Bank of America in Charlotte, N.C., will pay a $10 million fine to the Consumer Financial Protection Bureau to address how the bank processed garnishment notices. The CFPB said in a press release Wednesday disclosing the consent order that it determined that the $2.5 trillion-asset company “engaged in unfair and deceptive acts and practices in violation of the Consumer Financial Protection Act of 2010.” Specifically, the agency said BofA “unfairly required consumers

Sunnyside Bancorp in Irvington, N.Y., is close to being sold. The $94.4 million-asset company said in a press release Tuesday that it had secured regulatory approval to sell to Rhodium BA Holdings, a private equity group in New York. Sunnyside said the sale should close by May 31. Sunnyside’s shareholders approved the $16.1 million deal on Nov. 10. Sunnyside’s efforts to sell itself have taken a number of twists and turns. The company originally

United Community Banks in Blairsville, Ga., has agreed to buy Progress Financial in Huntsville, Ala. The $24.4 billion-asset United said in a press release Wednesday that it will pay $271.5 million in stock for the $1.9 billion-asset Progress. The deal, which is expected to close in the fourth quarter, priced Progress at 165% of its tangible book value.Progress has 14 branches, $1.3 billion of loans and $1.7 billion of deposits. The

The Consumer Bankers Association has found a successor for the retiring Richard Hunt.The association said in a press release Tuesday that Lindsey Johnson, president of U.S. Mortgage Insurers since 2015, will become its president and CEO on July 5. “From leading an industry association that works to expand access to homeownership to serving in senior leadership roles on Capitol Hill and within the financial services industry, Lindsey brings to CBA nearly

A judge has urged Bremer Financial and the trust that owns it to resolve longstanding legal differences and find a buyer for the St. Paul, Minn., bank. Ramsey County District Judge Robert Awsumb made the assessment as part of a 103-page ruling issued on April 29. “Capturing the hard-earned value of [Bremer] in today's marketplace would greatly increase [founder Otto Bremer’s] charitable endowment, while allowing [Bremer] to grow and prosper in the

Truist Financial in Charlotte, N.C., has acquired Long Game, a gamified finance mobile app. The $544 billion-asset Truist did not disclose the price it paid. Long Game uses prize-linked savings and casual gaming to motivate smart financial behavior. The goal is to add new accounts and retain clients. Truist said it will leverage the acquisition to help clients “build long-term financial wellness and advance its purpose to inspire and build better lives and

Lewis Critelli, who is retiring as president and CEO of Norwood Financial, will become the Honesdale, Pa., company’s chairman. The $2.1 billion-asset company said in a press release that Critelli will take on the new role after he steps down from his leadership posts on May 9. Critelli joined the bank in 1995 as chief financial officer. He has been president and CEO since 2010.  The company said in March that James

Midland States Bancorp in Effingham, Ill., is working with LendingPoint to fund consumer loans using the AI-driven fintech's national network of point-of-sale relationships. The $7.3 billion-asset Midland States said in a press release Monday that it expects outstanding balances to increase by $200 million to $250 million over the next couple of years due to the partnership. “As one of the first community banks to engage in fintech partnerships, we have benefited