Circle Internet Financial in Boston is raising $400 million from a group of investors that includes BlackRock, Fidelity Management and Research, Marshall Wace and Fin Capital.Circle, which issues USD Coin (USDC), said in a Tuesday press release that it expects the funding round to close in the second quarter. BlackRock entered into a broader strategic partnership with Circle that includes exploring capital market applications for USDC. "Dollar digital currencies like USDC are

Fifth Third Bancorp in Cincinnati will soon have a new leader. The $211 billion-asset company said in a press release Tuesday that Tim Spence will succeed Greg Carmichael as CEO on July 5. Carmichael, who is retiring, will remain chairman. Spence “is an outstanding leader who will continue to build on the bank’s strong momentum, which he has helped create,” Marsha Williams, Fifth Third’s lead independent director, said in the release. Spence "has

Quontic Bank in New York has unveiled a payment ring that will allow consumers to tap-to-pay at the point of sale. The $916 million-asset Quontic said in a press release Tuesday that the black band, embedded with contactless payment technology, can link to one of three checking accounts."We're pleased to continue to push the industry forward and will continue to make it easier for Americans to bank, wherever and however they

VyStar Credit Union in Jacksonville, Fla., which is still waiting on regulatory approval to buy a bank, has signed an agreement to merge with First Coast Federal Credit Union in Jacksonville. The $12 billion-asset VyStar said in a press release Monday that it will absorb the $11.2 million-asset First Coast. VyStar has 800,000 members, while First Coast has 1,700. “VyStar continues to look for strategic partnerships that strengthen our ability to serve

Alan Thian has resigned as president and CEO of RBB Bancorp after an internal investigation conducted by a special committee of the Los Angeles company’s board. The $4.2 billion-asset company announced Thian’s departure on Monday. He had been on paid leave since Feb. 22, when RBB first disclosed the investigation. David Morris, RBB’s chief financial officer, has been serving as interim president and CEO. The investigation, handled by an outside law firm, identified

Organizers of the proposed Walden Mutual Bank in Concord, N.H., have made their first loans, using seed capital raised as part of their de novo effort. The group has originated loans to a wholesale bakery in Katonah, N.Y.; an egg farm in Mont Vernon, N.H.; and a dairy farm in Cobleskill, N.Y., Charley Cummings, the proposed bank’s founder, said in an email. "These are all owned and run by pioneers in the

Piedmont Federal Savings Bank in Winston-Salem, N.C., is seeking flexibility by forming a mutual holding company. The $1 billion-asset bank recently applied with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. related to the move. Creating an MHC would give Piedmont Federal more options for growth in the future such as getting into title insurance or participating in an insurance consortium, CEO David Barksdale said in

Three members of the Fannie Mae board, including former Federal Deposit Insurance Corp. Chairman Sheila Bair, are resigning. Bair, Antony Jenkins and Hugh Frater will step down from the GSE’s board on May 1, Fannie Mae said in a press release. Frater will also retire as Fannie Mae’s CEO, a position he has held since 2019. Bair, who joined the board in 2019 and became its chairman a year later, will be