U.S. Bancorp in Minneapolis has hired a former JPMorgan Chase executive to oversee its branch network. The $601 billion-asset company said in a press release that Sekou Kaalund had filled the newly created role of head of branch banking. He is responsible for more than 2,200 branches, along with consumer and small business bankers in 26 states. Kaalund most recently served as the consumer bank division director for the northeast

First Bank in Hamilton, N.J., has agreed to buy Malvern Bancorp in Paoli, Pa. The $2.6 billion-asset First Bank said in a press release that it will pay $149.5 million in cash and stock for the $1 billion-asset Malvern. The deal, which is expected to close in the second quarter, priced Malvern at 102.1% of its tangible book value. Malvern has nine branches, $815.6 million of loans and $785.3 million

FNCB Bancorp in Dumore, Pa., has acquired a 4.9% stake in Quaint Oak Bancorp in Southampton, Pa. The $707 million-asset Quaint Oak disclosed in a regulatory filing that it sold nearly 106,000 shares of common stock to the $1.7 billion-asset FNCB for roughly $2.4 million. Quaint Oak said it agreed to sell another 116,000 shares to FNCB in the future, provided that FNCB’s stake is capped at 9.9%. Quaint Oak

Evermore Bank is ready to open in Fort Lauderdale, Fla., after raising $25 million of initial capital. The proposed de novo plans to open on Friday, according to the South Florida Business Journal. Organizers, which originally outlined plans to raise $26 million to $45 million, plan to open a second branch in Wellington, Fla., during the first quarter of the bank’s first year of operations. The goal is for Evermore

Dort Financial Credit Union in Grand Blanc, Mich., has agreed to buy Flagler Bank in West Palm Beach, Fla., from its parent company. The $1 billion-asset Dort is the 13th credit union to agree to buy a bank this year, excluding terminations. That matches 2019 for the highest number of credit-union bank deals. Flagler, a unit of Flagler Bancshares, has $489 million of assets. The bank will be rebranded as

Hometown Community Bancorp in Morton, Ill., has agreed to buy Marine Bancorp in Springfield, Ill. The parent of the $4.8 billion-asset Morton Community Bank said in a press release that it expects to buy the holding company for the $714 million-asset Marine Bank in the second quarter. The price wasn’t disclosed. "We are looking forward to partnering with such a successful community bank, with talented and dedicated employees who will

Enterprise Financial Services in St. Louis, Mo., has added three directors, including a former bank executive. The $13 billion-asset company said in a press release that Lyne Andrich, Marcela Manjarrez and Lina Young were also appointed to its bank board, effective immediately. Andrich served as chief financial officer of CoBiz Financial from May 2003 to January 2019. She also serves on the board of Fortis Financial. Manjarrez is CEO of

CNB Financial in Clearfield, Pa., plans to launch a banking division to focus on female entrepreneurs and business leaders. The $5.3 billion-asset CNB said in a press release that Impressia Bank, its sixth banking division, will debut next year. The platform will rely heavily on an online presence as it expands. Impressia will also rely on regional relationship and support managers to offer specialized services such as Small Business Administrative