Burke & Herbert Financial Services in Alexandria, Va., plans to list its shares on the Nasdaq. The $3.5 billion-asset company said in a press release that it should join the exchange in the next six months. Its shares currently trade on the over-the-counter pink sheets. "We believe listing our shares on Nasdaq will broaden the company's access to capital and provide better liquidity for our shareholders," David P. Boyle, Burke

Republic First Bancorp has rejected a petition by a large shareholder to nominate a candidate for the Philadelphia company’s board. The $5.6 billion-asset company disclosed in a regulatory filing that Philip Norcross sent notice that he planned to nominate Gregory Braca for consideration at the next annual meeting, which is set for January. Republic First said in a letter to Norcross that the notice was “incurably deficient and … there

The Treasury Department is pushing federal bank regulators to complete guidance tied to how banks oversee risk associated with fintech relationships. The agency warned in a new 128-page report that fintechs are creating new risks to consumer protection and market integrity in areas such as data privacy and regulatory arbitrage. The report called for enhanced oversight of fintech's consumer finance activities. The lack of regulation for fintechs, compared to what

A group with ties to Ben Carson, former Secretary of Housing and Urban Development, has received regulatory approval to buy First State Bank in Elmore City, Okla. The group said in a press release that it is set to buy the $17 million-asset bank on Nov. 30. It will be rebranded as Old Glory Bank and have a digital-first strategy. The bank “will serve lower- and middle-income Americans and those

Customers Bancorp in West Reading, Pa., is the latest crypto-focused banking company to address its ties to the industry. The $20 billion-asset Customers said in a press release Wednesday that it the FTX bankruptcy will have “no material impact on the bank.” Customers said it does not have a deposit relationship with FTX or any of its related companies. Customers also said it has no loans to any clients in

Provident Bancorp in Amesbury, Mass., is signaling that it will report a net loss for the third quarter that reflects its dealings with the cryptocurrency mining industry. The $1.8 billion-asset parent of BankProv disclosed in a regulatory filing that it expects to report a loss of about $27.5 million in the quarter. The anticipated loss is tied to the company’s loan-loss provision. “The company is still evaluating the actual level

The Federal Reserve Bank of New York is planning to run a proof-of-concept pilot with several large banks for a central bank digital currency (CBDC). The New York Fed said in a press release that the New York Innovation Center (NYIC) will launch a 12-week pilot. The program will test the “technical feasibility, legal viability, and business applicability” of distributed ledger technology, as well as simulate tokens and explore regulatory

Ed Najarian, a veteran banking analyst, has ended an extended break to join EF Hutton. EF Hutton, a division of Benchmark Investments, said in a press release that Najarian was named senior managing director of its equity research department. “Building a top-tier research platform has been a key priority for the management team at EF Hutto,” CEO Joseph Rallo said in the release. “We welcome Ed Najarian as a highly