EntreBank has opened in Bloomington, Minn., just seven months after filing its application with the Federal Deposit Insurance Corp.The de novo opened after receiving conditional approval from the FDIC in January and raising nearly $45 million of initial capital, exceeding what was stipulated in the agency's order.Organizers applied with the FDIC for deposit insurance in August. They changed the proposed bank’s name from Brava Bank to EntreBank. The bank is as a unit of Entrepreneurs Bancshares.

Everett Co-operative Bank in Massachusetts is planning to convert from a mutual to a stock-owned company. The $733 million-asset mutual recently filed an application with the Federal Reserve tied to the planned conversion. It would operate as a unit of ECB Bancorp. ECB said in a prospectus that it plans to sell 7.9 million to 12.2 million shares of common stock. Net proceeds would likely range from $76.4 million to

Amalgamated Financial in New York said Amalgamated Bank of Chicago could pursue compensatory damager after their proposed merger fell through. The $6.9 billion-asset Amalgamated Financial announced in February that it had pulled its application to buy the $1 billion-asset Amalgamated Bank for $98.1 million in cash. The New York bank said it withdrew the application “due to an inability to obtain” regulatory approval. Amalgamated in Chicago had a different take when the

Liberty Bank in Middletown, Conn., created a checking account that replaces overdraft fees with a monthly maintenance fee. The $7.4 billion-asset bank said in a press release that the BankSmart product is designed to connect with more underbanked and unbanked consumers. The product includes free 24-hour in network ATM and online banking access, free monthly e-statements and a debit MasterCard, among other things. Liberty will waive the $3.95 monthly fee for customers

Bank of New York Mellon in New York said it expects to take a notable revenue hit in the first quarter tied to a decision to suspend certain activities in Russia. The $444 billion-asset company disclosed in a regulatory filing Thursday that it had ceased new banking business in Russia and suspended investment management purchases of Russian securities in response to the country’s invasion of Ukraine. That decision, along with government sanctions,

USAA Federal Savings Bank in San Antonio has been ordered to pay a total of $140 million to the Financial Crimes Enforcement Network and the Office of the Comptroller of the Currency tied to lapses in its Bank Secrecy Act compliance. The $117 billion-asset bank will pay a $80 million civil money penalty to Fincen, along with a $60 million fine to the OCC. The bank is now operating under enforcement

A group with ties to EverBank are looking to form a de novo in Colorado.The group behind Battle Bank in Avon applied with the Federal Deposit Insurance Corp. on March 11 for deposit insurance. The application wasn’t immediately available. A public notice filled in connection to the application said Battle Bank would be a national bank regulated by the Office of the Comptroller of the Currency.  The notice listed three

The president of MainStreet Bancshares in Fairfax, Va., is retiring.The $1.7 billion-asset company said in a press release Friday that Chris Brockett will retire on March 31. Brockett, who has been MainStreet’s president since January 2017, will remain on the company’s board. “As an accomplished career banker, Chris has insights and experience that will continue to help light our path as we innovate and meet the credit needs of the