep

Nusenda Federal Credit Union in Albuquerque, N.M., has agreed to buy Western Heritage Bank in Las Cruces, N.M. The $4.1 billion-asset Nusenda did not disclose the price it will pay for the $335 million-asset Western Heritage. The deal is expected to close late this year or early 2024. This would be the first bank acquisition for Nusenda. Nusenda is the fourth credit union to agree to buy a bank in