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

Let's talk about overdraft fees.Citigroup just announced that it had removed overdraft, overdraft protection transfer and returned item fees from its Citi Retail Banking consumer accounts, among other changes. It is the largest U.S. bank to make such dramatic changes to its policies. But many other banks are reducing or eliminating overdraft and nonsufficient funds (NSF) fees. While some of this is likely tied to the Consumer Financial Protection Bureau's heightened

ECB Bancorp in Everett, Mass., is letting investors buy more shares of its stock as part of its mutual-to-stock conversion. The $733 million-asset ECB said in a press release Tuesday that the maximum purchase limitation for individual investors was increased from 35,000 shares to 55,000 shares.  The limit for a collective of purchasers was raised from 50,000 shares to 70,000 shares. Completion of the conversion of Everett Co-operative Bank, and the stock

Digital Federal Credit Union in Marlborough, Mass., will soon have a new CEO. The $9.8 billion-asset credit union said in a press release that Shruti Miyashiro will also succeed the retiring Jim Regan as president on Aug. 1.  Miyashiro has been the CEO of the $2.3 billion-asset Orange County’s Credit Union in California since 2007. Regan has been in his current positions at DCU for the past 13 years. Regan’s “leadership, commitment and

Truist Financial has officially launched its technology center in downtown Charlotte, N.C. The $544 billion-asset company said in a press release Tuesday that the 100,000-square-foot center features “client journey rooms,” a research lab and collaboration hubs where teams will work with clients to improve products and services. The new center "is ultimately all about our clients — a unique space that brings together direct client input with some of the best and

Two Rivers Financial Group in Burlington, Iowa, has agreed to buy Lee County Bank in West Point, Iowa.The $972 million-asset Two River did not disclose the price it will pay Lee Capital for the $239 million-asset Lee County Bank. The deal is expected to close in the third quarter. Two Rivers and Lee County “are two organizations sharing the same customer-centric banking focus and compatible cultures,” Frank Delaney, Two Rivers’ chairman,

The Consumer Financial Protection Bureau plans to review credit card rules as the qualified mortgage rule. Rohit Chopra, the CFPB’s director, said in a Friday blog post that the bureau will look at changes made to the QM rule’s underwriting standards, along with the CARD Act and the Fair Credit Reporting Act. “The CFPB aspires to more clearly communicate the agency’s expectations in simple and straightforward terms, which will produce more durable guidance