Wells Fargo in San Francisco has been released from the Federal Reserve's asset cap. The Fed said that the $1.9 trillion-asset company is no longer subject to the asset growth restriction from a 2018 enforcement action. The Fed determined that Wells Fargo had met all the conditions required by the enforcement action. Under the 2018 enforcement action, Wells Fargo was required to improve its governance and risk management program and

Farmers State Bank of Oakley, Kansas, has applied to buy Kaw Valley State Bank in Eudora, Kan. The $300.8 million-asset Farmers State applied with the Federal Deposit Insurance Corp. on May 30 to buy the $73 million-asset Kaw Valley. The price hasn't been disclosed. The deal is expected to close in the next three or four months. The decision to sell "was not made lightly," Kaw Valley posted on its

Chime Financial is shedding more light on the size of its highly anticipated initial public offering. The fintech, in an amended registration statement, included the calculation of filing fees tied to the IPO. Chime said it could sell up to 36.8 million shares of stock at $26 each, with the potential to raise $956.8 million. The amount includes an overallotment option of 4.8 million shares.

Capital City Bank Group in Tallahassee, Fla., has a new bank president. The $4.5 billion-asset company said in a press release that Bethany Corum will take on the role on July 1. Corum, who was chief operating officer, will succeed Tom Barron, who was named president of Capital City Bank Group and bank chairman. William Smith Jr. remains the company's chairman and CEO. “For almost two decades, I have had

Southern Bancorp in Little Rock, Ark., has agreed to buy Ozarks Heritage Financial in Springfield, Mo., in a deal that would combine community development financial institutions. The $2.8 billion-asset Southern Bancorp said in a press release that it plans to acquire the parent of the $1.9 billion-asset Legacy Bank and Trust in the fourth quarter. The price wasn't disclosed. “For nearly four decades, our purpose and principles have centered around

Thrivent Financial for Lutherans has merged its credit union into the newly created Thrivent Bank. The industrial bank, which is based in Salt Lake City, absorbed Thrivent Federal Credit Union in Appleton, Wis., on June 1. Thrivent was required to infuse at least $280 million of capital into the bank.

Greenlite AI has raised $15 million in Series A funding, bringing its total funding to $20 million. Greylock led the funding round with participation from Thomson Reuters, Canvas Prime, and Y Combinator. Greenlist AI said the new funding will allow for engineering team growth, go-to-market scaling and deepening partnerships with top financial institutions.

Wells Fargo in San Francisco has agreed to sell the assets of its rail equipment leasing business. The $1.9 trillion-asset company said in a press release that it will sell the business to a newly formed joint venture between GATX Corp. and Brookfield Infrastructure for $4.4 billion. The transaction is expected to close by the first quarter. “This transaction is consistent with Wells Fargo’s ongoing strategy of simplifying our businesses