Binance has agreed to buy cryptocurrency rival FTX. Binance CEO Changpeng Zhao tweeted on Tuesday that his company had signed a letter of intent to acquire FTX, with due diligence to occur “in coming days.” Zhao said “there is a significant liquidity crunch,” adding that the deal was necessary to “protect users.” "Things have come full circle, and FTX.com’s first, and last, investors are the same,” FTX CEO Sam Bankman-Fried

Orrstown Financial in Shippensburg, Pa., has revised its third-quarter earnings downward to reflect the settlement of a class-action lawsuit. The $2.8 billion-asset company on Monday agreed to pay $13 million to a group led by the Southeastern Pennsylvania Transit Authority. The lawsuit, filed in 2012, took issues with statements the company made in association with a 2010 public offering. The payout reduced Orrstown’s third-quarter net income by $10.3 million. The

Sterling Bancorp in Southfield, Mich., is dealing with a mortgage partner’s decision to shut down. The $2.5 billion-asset Sterling said in a press release that a recent decision by Promontory MortgagePath to end operations will impact the banking company’s current mortgage program. Sterling earlier this year began to outsource its mortgage loan production services to Promontory MortgagePath in a deal that let the bank continue to actively participate in residential

Silvergate Capital in La Jolla, Calif., has a new president. The $15.5 billion-asset company said in a press release that Ben Reynolds had taken on the role. He succeeded Alan Lane, who remains CEO. Reynolds joined Silvergate in 2016 to lead the growth of its digital asset initiative. He has held various roles, including business development, operations, product and strategy functions. Silvergate also named Kate Fraher as its chief risk

Bank of Commerce in Ammon, Idaho, has a new president. The $.19 billion-asset bank tapped Mike Morrison to fill the post. He previously served as the bank’s chief credit officer. “I am certain that Mike will do an outstanding job in his new role and will lead the bank to continued success,” Tom Romrell, the bank’s CEO, said in a press release. Morrison joined the bank in 1997, according to

Columbia Banking System in Tacoma, Wash., will sell 10 branches in Washington, Oregon and northern California. The $20 billion-asset Columbia said in a pair of press releases that the sales are tied to securing clearance from the Justice Department to buy Umpqua Holdings in Portland, Ore. Columbia will sell seven branches in Oregon and Washington to the $2.4 billion-asset FS Bancorp in Mountlake Terrace, Wash. The sale includes about $510 million

New York Community Bancorp in Hicksville, N.Y., has received all the approvals needed to buy Flagstar Bancorp in Troy, Mich. The $63 billion-asset New York Community said in a press release that the Federal Reserve has approved it pending purchase of the $25.4 billion-asset Flagstar. The news comes less than two weeks after the Office of the Comptroller of the Currency gave conditional approval to the $2.6 billion transaction. The

Builtwell Bank in Chattanooga, Tenn., has a new president. Mitch Sanford shared in a LinkedIn post that he had taken on the post at the $1.4 billion-asset unit of First Volunteer Corp. Sanford previously served as an executive vice president and commercial banking executive at Builtwell. Before that, he was president and CEO of First Bank of Dalton and Calhoun, which was sold to First Volunteer. “Looking forward to continue