The management team of SVB Securities has reached an agreement to buy the health care investment bank from SVB Financial. The team, led by CEO Jeff Leerink and financial backing from The Baupost Group, will rebrand the business as Leerink Partners. “The management team and I are excited to return to our heritage of owning and leading the premier healthcare investment bank and relaunching the business under the trusted Leerink

Truist Financial in Charlotte, N.C., has filled two key positions. The $565 billion-asset company said in a press release that it had promoted David Smith to lead its mortgage business. He will succeed Todd Chamberlain, who will retire on July 31. Smith, who previously worked at Keller Home Financial Services, joined Truist in January as deputy head of mortgage. Before that, he was head of the U.S. mortgage division at

Movement Mortgage in Indian Land, S.C., has acquired Mortgage Network in Danvers, Mass.  Movement said in a press release that the purchase should add $2 billion in annual mortgage loan volume. It increased Movement’s national retail mortgage footprint by 250 mortgage professionals and 31 offices in 27 states. The price wasn't disclosed. “We want to grow, and we look for teams and individuals in alignment with Movement’s mission to love

The Federal Reserve on Friday released a long-awaited database of financial institutions seeking access to the Fed’s payments system. The database revealed 44 requests, with 26 listed as not being federally insured for deposits. Eleven requests are from entities in Puerto Rico, while four are from Wyoming. The Fed also released a list of financial institutions that have master accounts, which provides access to services such as the automated clearing

OceanFirst Financial in Red Bank, N.J., expects operating expenses to decline by 5% to 10% beginning in the fourth quarter. The $13.6 billion-asset company made the disclosure in an investor presentation, noting that more details would be shared in the third quarter. OceanFirst’s core noninterest expense totaled $61.2 million in the first quarter. About $13.1 million of the expenses, or roughly 21%, were tied to technology. Another $2.1 million was

Customers Bancorp in West Reading, Pa., has acquired a portfolio of venture banking loans from the Federal Deposit Insurance Corp. The $21 billion-asset company said in a press release that it gained $631 million of loans, paying 85% of book value. Customers also said it hired 30 people from the group that originated the loans. In addition to California, the bankers are based in Austin, Texas; Boston; Chicago; Denver; Raleigh,

RBB Bancorp in Los Angeles has a new president.   The $4.1 billion-asset company said in a press release that Johnny Lee had also been named chief banking officer.   Lee previously served as head of international and commercial banking at East West Bank. He was at East West for a decade.   "We are thrilled to have Johnny join us … and look forward to his contributions to the

F&M Bank in Clarksville, Tenn., has promoted a veteran banker as its president. The $1.7 billion-asset bank said in a press release that Jim Peck had taken on the role. Peck, who joined F&M as an executive vice president in 2021, succeeded Sammy Stuard, who remains chairman and CEO. Peck “is a proven leader and team builder with an impressive resume of banking experience that spans over 30 years in