M&T Bank said it is taking steps to compensate customers who were stung by the Buffalo, N.Y., bank’s conversion of People’s United Financial in Bridgeport, Conn. The $204 billion-asset M&T, which bought People’s United earlier this year, experienced glitches and other issues as part of the integration process.    “For customers who were unable to access funds during the conversion, we will provide appropriate financial remuneration,” CEO Rene Jones wrote in

First Bank in Hamilton, N.J., has expanded its commercial lending operations to serve private equity funds and their portfolio companies. The $2.6 billion-asset bank said in a press release that it will offer capital call lines of credit. Such loans are usually used to bridge gaps between the timing of an acquisition and the receipt of capital from investors.    "As an entrepreneur myself, I understand the challenges that private

Seven trade groups have filed a lawsuit against the Consumer Financial Protection Bureau alleging the agency exceeded its statutory authority when it updated its exam manual. The lawsuit, filed in the U.S. District Court for the Eastern District of Texas, targets the CFPB’s recent update to the Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) section of its exam manual. The lawsuit alleges overreach by claiming the agency is exceeding

Orrstown Financial Services in Shippensburg, Pa., plans to close five branches and adjust its staffing model. The $2.8 billion-asset company said in a press release Wednesday that the moves are “designed to drive long-term growth, focus … on a rapidly changing banking environment and improve operating efficiencies.” The branches, all of which are in Pennsylvania, are expected to close in the fourth quarter. Orrstown expects to incur $3.1 million of

Sterling Bancorp in Southfield, Mich., will pay a $6 million civil money penalty as part of a formal agreement with the Office of the Comptroller of the Currency. The OCC said in a press release it had freed the $2.5 billion-asset company’s bank from the June 2019 formal agreement after determining it had “implemented all corrective actions required … and is in compliance will all articles of the enforcement action.”

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