Fintech Mercury has received conditional approval from the Office of the Comptroller of the Currency to create Mercury Bank. Mercury, which applied for the national bank charter in December, said in a press release that it has entered the bank organization phase, where it will work to satisfy remaining requirements and obtain final OCC approval. The effort still needs approval from the Federal Reserve and the Federal Deposit Insurance Corp.

The Dakota Credit Union Association has its next leader. The association said in a press release that Joe Keller will become its president and CEO role on May 11. Keller was vice president of membership and credit union solutions at the California, Nevada & Utah Credit Union Leagues. “Joe brings a deep understanding of advocacy and a proven ability to unite and elevate credit unions around a common purpose,” Lacey

Republic Bancorp in Louisville, Ky., reported lower quarterly profit after losing a big tax provider contract. The $7.3 billion-asset company said in a press release that its first-quarter earnings fell by 10% from a year earlier, to $42.6 million. Republic reported a nearly $10 million decrease in revenue in its tax refund solutions business that largely reflected the nonrenewal of a large tax provider contract. The company also had a

First Citizens BancShares in Raleigh, N.C., will rebrand several businesses it gained from recent acquisitions. The $225 billion-asset company said in a press release that Silicon Valley Bank will become First Citizens Innovation Banking and First Citizens Fund Banking. CIT Commercial Services and the Silicon Valley Bank Wine division will rebrand as First Citizens Bank. The changes will occur in the fourth quarter. "Following our acquisitions ... our clients have

Axos Financial in Las Vegas has agreed to buy a book of individual retirement accounts from Capital One Financial in McLean, Va. Axos said in a regulatory filing that the IRAs have an aggregate balance of about $3.2 billion deposited into associated savings accounts and CDs, along with certain assets and liabilities. The deal is expected to close by the end of this year. Axos will receive cash for the

Pioneer Bancorp in Albany, N.Y., bought two employee benefits businesses. The $2 billion-asset company said in a press release that it bought Reiser Consulting Group in Albany and Wyndham Benefits in Ballston Spa, N.Y. The acquisitions doubled the size of Pioneer’s employee benefits division. Prices were not disclosed. “We’re excited to welcome Theresa Reiser and Chris Goodness to Pioneer as we strategically expand our Employee Benefits division,” Tom Amell, Pioneer's

KeyCorp in Cleveland has agreed to buy Clearwater Corporate Finance, a U.K.-based middle market investment banking advisory firm. Key said in a press release that the purchase will mark its entry into Western Europe. The deal is expected to close in the second half of 2026. The price wasn't disclosed. The transaction builds on a multiyear partnership that KeyBanc Capital Markets and Clearwater began in 2020. "Years of collaboration ...

A group is looking to form a bank to serve foreign governments and related entities operating in the United States. Shermen Bank International would be based in Washington, according to its LinkedIn page. "Shermen will provide secure and specialized banking services to foreign countries, foreign state-owned enterprises, and multi-laterals operating in the US," the page states.