Provident Bancorp in Amesbury, Mass., is signaling that it will report a net loss for the third quarter that reflects its dealings with the cryptocurrency mining industry. The $1.8 billion-asset parent of BankProv disclosed in a regulatory filing that it expects to report a loss of about $27.5 million in the quarter. The anticipated loss is tied to the company’s loan-loss provision. “The company is still evaluating the actual level

The Federal Reserve Bank of New York is planning to run a proof-of-concept pilot with several large banks for a central bank digital currency (CBDC). The New York Fed said in a press release that the New York Innovation Center (NYIC) will launch a 12-week pilot. The program will test the “technical feasibility, legal viability, and business applicability” of distributed ledger technology, as well as simulate tokens and explore regulatory

Ed Najarian, a veteran banking analyst, has ended an extended break to join EF Hutton. EF Hutton, a division of Benchmark Investments, said in a press release that Najarian was named senior managing director of its equity research department. “Building a top-tier research platform has been a key priority for the management team at EF Hutto,” CEO Joseph Rallo said in the release. “We welcome Ed Najarian as a highly

Signature Bank in New York is the latest bank to clarify its ties to FTX, the cryptocurrency exchange that recently filed for bankruptcy protection. The $114.5 billion-asset Signature said in a press release that FTX and related companies account for less than 0.1% of its overall deposits on Nov. 14. Signature had $102.8 billion of deposits at the end of the third quarter. Signature noted that it does not lend

California BanCorp in Oakland has created a specialty lending division. The parent of the $1.9 billion-asset California Bank of Commerce said in a press release that CBC Specialty Banking includes asset-based lending and sponsor finance products. The nationwide platform will also offer treasury solutions to commercial clients. Larry LaCroix, an executive vice president who formed the bank’s sponsor finance business in 2020, is overseeing the effort. The bank said it

Wintrust Financial in Rosemont, Ill., has agreed to buy two asset management businesses from Rothschild & Co North America. The $52 billion-asset Wintrust said in a press release that its Great Lakes Advisors unit will buy Rothschild & Co Asset Management US and Rothschild & Co Risk Based Investments. The deals are expected to close in the first quarter. The price wasn’t disclosed. The businesses, which have about $8 billion

PL Capital, a well-known activist investor, is seeking regulatory permission to own up to 19.9% of the stock in Evans Bancorp in Williamsville, N.Y. PL Capital disclosed in a regulatory filing that it filed its documents with the Federal Reserve last week. The investor already owns 9.9% of the outstanding shares in the $2.1 billion-asset Evans. The investor said it bought the stock based on a belief the shares were

Silvergate Capital in La Jolla, Calif., said it has no outstanding loans to FTX. The $15.5 billion-asset company also said in a press release Monday that it had no investments in the cryptocurrency exchange, which filed for bankruptcy protection last week. FTX deposits represent less than 10% of the $11.9 billion of deposits belonging to digital asset customers, Alan Lane, Silvergate’s CEO, said in the release. FTX “is not a