Bank of Clarke County in Berryville, Va., has shortened its name. The $1.5 billion-asset bank said in a press release that it will now be known as Bank of Clarke. The move, which will include an updated logo and branding, reflects the bank’s expansion into other counties. "We are continuously looking for new opportunities to bring our brand of community banking to more customers," Brandon Lorey, the bank's president and

Bank of Montreal has received approval from the Federal Reserve and the Office of the Comptroller of the Currency to buy Bank of the West in San Francisco. As part of the approval, BMO Financial, the U.S. parent of the $164.8 billion-asset BMO Harris Bank agreed to provide the Fed and the Federal Deposit Insurance Corp. with an interim update to its resolution plan to reflect the acquisition. Because BMO

Silvergate Capital in La Jolla, Calif., which lost $1 billion in the fourth quarter amid "a crisis of confidence" in the digital assets industry, continues to sell securities to reduce borrowings. The $11.4 billion-asset company said in a press release that it has received $1.5 billion of proceeds and recognized $11.4 billion of losses and $5 million of gains from selling securities so far in 2023. Silvergate sold $5.2 billion of

Newtek Business Services in Boca Raton, Fla., has selected one of its own to become president of its newly acquired bank. The company disclosed in a regulatory filing that Nicolas Young had also become chief operating officer of Newtek Bank. Newtek said it agreed to pay Young an annual base salary of $500,000, though the amount will increase to $650,000 on March 1. “Cash bonuses will be based on performance

A well-known activist investor has set its sights on two banks. Driver Management in New York intends to nominate directors for the boards of First Foundation in Dallas and AmeriServ Financial in Johnstown, Pa. J. Abbott Cooper, who founded Driver, disclosed in a regulatory filing that he plans to nominate three candidates to join AmeriServ’s board. Driver owns about 8% of the $1.4 billion-asset AmeriServ’s stock. Three of AmerServ’s 10

LendingClub in San Francisco plans to lay off 225 employees to offset reduced marketplace revenue tied to rising interest rates. The lender said in a press release that cutting 14% of its workforce should result in annualized run-rate savings of $25 million to $30 million. The layoffs include Valerie Kay, the company's chief capital officer, according to a regulatory filing. She joined LendingClub in 2016. LendingClub said it expects to

The House Financial Services Committee has formed a new subcommittee to focus on digital assets and fintech. Rep. French Hill (R-Ark.) will chair the Subcommittee on Digital Assets, Financial Technology and Inclusion. Hill was chairman and CEO of Delta Trust and Banking when it was sold to Simmons First National in 2014. The subcommittee’s jurisdiction includes providing “clear rules of the road” to federal regulators for digital assets and developing

City National Bank in Los Angeles has agreed to commit more than $31 million to increase lending to Black and Hispanic homebuyers as part of a settlement with the Department of Justice. The $90.7 billion-asset unit of Royal Bank of Canada was accused of violated the Fair Housing Act by redlining, the DoJ said in a press release. City National, which denied wrongdoing, also accepted a five-year consent order that