Guilford Savings Bank in Guilford, Conn., will soon rebrand. The $1.1 billion-asset bank said on its website that it will become Ascend Bank in July. “This is an exciting and transformational moment for our organization,” Timothy Geelan, the bank's CEO, said in an announcement. The new name "symbolizes our continuing dedication to helping our clients and communities rise to meet their financial goals." The new name is expected to help

BMO Financial Group in Montreal sold a U.S. credit card portfolio as part of a broader balance sheet optimization strategy. The Canadian company disclosed during its quarterly conference call that it sold a non-relationship credit card portfolio and exited a franchise loan portfolio. BMO said it lost $51 million from selling the card portfolio; it did not disclose the buyer. Selling the card portfolio should "support the recycling of capital

Five Rivers Bank, a de novo created by a group of Sikh-Americans, has opened. The Paramus, N.J., bank debuted on May 12, according to a list shared by the Federal Deposit Insurance Corp. Organizers had to raise $33.5 million after securing conditional FDIC approval in September. While Five Rivers aims to focus on the needs of Sikh-American individuals and businesses, it plans to also “develop a service culture and roster

Avenir Financial Federal Credit Union in Yuma, Ariz., has agreed to buy Mission Bank in Kingman, Ariz. The deal between the $390 million-asset Avenir and the $195 million-asset Mission is expected to close in the first quarter of 2026. The price wasn't disclosed, though the price Avenir will pay shareholders of Community Bancshares will depend on the bank's financial performance between deal signing and closing. Mission is the eighth bank

The Consumer Financial Protection Bureau and the Department of Justice filed a motion to terminate a consent order against Trustmark in Jackson, Miss. The 2021 order followed claims that the company engaged in redlining from 2014 to 2018. Trustmark paid a $5 million penalty tied to the order and disbursed nearly $3.9 million into a loan subsidy program designed to boost lending in majority-Black and majority-Hispanic neighborhoods around Memphis, Tenn.

Citizens Bancshares in Olanta, S.C., has agreed to buy a branch in Laurinburg, N.C., from First Capital Bancshares in Charleston, S.C. The $1 billion-asset Citizens said in a press release that it will gain some deposits and loans when it buys the location from the $1 billion-asset First Capital. The deal is expected to close in the fourth quarter. The price wasn't disclosed. "We take the responsibility to continue First

Old Point Financial in Hampton, Va., was an extremely popular acquisition target, attracting eight letters of intent when it put itself up for sale. TowneBank in Suffolk, Va., agreed in April to buy the $1.5 billion-asset Old Point for $203 million in cash and stock. The $17.5 billion-asset TowneBank expects to complete the acquisition in the second half of this year. Old Point, which has been open to a deal

Catena Labs, which is looking to build an artificial intelligence-native bank, has raised $18 million. Sean Nevill, a co-founder of Circle, is the CEO at Catena Labs. Catena has already published an open-source agent commerce kit that outlines protocols for AI-driven e-commerce. The startup plans to use its new funding to accelerate development of its AI-native financial institution and its underlying technology. "AI agents will soon conduct most economic transactions,