Truist Financial in Charlotte, N.C., has agreed to sell a 20% stake in its insurance unit for nearly $2 billion in cash. The $555 billion-asset company said in a press release that it plans to sell the stake to funds managed by Stone Point Capital. Mubadala Investment and other entities are also participating in the transaction. The transaction values Truist Insurance Holdings at $14.8 billion, including a common equity value of $9.8 billion

Lake Shore Bancorp in Dunkirk, N.Y. has suspended its quarterly dividend after its bank was classified as being in a “troubled condition” by the Office of Comptroller of the Currency. The $700 million-asset company disclosed in a regulatory filing that it will focus its capital resources on fixing “operational, compliance and governance deficiencies described in the order.” Lake Shore agreed to a consent order on Feb. 9 that replaces a

  TD Bank in Toronto has pledged $50 billion to underserved communities as part of a community benefits plan tied to its pending purchase of First Horizon in Memphis, Tenn. TD Bank said in a press release that it worked with the National Community Reinvestment Coalition to create the five-year plan. "Banks have an important role in providing economic opportunity and supporting changes that help low- and moderate-income, diverse and

Comun, a challenger bank that will focus on the Latino community, has raised $4.5 million in seed funding. The neobank said in a press release that the funding round was led by Costanoa Ventures, with participation from South Park Commons and FJ Labs. Comun said it plans to use the funds to build a financial hub with expanded solutions and resources for Latino immigrants. “We built Comun to make it

Hiring challenges spurred Salisbury Bancorp in Lakeville, Conn., to start looking for a buyer last fall. The $1.5 billion-asset company agreed to sell itself to NBT Bancorp in Norwich, N.Y., in December for $204 million. Salisbury’s board also factored in limited growth opportunities, economic uncertainty and the state of consolidation when it decided to gauge the market for selling, according to a regulatory filing tied to the sale to NBT.

Lael Brainard will resign from the Federal Reserve after being appointed the new director of President Biden’s National Economic Council. Brainard, who joined the Fed in 2014 and has served as vice chair since May 2022, made the announcement in a late-day press release on Tuesday. "Lael has brought formidable talent and superb results to everything she has done at the Federal Reserve," Chair Jerome Powell said in the release.

Citizens Alliance Bank in Clara City, Minn., has agreed to buy Granite Mountain Bank in Butte, Mont. The $1.2 billion-based unit of Forstrom Bancorp. filed its application with the Federal Deposit Insurance Corp. on Monday to buy the $135 million-asset Granite Mountain. The deal is expected to close later this year. Neil Bolton, Granite Mountain’s president, is expected to lead GMB’s branches when the deal closes. Granite Mountain was named

Trico Bancshares in Chico, Calif., is dealing with a cybersecurity incident. The $9.9 billion-asset company disclosed in a regulatory filing that it recently shut down its networked systems after detecting unusual activity. Several of Trico’s internal bank systems are offline, including email, telephones and its customer service/call center. The company said it is working to restore the services as quickly as possible. Trico said it is trying to determine the