American Challenger Development has filed a lawsuit against Credit Suisse and its Cayman Islands branch for their alleged role in the digital bank having to terminate a planned merger with Patriot National Bancorp in Stamford, Conn. The $976 million-asset Patriot National agreed in November to buy American Challenger for $119 million in a deal structured as a reverse subsidiary merger. Patriot had agreed to sell securities to certain investors to raise

Truist Financial in Charlotte, N.C., has agreed to buy a data governance platform from Zaloni. The $545 billion-asset Truist said in a press release Monday that it will acquire the Zaloni Arena platform, which will also help the company accelerate its expansion into metadata management, advanced analytics, artificial intelligence (AI) and machine learning (ML).Ben Sharma, Zaloni’s founder and chief product officer, and Ashwin Nayak, the company’s chief technology officer, are part

Southern First Bancshares in Greenville, S.C., has a new president. The $3.3 billion-asset company said in a press release Monday that Cal Hurst had taken on the role. He previously served as chief banking officer. “Cal’s charismatic leadership has been integral to our continued growth and strong company culture,” Art Seaver, the company’s CEO, said in the release. “This promotion is in recognition of his tremendous talents and deep commitment to our mission

Westpac Banking in Australia and BankSouth in Greensboro, Ga., participated in the latest round of fund-raising for Kasisto, a New York company that developed a virtual assistant the banks use. Kasisto, which specializes in conversational artificial intelligence (AI), raised $15.5 million in the funding round, which was led by Westpac and FIS. Kasisto raised $15.5 million earlier this summer. "We believe the future of banking experiences will become ever more contextual and

The Independent Community Bankers of America has voiced its opposition to Ford Credit Bank becoming an industrial loan company. Ford Motor Co. applied for the ILC in late July. The ICBA, which has for years opposed the ILC, argued that approving the application would let Ford “skirt regulatory oversight and violate longstanding U.S. policy separating banking and commerce.” The association, in a letter to the Federal Deposit Insurance Corp., expressed concerns that

First Bancshares in Hattiesburg, Miss., has consolidated the titles of chairman and CEO. The $6 billion-asset company said in a press release Friday that CEO Hoppy Cole had also become its chairman. He succeeded E. Ricky Gibson, who remains on the board. Ted Parker was named lead independent director. Gibson “has been an integral part and significant contributor to the success of our company,” Cole said in the release. “Under his leadership …

Simmons First National in Pine Bluff, Ark., has hired an executive to oversee the delivery of its Community Reinvestment Act plan. The $27.2 billion-asset company said in a press release Friday that Maurice Butler was named director of community development. Butler will also be responsible for developing products and solutions designed to support the needs of low- and moderate-income communities. Butler "has a wealth of experience in the banking industry," Joe DiNicolantonio, head

Another credit union has called off a proposed bank acquisition after hitting a roadblock. The board of the $10.6 billion-asset GreenState Credit Union in North Liberty, Iowa, has decided to give up on trying to buy the $369 million-asset Premier Bank, according to the Credit Union Times. A judge decided earlier this month that the Nebraska Department of Banking and Finance could deny GreenState’s application to buy the Omaha, Neb., bank. VyStar Credit