Community Bank and Trust - West Georgia in LaGrange became the second bank to fail this year. The $288 million-asset bank was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corp. as receiver. The FDIC struck a deal to sell substantially all the insured deposits and certain assets to Anchor Bank of Palm Beach Gardens, Fla. The bank's three branches will reopen

Several Virginia banks sold their interests in an insurance agency. The companies disclosed in separate regulatory filings that they sold stakes in Bearing Insurance Group to an unnamed third party. Carter Bankshares in Martinsville said it expects to recognize a $35.8 million pretax gain in the second quarter. National Bankshares in Blacksburg expects to record a $6.6 million pretax gain. Virginia National Bankshares in Charlottesville sold its stake for a

Banner Corp. in Walla Walla, Wash., has agreed to buy Pacific Financial in Aberdeen, Wash. The $16.3 billion-asset Banner said in a press release that it will pay $177 million in stock for the parent of the $1.3 billion-asset Bank of the Pacific. The deal, which is expected to close in the third quarter, priced Pacific Financial at 154% of its tangible book value. Bank of the Pacific has 18

Bank Iowa in West Des Moines found an outsider to become its next leader. The $2.4 billion-asset bank said in a press release that Jason Herrboldt will become president and CEO. Herrboldt, chief banking officer at First Bank & Trust in Brookings, S.D., will succeed Jim Plagge, who is retiring. Plagge, who has been president and CEO since 2012, will remain in a leadership role at the bank’s holding company.

Hawthorn Bancshares in Jefferson City, Mo., has agreed to buy FSC Bancshares in Cameron, Mo. The $1.8 billion-asset Hawthorn said in a press release that it will pay $28.3 million in cash and stock for the parent of the $384 million-asset Farmers State Bank. The deal is expected to close in the third quarter. Hawthorn said the deal should be 20% accretive to its earnings per share. It will take

First Mid Bancshares in Mattoon, Ill., will soon have a new CEO. The $9.3 billion-asset company said in a press release that Matthew Smith will succeed Joseph Dively on July 1. Smith will remain president; Dively will continue as chairman. “I am honored to step into this role and build on the foundation established under Joe’s leadership,” Smith said in the release. “First Mid’s priorities remain unchanged – serving our customers

Coastal Financial in Everett, Wash., quietly added de novo Erebor Bank to its roster of correspondent partners. Erebor, which opened in February after receiving speedy charter approval, is included in a slide in Coastal's latest earnings presentation. The slide didn't specify what types of services are being used. Erebor has been the subject of speculation and political inquiry, as the company touted its close connections to regulators, including OCC head

Coastal Financial in Everett, Wash., is exploring a potential expansion of its Banking-as-a-Service business through a deal with Evolve Bank & Trust in West Memphis, Ark. The $5.7 billion-asset Coastal disclosed in a regulatory filing that it entered into a nonbinding term sheet with Evolve covering a range of BaaS programs that Coastal may buy. They include related assets and deposits. Coastal said it plans to begin due diligence promptly