Upstart Holdings in San Mateo, Calif., is the latest fintech to lay off a large percentage of its workforce. The company disclosed in a regulatory filing that it will cut 20% of its staff, or roughly 365 people, by March 31. The move is designed to reduce operating costs, streamline operations and return the company to profitability. Upstart said it expects to incur about $15 million of total charges tied

First Bank of Baldwin in Wisconsin has rebranded as Pillar Bank. The $244 million-asset bank made the announcement on its website. The new name reflects expansion into new markets, including a branch that will open in Chippewa Falls, Wis., on March 1. “We felt it was time to change our name to better reflect our growth within and beyond the Baldwin community,” the bank said.

The Federal Deposit Insurance Corp. has given conditional approval for organizers to form Icon Business Bank in Riverside, Calif. The FDIC said in its order that organizers must raise at least $22.7 million before they can open the proposed bank. Carpenter Acquisition Corp. applied with the FDIC in May 2022 to form Icon, which would operate as a unit of Icon Bancorp. Icon would have branches in Riverside, Orange County,

Community Bank System in Syracuse, N.Y., has repositioned its securities portfolio.   The $15.8 billion-asset company said in a press release that it sold $786 million of debt securities at an after-tax loss of about $39.6 million.   Community Bank System said it used proceeds from the sale to pay off wholesale borrowings with a spread differential that was about 320 basis points higher than the securities it sold.  

Timberland Bancorp in Hoquiam, Wash., has a new CEO. The $1.8 billion-asset company disclosed in a regulatory filing that Dean Brydon had taken over the role, succeeding Michael Sand, who retired. Brydon was also added to Timberland’s board, while Sand will remain a director. Brydon had been the company’s president and chief financial officer. Jonathan Fischer, Timberland’s chief operating officer, succeeded Brydon as president. Fischer will remain COO, a role

LevelField Financial, a Houston fintech that focuses on digital assets, has agreed to buy Burling Bank in Chicago. LevelField did not disclose the price it agreed to pay for the $191 million-asset Burling. The deal is expected to close later this year. LevelField said it plans to incorporate Burling's existing business activities. The bank’s senior management team is expected to join LevelField's leadership and focus on serving existing clients and

First Savings Financial Group in Jeffersonville, Ind., plans to restate its earnings to address several accounting matters. The $2.1 billion-asset company disclosed in a regulatory filing that the changes will lower its fiscal 2022 net income by 6.4%, to $15.4 million. First Savings highlighted several issues, including an overstatement of other assets due to a capitalized consulting fee paid to evaluate its core operating systems and negotiate a contract. The

The Consumer Financial Protection Bureau plans to cap credit card late fees at $8 as part of a series of proposals to curb what it believes to be excessive charges. The agency said in a press release that the proposal aims to adjust the safe harbor dollar amount for late fees to $8 and eliminate a higher safe harbor dollar amount for late fees for subsequent violations of the same