JPMorgan Chase in New York has agreed to buy Renovite Technologies in Fremont, Calif. The $3.8 trillion-asset company said in a press release Monday that Renovite, a cloud-native payments technology company, will help it build a next-generation merchant acquiring platform. JPMorgan did not disclose the price it will pay. Renovite, founded in 2015, will become part of J.P. Morgan Payments. The tech firm also has offices in India and the United Kingdom.“Renovite’s …

U.S. Bancorp in Minneapolis now expects its pending purchase of MUFG Union Bank to close several months later than previously forecast. Executives at the $558 billion-asset U.S. Bancorp said during a conference appearance Monday that they expect to complete the $8 billion acquisition, announced a year ago, later in the second half of 2022. With the timing pushed back, most of the expense savings will not be realized until after next year.

The Office of the Comptroller of the Currency has named a new chief climate risk officer. The OCC said in a press release Monday that Nina Chen had accepted the post. She will lead the agency’s climate risk efforts tied to supervision, policy and external engagement. Chen will report to Acting Comptroller of the Currency Michael Hsu. "We are fortunate to have someone with her background and experience in both finance and climate-related

Neighborhood National Bank in El Cajon, Calif., has been freed from a consent order with the Office of the Comptroller of the Currency. The $119 million-asset Neighborhood had been operating under the order since March 2016. It required the bank to improve compliance tied to the Bank Secrecy Act and anti-money laundering laws. "We are growing our customer base and serving clients throughout San Diego County and southern California with state-of-the-art treasury

Protego Trust Bank, a proposed federally chartered trust bank that would serve the digital asset needs of institutional investors, has hired a new CEO. Organizers of the planned Seattle trust bank said in a press release Monday that Ron Totaro has accepted the post. He previously served as CEO of Tassat Group. Totaro “brings a solid understanding of digital asset and blockchain technology as well as strong relationships with banking and private

Stearns Bank in St. Cloud, Minn., has introduced a small-dollar Small Business Administration loan through one of its lending divisions. The $2.3 billion-asset bank said in a press release that South End Capital is now offering an SBA Express platform that makes streamlined 7(a) loans for up to $25,000. "We have revolutionized the way small businesses access working capital,” Noah Grayson, the division’s president, said in the release. “No longer must businesses seeking

A group in Encino, Calif., is looking to form a bank that will have a focus on the Syrian American community. Organizers for the proposed United Community Bank applied with the Federal Deposit Insurance Corp. on Aug. 31 for deposit insurance. The bank plans to focus on small- and midsize businesses and their owners, business professionals, real estate owners and investors, and other individuals. While United Community will broadly serve clients in California’s

Firstrust Bank in Conshohocken, Pa., will soon have a new CEO. The $5 billion-asset bank said in a press release Thursday that Timothy Abell, its president, will become CEO on Jan. 1. He will succeed Richard Green, who will remain executive chairman. Green will continue to own the bank his grandfather founded in 1934 and will focus more on growth initiatives and the Green Family Foundation. Firstrust unit Hatch Bank focuses on fintechs. Abell