Horizon Bancorp in Michigan City, Ind., has tapped a former bank executive as its lead director. The $7.4 billion-asset company said in a press release Friday that Michele Magnuson will succeed Daniel Hopp on June 30. Hopp’s three-year term as lead director is set to end; he will also reach Horizon’s mandatory retirement age be the end of this year. Magnuson was president and chief financial officer of LaPorte Bancorp. She

Burke & Herbert in Alexandria, Va., plans to form a holding company.The $3.6 billion-asset bank said in a press release Wednesday that it will seek regulatory approval to create Burke & Herbert Financial Services."We believe the new corporate structure will provide further financial and operational flexibility for the Bank and is an important part of the continued success of the Bank," E. Hunt Burke, the bank’s chairman, said in the

BankFirst Capital in Columbus, Miss., has agreed to buy Tate Financial in Senatobia, Miss. The $2 billion-asset BankFirst said in a press release Thursday that it expects to complete the purchase of the parent of the $330 million-asset Sycamore Bank in the third quarter. The price was not disclosed.The acquisition “will be another milestone in the implementation of our strategic plan to serve our customers and communities and increase shareholder value,”

St. Landry Homestead Federal Savings Bank in Opelousas, La., has rebranded. The $287 million-asset bank said in a press release Thursday that it had officially changed its name to Catalyst Bank. The change follows the bank’s mutual-to-stock conversion in October that created Catalyst Bancorp. “Our customers played a key role in helping us raise over $50 million in completing our” Joe Zanco, Catalyst’s president and CEO, said in the release. “Their investment has

The Consumer Financial Protection Bureau plans to step up its examination of certain financial institutions’ overdraft policies. The bureau said in a blog Friday that it has been piloting a supervision effort to collect key metrics from 20 institutions regarding the consumer impact of their overdraft and nonsufficient fund (NSF) practices. It did not name the institutions. The information includes the total annual dollar amount consumers receive in overdraft coverage compared

New Peoples Bank in Honaker, Va., has made “significant progress” getting its computer systems back online.The $813 million-asset bank said in a tweetthat all transactions, aside from ATM and debit card transactions from June 15 to June 17, have been processed and should be posted today. The bank said online and mobile banking services should also resume today. The bank said in a post on its website last week that it was “working

First Bancorp in Southern Pines, N.C., has agreed to buy GrandSouth Bancorp. in Greenville, S.C. The $10.5 billion-asset First Bancorp said in a press release Tuesday that it will pay $181.1 million in stock for the $1.3 billion-asset GrandSouth. The deal, which is expected to close late this year or in early 2023, priced GrandSouth at 180% of its tangible book value. GrandSouth has eight branches, $900 million of loans, and

Washington Business Bank in Olympia, Wash., has agreed to sell itself to Stripe co-founder Darragh Buckley. The $106 million-asset bank said in a press release that an unnamed investor planned to buy all of its outstanding stock for $30 a share in cash. The transaction is expected to close in the second half of this year. An offer to purchase document disclosed the Buckley is the investor. Washington Business Bank said it would keep