Popular in San Juan, Puerto Rico, plans to spend $50 million this year on technology initiatives. The $70.7 billion-asset company said in a press release that the investments are intended to expand its digital capabilities, modernize its technology platform and implement “agile and efficient business processes.” Popular said the effort is expected to continue through 2025 as it eyes a 14% return on tangible common equity by the end of

Merchants Bancorp. in Hillsboro, Ohio, will combine the roles of president and CEO. The $1.2 billion-asset company said in a press release that Paul Pence Jr., its chairman and CEO, will also become president of Merchants National Bank, effective Jan. 31. Pence, who served as president from 1981 to 2014, will succeed Jim Evans. The company said that Denise Fauber, vice president of branch administration and director of human resources,

Premier Financial in Defiance, Ohio, has acquired an insurance agency. The $8.5 billion-asset company said in a press release that its insurance unit bought Benham Insurance Associates on Dec. 30. The price wasn’t disclosed. Benham is a property and casualty insurance agency based in Holland, Ohio. It has annual revenues of about $200,000. Premier said the agency will be added to its FIG platform.

First Busey in Champaign, Ill., disclosed that it has a new leader for its payments unit. The $12.3 billion-asset company said in a press release that Robin Elliott replaced Farhan Yasin as president and CEO of FirsTech late in the fourth quarter. Elliott is also president and CEO of Busey Bank. First Busey said the leadership change reflects a “continued commitment to scaling and growing the business.” The company incurred

Coastal Financial in Everett, Wash., has hired an outsider to oversee tech initiatives. The $3.1 billion-asset company said in a press release that it hired Barb MacLean as its head of technology operations and implementation. She previously served as vice president of integration and analytics at Celero Solutions. “The capabilities and experience that Barb brings to our organization will be instrumental as Coastal continues to advance into a more complex organization,”

The Federal Reserve has fined Popular Bank $2.3 million for deficiencies processing six Paycheck Protection Program loans. The Fed said in a press release that the New York unit of the $70.7 billion-asset Popular processed the PPP loans, totaling $1.1 million, “despite having detected that the loan applications contained significant indications of potential fraud.” Popular was also cited for failing to report the potential fraud in a timely manner.

The White House official who oversaw the Paycheck Protection Program has been hired to serve as the first CEO of the Banking-as-a-Service (BaaS) Association. The association said in a press release that Bill Briggs had accepted the post. He previously served as the acting associate administrator in the Small Business Administration Office of Capital Access where he was in charge of the PPP. The PPP “was the watershed moment for bank

North Shore Bank in Brookfield, Wis., has a new CEO with a familiar name. The $2.6 billion-asset bank said in a press release that Jay McKenna had succeeded his father, Jim McKenna. The younger McKenna, the bank’s president and chief operating officer, will retain his title as president, while his father will remain the bank’s chairman. “Thanks to our incredible employees, we are stronger than ever, and we look forward