Metropolitan Bank Holding in New York is hopeful it can resolve an investigation by bank regulators tied to a former fintech client. The $6.3 billion-asset bank said in a press release that it reserved $35 million in the fourth quarter for the potential resolution of a probe by the Federal Reserve and the New York Department of Financial Services. The investigation focuses on matters involving a fintech that Metropolitan banked

BV Financial in Baltimore is planning to become a fully stock-owned company. BV Financial said in a press release that Bay-Vanguard, the mutual holding company, plans to undertake a second-step conversion. BV Financial is the holding company for the $841 million-asset BayVanguard Bank. Bay-Vanguard owns about 86.6% of the company’s outstanding common stock. Eligible accountholders as of the close of business on Dec. 31 will have first priority non-transferable subscription

Oregon Pacific Bank in Florence repositioned its securities portfolio during the fourth quarter. The $754 million-asset bank said in a press release that it sold $15.5 million of securities it bought in early 2021 and had a remaining weighted average life of roughly 5.4 years, at a pretax loss of $1.8 million. The securities have a 1.23% yield. Oregon Pacific replaced those securities with $13.8 million of securities with a

Farmington State Bank in Farmington, Wash., is the latest bank to announce plans to get out of the crypto business. The $98.9 million-asset bank, which has operated as Moonstone Bank and gained notoriety when it was disclosed that it had received an $11.5 million investment from an FTX affiliate, said in a press release that plans to close crypto accounts. Farmington, which plans to scrap the Moonstone brand, said it

First Community Bankshares in Bluefield, Va., found itself negotiating one-on-one with Surrey Bancorp in Mount Airy, N.C., after another potential bidder backed out early in the process. The $3.6 billion-asset First Community agreed in November to buy the $500 million-asset Surrey for $113.2 million in stock in a deal expected to close in the second quarter. First Community initially expressed interest in Surrey last summer, around the time Surrey was

Old National Bancorp in Evansville, Ind., unveiled a new wealth management brand that combines a number of its wealth advisory and investment management businesses. The $46 billion-asset company said in a press release that 1834 was formed to meet the wealth advisory needs of high-net-worth individuals and institutions. The brand reflects the year the bank was founded. Chady AlAhmar, Jim Steiner and Joe Colianni are in charge of the business,

AmeriServ Financial in Johnstown, Pa., has responded to Driver Management, stating that its board tried to work with the activist investor before it went public with a proxy challenge. Driver Management, led by Abbott Cooper, recently disclosed plans to nominate three directors to stand for election to the $1.4 billion-asset AmeriServ’s board. Driver owns about 8.1% of AmeriServ’s outstanding stock.  AmeriServ disclosed in a regulatory filing that its board is

Florence Bank in Florence, Mass., has a new CEO. Matt Garrity was also named president of the $1.9 billion-asset bank, according to MassLive. Garrity succeeded Michael Lynch, a senior commercial lender who had been interim president and CEO since Kevin Day retired in late November.   Garrity previously served as chief lending officer and head of residential lending at Premier Bank.   The search for a permanent leader began in