Organizers of the proposed New Canaan Bank in Connecticut have given up on an effort to create the de novo. The group withdrew its application with the Connecticut Department of Banking on Dec. 14. Had it opened, New Canaan would have been the state’s first new bank in a dozen years. Organizers submitted an application with the Federal Deposit Insurance Corp. a year ago, listing six members: Frederick Afragola, Louis Garcia, Paul

BM Technologies and First Sound Bank in Seattle have terminated their plans to merge. BM Technologies, a fintech spun off from Customers Bancorp, agreed in November 2021 to buy the $154 million-asset First Sound for $23 million in cash but they were unable to secure the required regulatory approvals. The fintech said a few weeks ago that it had withdrawn its application to buy First Sound, with plans to resubmit

Provident Bancorp in Amesbury, Mass., said its CEO has stepped down just weeks after it projected a large quarterly loss tied to its dealings with crypto mining companies. The $1.8 billion-asset company said in a press release that Dave Mansfield also relinquished his title as president as part of a "mutual decision" with the board, effective last Tuesday. Provident said that Carol Houle, its chief financial officer, and Joe Reilly,

Land of Lincoln Credit Union in Decatur, Ill., has agreed to buy Colchester State Bank in Colchester, Ill. The $378 million-asset Land of Lincoln announced on its website that it expects to complete the purchase of the $82 million-asset Colchester by the end of the second quarter. The price wasn’t disclosed. “We are excited for the opportunity to partner with Colchester … and to improve access to our service in

Lake Shore Bancorp in Orchard Park, N.Y., is in the market for a new president and CEO. The $700 million-asset company said in a press release that Daniel Reininga plans to retire in May. The board plans to conduct a national search for Reininga’s successor. Reininga, who joined the bank in 1994 as an outside director and became chief operating officer in 2010, has been CEO for the past 12 years. “Dan

Hulett Bancorp in Hulett, Wyo., which sold a stake in itself to Nexo earlier this year, raised another $400,000 through a private placement of common stock The stock sale, which took place on Dec. 13, was included in data aggregated by Performance Trust Capital Partners. Hulett, which operates as Mode Eleven and owns Summit National Bank, sold an undisclosed stake to Nexo, a European digital assets firm, last fall. The

Figure Acquisition Corp. I, a SPAC that was in talks to buy a bank, plans to cease operations after the New York Stock Exchange decided to delist the company. The SPAC, which is affiliated with blockchain firm Figure Technologies, disclosed in a regulatory filing that it does not intend to appeal the NYSE’s determination. The plan is for the SPAC to redeem all of its Class A common stock on

Republic First Bancorp in Philadelphia has a new CEO. The $5.7 billion-asset company said in a press release that Tom Geisel was also named president, effective immediately. He was also added to First Republic’s board. Geisel, who was recently president of corporate banking at Webster Financial, succeeded Harry Madonna, who had been serving as interim CEO. The company also said the Mike Harrington has become its chief financial officer. He