A group in Los Altos, Calif., is looking to form a bank. Organizers of the proposed Entrust Bank filed an application on May 15 with the Federal Deposit Insurance Corp. for deposit insurance. The application wasn’t immediately available. A public notice tied to the application lists seven organizers: Steven Chang, Jinsong Guo, Sanjeev Khagram, Shih-Wei Peng, John Rossell, Mark Tribbitt and Victoria Viso. Entrust would be a state-chartered bank. Chang

BOK Financial in Tulsa, Okla., is apologizing for an issue that has delayed direct deposits and electronic payments. The $45.5 billion-asset company said in a Facebook post on Thursday that a third-party vendor suffered an outage. “We are working to get all systems back up and running as quickly as possible, and appreciate your patience in the meantime,” the post said. “Please note, these issues are impacting multiple financial institutions

Republic First Bancorp in Philadelphia announced a series of moves designed to trim expenses. The $6.2 billion-asset company said in a press release that the effort is expected to accommodate evolving customer preferences, better leverage technology and realize cost and operating efficiencies. Republic First said it will reduce hours at its branches, close a branch on Market Street in Philadelphia and eliminate “redundant or unnecessary” positions in its retail banking

All In Federal Credit Union in Daleville, Ala., has agreed to buy SunSouth Bank in Dothan, Ala. The $2.8 billion-asset credit union did not disclose how much it will pay for the $114 million-asset SunSouth. The all-cash deal is expected to close in the first quarter of 2024. SunSouth, a unit of SunSouth Bancshares, has two branches. Mercer Capital and Honigman advised All In FCU. SunSouth was advised by Olsen

Blackhawk Bancorp in Beloit, Wis., attempted to sell itself to another bank before it began negotiating with First Mid Bancshares in Mattoon, Ill. The $6.7 billion-asset First Mid agreed in March to buy the $1.3 billion-asset Blackhawk for $90.3 million. First Mid was one of two banks that Blackhawk’s investment bank contacted last August about submitting bids, according to a regulatory filing tied to the pending merger. First Mid’s proposal,

The Consumer Financial Protection Bureau has ordered OneMain Financial in Evansville, Ind., to pay $20 million to resolve claims the installment lender failed to refund interest charged to 25,000 customers. The CFPB said in a press release that the enforcement action requires OneMain, a unit of OneMain Holdings, to refund $10 million to harmed consumers and pay another $10 million to the bureau’s victims’ relief fund. “OneMain pressured its employees

UMB Financial in Kansas City, Mo., has agreed to buy Hybarger & Associates, a consulting firm focused on community bank performance. The $40.6 billion-asset UMB said in a press release that it expects to complete the acquisition in the second quarter. The price wasn’t disclosed. Hybarger offers advice in areas such as interest rate risk analysis, budgeting and forecasting, bond analytics and market tracking, liquidity and capital analysis, CECL modeling

Coastal Financial in Everett, Wash., has hired a veteran banker to oversee its Banking-as-a-Service platform. Chris Rigoni announced on his Twitter account that he had been named senior director of BaaS operations at the $3.5 billion-asset company. “Looking forward to working with the team to build on an already stellar program,” he tweeted. Rigoni previously served as a senior managing director at Webster Bank. Rigoni is the latest high-profile hire