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

The Independent Community Bankers of America is bringing its fintech incubator in-house with a new office in Atlanta. The ThinkTECH Accelerator has operated primarily out of Little Rock, Ark., since its formation in 2019. “Following four successful fintech accelerator programs and the tremendous interest in our accelerator program, the natural next step is to bring ICBA ThinkTECH’s full-time operation and expanded innovation content in-house," Charles Potts, the ICBA’s chief innovation

First State Bank in Loomis, Neb, has agreed to buy Farmers and Merchants Bank in Axtel, Neb. The $191 million-asset First State expects to complete its purchase of the $11.5 million-asset Farmers and Merchants by the end of this year. “We have always had a good working relationship with Farmers and Merchants and believe that the relationships we have developed over the years will pave the way for an excellent

Provident Financial Services in Iselin, N.J., has agreed to buy Lakeland Bancorp in Oak Ridge, N.J. The $13.7 billion-asset Provident said in a press release Tuesday that it will pay $1.3 billion in stock for the $10.4 billion-asset Lakeland. The deal, which is expected to close in the second quarter, priced Lakeland at 154% of its tangible book value. “The scale and profitability of the combined organization will enable us