Several high-profile acquisitions were scuttled last year for a variety of reasons. Overall, 167 bank deals were announced in 2022, according to Dec. 28 data compiled by Mercer Capital. Many of the transactions were unable to cross the finish line after the parties were unable to secure regulatory approval. Here are some of the notable transactions that were officially nixed in 2022. Blue Ridge Bankshares in Charlottesville, Va., and FVCBankcorp

Citizens Bank of Weston in West Virginia said that its president and CEO will retire. Charles Stalnaker has been in the top roles at the $237 million-asset unit of Citizens Bancshares in 2014, joining the board the next year, according to the Exponent Telegram. Scott Steele was hired as co-CEO on Dec. 5 and was appointed to the board 10 days later. Steele previously served as president and CEO of

Bank consolidation in 2022 fell well short of the prior year’s level. There were 167 bank acquisitions announced through Dec. 28, according to data compiled by Mercer Capital. That represents a 31% decrease from 2021 and 38% from the annual average between 2017 and 2019. The median premium was 154% of a seller’s tangible book value, relatively unchanged from 2021. The high-water mark since the 2008 financial crisis was 174%

Penn East Federal Credit Union in Scranton, Pa., is looking for a new president and CEO. The $258.4 million-asset credit union has begun a search for a successor for Jeff DeBree, who is retiring. The search is being handled by D. Hilton Associates. “I guess this makes it official,” DeBree wrote in a LinkedIn post sharing the job search. “Best job in the credit union industry is open.” DeBree has

Lake Shore Bancorp in Dunkirk, N.Y., has terminated a pair of change-in-control agreements to comply with a recent formal agreement with the Office of the Comptroller of the Currency. The $696 million-asset company disclosed in a regulatory filing that it did not extend the one-year agreements with Rachel Foley, its chief financial officer and treasurer, and Jeffrey Werdein, executive vice president of its commercial division, due to “regulatory restrictions” in

Several credit unions have named new CEOs heading into 2023. The $628 million-asset Dover Federal Credit Union in Dover, Del., appointed Janell Upton as its president and CEO, effective Jan. 23. Upton, formerly an executive vice president at Education Federal Credit Union, will replace Chaz Rzewnicki, who left last summer to become president and CEO of Vibe Credit Union in Miami. Donna Kiscaden, who has been serving as Dover’s interim

Juniata Valley Financial in Mifflintown, Pa., has agreed to buy a branch from Orrstown Financial in Shippensburg, Pa. The $815 million-asset Juniata said in a press release that it will buy a location in Path Valley, Pa., along with $31.7 million of deposits. No loans will be included in the sale. The deal is expected to close in the second quarter. The price wasn’t disclosed. The $2.8 billion-asset Orrstown announced

A shareholder group has updated an offer to significantly increase its investment in Republic First Bancorp in Philadelphia. A group that includes George Norcross III, Philip Norcross and Gregory Braca sent the $5.6 billion-asset company’s investment bank a term sheet that proposes making a direct investment of $75 million. The group would invest by buying newly issues nonvoting common stock. The move would require shareholder approval. The Norcross-Braca group has