A pair of de novo banks opened in September. Texas Traditions Bank in Katy opened on Sept. 6 after organizers raised the required $35 million in initial capital. Ryan Whitzel, a former market president for BancorpSouth, is the CEO. Keith Badough, who once was a community bank president at BancorpSouth, is the president. GS&L Municipal Bank opened in Gouverneur, N.Y., on Sept. 16. Gouverneur Bancorp had been seeking the charter

Two proposed de novo banks have received conditional approval from the Federal Deposit Insurance Corp. The FDIC signed off on Community Unity Bank in Birmingham, Ala., on Sept. 23. Organizers must raise about $23.2 million before the bank can open. Two former Talmer Bancorp bankers are behind the Community Unity effort. They filed their initial application with the FDIC in January. The proposed bank would offer commercial and residential mortgages, commercial and

An investor group has proposed a transaction that would give it a large stake in Republic First Bancorp in Philadelphia. The group, which includes George Norcross and Gregory Braca, sent a letter to the $5.7 billion-asset company’s board on Sept. 22 proposing a transaction where the investors would invest $50 million in exchange for newly issued convertible preferred stock. The Norcross-Braca group also expressed an interest in buying stock from

Lakeland Bancorp in Oak Ridge, N.J., will invest $12 million in underserved markets around Newark, N.J., to settle redlining claims from the Department of Justice. The $10.4 billion company, which recently agreed to be sold to Provident Financial Services in Iselin, N.J., agreed to the third-largest redlining settlement in DoJ history. "Financial institutions that refuse to provide mortgage lending services to communities of color not only contribute to the persistent racial wealth

Regions Financial will pay out $191 million as part of a settlement with the Consumer Financial Protection Bureau tied to an overdraft fee the Birmingham, Ala. company stopped charging in 2021. The $161 billion-asset company said in a press release that it will pay a $50 million civil monetary penalty and provide roughly $141 million of customer redress. The settlement will be reflected in Regions’ third-quarter results. Regions said that,

PNC Financial Services Group in Pittsburgh has acquired Linga, a point-of-sale firm that serves the restaurant industry. The $540.8 billion-asset PNC said in a press release that the deal will help it better serve its hospitality and restaurant industry clients. The price was not disclosed. The acquisition “reflects our continued commitment to expanding our corporate payments capabilities, as well as investing in the solutions and tools our clients need to

Seattle Bank has begun offering a personal line of credit through its digital channel. The $752 million-asset bank said in a press release that the product offers credit lines ranging from $15,000 to $150,000 with the ability to draw funds over time. "As the rate at which people digitally manage their money continues to accelerate, we see the opportunity to deliver more meaningful value for an expanded group of consumers,"

Nexo, a Swiss cryptocurrency lender, has acquired a stake in Hulett Bancorp in Hulett, Wyo. Nexo did not disclose the size of its stake in the parent of the $96.4 million-asset Summit National Bank, or how much it paid. Nexo said the deal will allow it to offer U.S. retail and institutional clients services such as bank accounts, asset-backed loans card programs, and escrow and custodial solutions. Summit will also