Jelena McWilliams, who stepped down as chairman of the Federal Deposit Insurance Corp. earlier this year, has joined Cravath, Swaine & Moore as part of the law firm’s plan to open an office in Washington.The law firm said in a press release Monday that McWilliams will be joined by Elad Roisman, former acting chairman of the Securities and Exchange Commission and Jennifer Leete, former associate director in the SEC’s division of

CB Financial Services in Washington, Pa., has recorded a $2.7 million chargeoff tied to a commercial-and-industrial loan. The $1.4 billion-asset company said in a press release Monday that the chargeoff is associated with to a $3.5 million revolving line of credit that had an outstanding balance of roughly $2.7 million on June 1. CB Financial said the line of credit is the only credit relationship it has with an unnamed general contractor

A proposed bank in Columbus, Ohio, has received conditional approval from the Federal Deposit Insurance Corp. The FDIC approved deposit insurance for Adelphi Bank, a de novo planned by a group of Black business owners. Organizers, who initially filed with the FDIC last fall, will need to raise about $17.7 million before the bank can open. The proposed bank, which is looking to become a minority depository institution, would be located

Eagle Financial Services in Berryville, Va., has a new bank president.The $1.4 billion-asset company said in a press release Wednesday that Joe Zmitrovich will remain the chief banking officer at Bank of Clarke County. Zmitrovich will oversee the bank’s merger and acquisition strategy, including branches, niche businesses and whole banks. He will continue to handle commercial lending, retail banking, cash management, loan operations and loan servicing. Zmitrovich succeeded Brandon Lorey, who remains

Credit Union 1 in Rantoul, Ill., has agreed to buy NorthSide Community Bank in Gurnee, Ill. The $1.3 billion-asset CU1 said in a press release Friday that it expects to complete the purchase of the $311 million-asset NorthSide by the first quarter. CU1 did not disclose the price it will pay AliKat Investments for its bank. NorthSide has four branches, $247 million of deposits and $198 million of loans. “We are excited about

Capital One Financial in McLean, Va., has created an enterprise B2B software business to help companies that operate in the cloud. The $434 billion-asset company said in a press release that Capital One Software has already introduced Capital One Slingshot, a data management solution for customers of Snowflake. The product should help users accelerate the adoption of the Snowflake Data Cloud, manage costs and automate governance processes. "Capital One has pioneered the adoption

Greenwood Financial, an Atlanta digital bank aimed at Black and Latino clients, has bought The Gathering Spot, a private membership network focused on the Black community. Greenwood said in a press release that the two platforms have a community of more than a million people. The company did not disclose the price it paid. The plan is to offer features that include community building, personal finance content and banking services. The Gathering Spot

NuMark Credit Union in Joliet, Ill., has agreed to buy Pioneer State Bank in Earlville, Ill. The $623 million-asset NuMark said it expects to complete the purchase of the $135 million-asset Pioneer in the fourth quarter. It did not disclose the price it will pay NBE Bancshares for its bank. Pioneer has four branches. McQueen Financial Advisors and Luse Gorman advised NuMark. Olsen Palmer and Godfrey & Khan advised Pioneer.