Banc of California in Santa Ana has agreed to buy PacWest Bancorp in Beverly Hills, Calif. The companies said in a press release that it the deal is expected to close in late 2023 or early next year. Banc of California said that affiliates of funds managed by Warburg Pincus and certain investment vehicles managed or advised by Centerbridge Partners will pay $400 million for equity securities to be issued

Atlantic Union Bankshares in Richmond, Va., has agreed to buy American National Bankshares in Danville, Va. The $20.6 billion-asset Atlantic Union said in a press release that it will pay $416.8 million in stock for the $3.1 billion-asset American National. The deal, which is expected to close in the first quarter, valued American National at 174% of its tangible book value. “American National is a high-quality community bank with an

Organizers of the proposed Integrity Bank in Houston plan to raise $37 million of initial capital. The group said in its application with the Federal Deposit Insurance Corp. that the planned bank’s holding company, Integrity Bancorp, would conduct a private placement. Integrity, which would operate as a state savings bank, will focus on serving as a small business bank. Eleven of the proposed bank’s organizers will serve on its board.

Bank of Marin Bancorp in Novato, Calif., recently purged securities from its balance sheet. The $4.1 billion-asset company said in a press release that it sold $82.7 million of securities in July at a net loss of $2.8 million. The proceeds will be held in cash as part of the company’s liquidity strategy. The loss will be offset by a $2.8 million gain from selling the company’s remaining Visa Class

BM Technologies in Radnor, Pa., is dealing with regulatory approvals delays for its planned deposits partnership with First Carolina Bank in Raleigh, N.C.   BM Technologies agreed in March to have First Carolina Bank support its higher education business. The regulatory delay is expected to negatively impact the company’s core EBITDA results from $1 million to $1.5 million a month.   The company said that, based on feedback received, it

John Marshall Bancorp in Reston, Va., has sold nearly $162 million of securities at a loss. The $2.4 billion-asset company said it sold lower-yielding available-for-sale investment securities on July 17 at a $13.5 million after-tax loss. It also redeemed $21.4 million of bank-owned life insurance (BOLI) assets – incurring an after-tax loss of $1.1 million as part of the process. John Marshall said the proceeds will be reinvested in higher-yielding

Lakeland Financial in Warsaw, Ind., reported lower second-quarter profit after it fell victim to international wire fraud. The $6.5 billion-asset company said in a press release that its earnings fell by 43% from a year earlier, to $14.6 million. The results included a $13.6 million wire fraud loss, net of tax. Lakeland said it discovered the fraud on June 30. The fraudulent activity resulted from “a highly sophisticated business email

Windsor Federal Savings and Loan in Windsor, Conn., has a new CEO. Luke Kettles also became the $750 million-asset bank’s president following its annual meeting. Kettles succeeded George Hermann, who retired. “I can say it was the best job of my career,” Hermann, who is still serving as executive chairman, said in a LinkedIn post. “I had the privilege of working with a great team,” Hermann added. “The key to