Synovus Financial in Columbus, Ga., and Verdant Commercial Capital in Cincinnati have formed an equipment finance business. Synovus Equipment Leasing will offer leasing and equipment finance agreements for the $56 billion-asset bank’s customers ranging from $25,000 to $50 million. The financing is supported by a line of credit from Synovus Specialty Finance. “We are excited to partner with the bank’s commercial equipment leasing team to deliver a value-added solution for their clients,”

Gate City Bank in Fargo, N.D., has agreed to pay $5.5 million to settle claims it breached its contract with depositors over overdraft and nonsufficient funds (NSF) fees. The lawsuit, filed in Cass County District Court, alleged that the $3.3 billion-asset bank improperly assessed fees on certain transactions.Gate City, which did not admit wrongdoing, said it decided to settle to avoid the cost, delay and uncertainty of litigation. The settlement, which requires

A group looking to form a bank in Connecticut has received approval from the state’s banking regulator.Organizers of New Canaan Bank stated in a LinkedIn post Saturday that the Connecticut Department of Banking had given them a temporary certificate of approval. The post said the organizers want to open the bank in the fourth quarter.The group, which applied in late December to open the bank, is still awaiting conditional approval from

SouthWest Bank in Odessa, Texas, has created an oil and gas division after hiring two bankers. The $645 million-asset bank said in a press release that it hired commercial lenders Richard Davis Browning II and Wes Webb. Webb previously served as an account officer at First Oklahoma Bank. Browning was a portfolio manager at Texas Capital Bank.  “We are so excited to announce the creation of our new oil and gas department

CapStar Financial Holdings in Nashville, Tenn., is entering Asheville, N.C., after hiring a banker from First Horizon. The $3.2 billion-asset company said in a press release Friday that Martin Nesbitt will serve as its Asheville market president. Nesbitt will build a team of bankers to focus on small and midsize business, professionals, real estate investors and retail customers. Nesbitt previously served as a senior commercial relationship manager at First Horizon, which is

Vernon Hill is resigning as CEO of Republic First Bancorp in Philadelphia. The announcement that Hill will step down on Aug. 8 comes two days after an appeals court ruled that a rival faction of directors could remove him as chairman and appoint a director to replace Ted Flacco, who died in May. Those developments have “given me no choice but to resign,” Hill said in a statement. “I made this decision

Encore Bank in Little Rock, Ark., has entered Boulder, Colo., after hiring a banker. The $1.8 billion-asset bank said in a press release that Gary Geis will serve as its market president. Geis previously served as Boulder market president for Great Western Bancorp, which was recently sold to First Interstate BancSystem. “Boulder is an attractive high-growth market with a diverse mix of leading industry clusters and a business climate known for entrepreneurship

New Peoples Bankshares in Honaker, Va., has added a former banker to its board. The $813 million-asset company said in a regulatory filing Thursday that E. Stephen Lilly was selected to become a director on June 30. He is expected to be join the technology, audit and risk and compensation committees. Lilly will stand for reelection to a full three-year term at the company’s 2023 annual meeting. Lilly is a former chief operating