The Federal Reserve has denied an application by Custodia Bank in Cheyenne, Wyo., to become a member of the Federal Reserve System. The Fed said in a press release that it concluded that Custodia’s application “is inconsistent with the required factors under the law.” The regulator determined that the special purpose depository institution’s business model and proposed focus on novel and untested crypto activities “presented significant safety and soundness risks.”

Atlantic Union Bankshares in Richmond, Va., has hired the former chief technology officer at PNC Financial Services Group to fill a key executive position. The $20.5 billion-asset company said in a press release that it had hired Matt Lindeman as its chief information officer. Linderman will be responsible all areas of technology and digital strategy, development and implementation. Lindeman “is an accomplished IT executive with extensive expertise leading information technology and

Silvergate Capital in La Jolla, Calif., is preserving capital by suspending dividends on a series of preferred stock. The $11.4 billion-asset company said in a press release that dividends were paused on its 5.375% fixed-rate non-cumulative perpetual preferred stock “This decision reflects the company’s focus on maintaining a highly liquid balance sheet with a strong capital position as it navigates recent volatility in the digital asset industry,” the release said. Silvergate

Primis Financial in McLean, Va., expects its bulked-up mortgage business to break even in the first quarter. The $3.6 billion-asset company has been aggressively growing Primis Mortgage by hiring lenders. The expansion lowered the company’s pretax net income by $2.7 million in the fourth quarter. The mortgage division had $27.5 million of loans on Dec. 31. It is now licensed in 39 states and Washington, D.C. Primis said elevated expenses

Brent Beardall is set to return to Washington Federal in Seattle just weeks after surviving a plane crash in Utah. The $21.7 billion-asset company said in a press release that Beardall, its president and CEO, expects to be discharged from the hospital on Feb. 10 and return to full-time duty three days later. Beardall is currently undergoing extensive physical therapy at the Rehabilitation Hospital at the University of Utah Health.

Bank of South Carolina in Charleston has finalized its CEO succession. The $653 million-asset company said in a press release that Fleetwood Hassell will also retire as president on Sept. 30. Hassell will be succeeded by Eugene Walpole IV, Bank of South Carolina’s chief financial officer. Hassell, who co-founded the bank in 1986 and has been its leader since 2012, will remain on the board. Walpole, who joined the bank

First Internet Bancorp in Fishers, Ind., plans to exit the consumer mortgage business. The $4.3 billion-asset company said in a press release that the decision reflects a “steep decline in mortgage volumes and the negative outlook for mortgage lending over the next several years.” The exit, which will take place in the first quarter, includes the company’s nationwide digital direct-to-consumer platform that originates residential loans for sale in the secondary

PBCO Financial in Medford, Ore., will have a new CEO this summer. The $800 million-asset parent of People’s Bank of Commerce said in a press release that Julie Beattie, its president, will succeed Ken Trautman as CEO on July 1. Trautman, who is retiring, will remain on the company’s board. Trautman co-founded the bank with Mike Sickels in 1998. "We are indebted to Ken for his dedicated service and leadership