Edward Jones in St. Louis has abandoned a two-year quest to form an industrial bank.  The company said in a regulatory filing that it had withdrawn its applications with the Federal Deposit Insurance Corp. and Utah Department of Financial Institutions. The broker/dealer referenced conversations with the FDIC and "the current environment."    The company said it is exploring other ways to offer banking products to its clients.    Edward Jones

Another executive from People’s United Financial has found a new home following the company’s sale to M&T Bank. Columbia Financial in Fair Lawn, N.J., said in a press release that it had hired Manesh Prabhu as its chief information officer. He is responsible for information systems and digital banking at the $9.8 billion-asset company.    Prabhu recently served as chief technology officer at People’s United, where he led IT strategy

Battle Financial, the holding company for a proposed digital bank in Avon, Colo., has received conditional approval from the Office of the Comptroller of the Currency.  Organizers said in a press release that they expect to open the bank early next year.   “I’m pleased to have accomplished this key milestone with the OCC and am excited to be even closer to the official launch of a brand-new digital bank

Capital Bank in Rockville, Md., has tapped an insider to run its fintech business.  The $2.2 billion-asset bank said in a press release that Karl Dicker had become president of OpenSky and fintech. OpenSky is the bank’s secured Visa credit card.    “Karl has been instrumental in the development and growth of OpenSky,” Ed Barry, Capital’s CEO, said in the release. “Allowing him to narrow his attention to these lucrative

Four investment advisers have left Atlantic Union Bankshares in Richmond, Va., to form their own firm. Dover Advisors was launched in August after the advisers left the $19.7 billion-asset Atlantic Union’s wealth management division, according to Richmond BizSense.    The firm’s president, Jess Ellington, had been the bank’s chief investment officer. He had led the bank’s registered investment adviser division, which was sold to Cary Street Partners.    Ellington and

State Street in Boston has hired a former Google executive to serve as its global chief compliance officer. The $300 billion-asset company said in a press release that Yvette Hollingsworth Clark will report to Brad Hu, its global head of risk. She will also be accountable to the board’s examining and audit committee.   Hollingsworth Clark will oversee compliance activities that include designing and implementing structures and processes to enhance

Bank of New York Mellon has formed a platform to manage digital assets.  The $438 billion-asset company said in a press release that its digital asset custody platform allows clients to hold and transfer bitcoin and ether.    The move comes a year after BNY Mellon formed a unit to develop solutions for digital asset technology.   "Touching more than 20% of the world's investable assets, BNY Mellon has the

David Zalman is back in the M&A game with two acquisitions. Prosperity Bancshares in Houston has agreed to buy Lone Star State Bancshares in Lubbock, Texas, and First Bancshares of Texas in Midland, marking Prosperity’s first bank deals since it bought LegacyTexas Financial Group in 2019.  The $37.4 billion-asset Prosperity will pay $228.7 million in cash and stock for the $1.3 billion-asset Lone Star. The deal, which is expected to