A private investor group is seeking regulatory approval for a shell charter that would be activated only if it wins an FDIC-assisted acquisition of a troubled California commercial bank. Aspira Bank is not being proposed as a traditional de novo. The organizers are pursuing a more opportunistic and considerably more complex strategy: obtain conditional approval for a shell bank, then activate it over a resolution weekend if the group successfully bids

Albert, a fintech that offers instant lines of credit, is seeking a bank charter. The company applied with the Federal Deposit Insurance Corp. to form Albert Bank, which would be based in Salt Lake City. Albert currently offers credit lines and certain instant loans through FinWise Bank.

A group in Pittsburgh is looking to open a bank. Organizers applied with the Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency to form Sagehaven Bancorp. The group is led by Brian Tabb, who stepped down as senior vice president of corporate treasury at BNY in March. The bank would focus on small and midsize companies and mid- to high-net-worth individuals. Former BNY and Huntington executive

Five Star Bancorp in Rancho Cordova, Calif., plans to raise more than $113 million by selling common stock. The company disclosed in a regulatory filing that it aims to sell about 2.7 million shares of stock at $44 each in a public offering. Five Star could sell an additional 409,000 shares if there is sufficient demand. Net proceeds would be used for general corporate purposes and to support growth, including

Upstart Holdings in Burlingame, Calif., has received conditional approval from the Office of the Comptroller of the Currency to form Upstart Bank. The charter would let Upstart reduce operational, regulatory, and financial complexity for itself and third-party capital partners. The fintech filed its application in March. Conditional approval "is an important milestone ... we will continue to work with the OCC, the FDIC, and the Federal Reserve on the remaining

Northrim BanCorp in Anchorage, Alaska, has agreed to buy PBCO Financial in Medford, Ore. The $3.4 billion-asset Northrim said in a press release that it will pay $167.3 million in stock for the $777 million-asset PBCO. The deal is expected to close in the fourth quarter or early next year. "Both of our organizations share a core value that community banking is built on strong relationships, local expertise, and commitment

Optus Financial in Columbia, S.C., has agreed to buy M&F Bancorp in Durham, N.C., in a merger of minority depository institutions. Optus will pay $105 million in cash, including $46.57 a share at closing and an additional $6.73 a share contingent upon the repurchase of certain outstanding shares of M&F preferred stock within a year of closing. The deal is expected to close in the fourth quarter. Optus will have

First Community in Lexington, S.C., is splitting the leadership roles at its bank. The $2.4 billion-asset company said in a press release that  Vaughn Dozier will become CEO of First Community Bank on Jan. 1, while Drew Painter will become president. Dozier and Painter have served as commercial and retail banking officers; they will succeed J. Ted Nissen, who is retiring. “Through his passion and hard work, Ted has contributed