New York Community Bancorp in Hicksville and Flagstar, Mich., have extended their merger agreement to Oct. 31. The $47 billion-asset New York Community and the $23 billion-asset Flagstar have been waiting on regulatory approval for their $2.6 billion merger. The deal was announced in April 2021 and had an original deadline of April 24, 2022.The companies also amended their agreement to pursue a national bank charter and supervision by the Office of

First Bancshares in Hattiesburg, Miss., has agreed to buy Beach Bancorp in Fort Walton Beach, Fla. The $6.1 billion-asset First said in a press release Tuesday that it will pay $117 million in stock for the $620 million-asset Beach. The deal, which is expected to close by the end of this year, priced Beach at 143% of its tangible book value. Beach has seven branches, $492 million of deposits and $456 million

National Capital Bank of Washington in Washington, D.C., has a new president. The $735 million-asset unit of National Capital Bancorp said in a press release that Jimmy Olevson would serve as "second in command" to CEO Randy Anderson. Olevson previously served as chief lending officer at MainStreet Bank. “We are thrilled to have Jimmy join NCB’s executive management team," Anderson said in the release."His business banking experience, strong leadership skills, client-centric approach and

Western Alliance Bancorp. in Phoenix has formed an entertainment and media group. The $50 billion-asset company said on its websitethat the group offers "a wide range of banking resources to TV, film and music producers across North America with the ability to lend in multiple currencies."Melanie Krinsky and Charlene Paling, who joined the company last fall, have already originated more than $300 million of loans, with another $100 million in

Orrstown Financial in Shippensburg, Pa., plans to introduce a new treasury management application later this year. The effort is one of several technology enhancements the $2.9 billion-asset company highlighted in its slidedeck for its 2022 annual meeting. Orrstown, which hired a chief digital officer in 2021, said it also plans to focus on robotic process automation to gain efficiencies. The company will also refine Abrigo, a commercial loan origination system that it

Blue Ridge Bankshares in Charlottesville, Va., has a new bank president.The $2.7 billion-asset company said in a press release Wednesday that it had named Judy Gavant to the post. Gavant will remain the company’s chief financial officer. In the new position, she will lead commercial banking efforts and oversee bank operations, including policies and practices, in addition to a variety of strategic initiatives and other responsibilities. Gavant “is an exceptional, experienced and

Security Federal in Aiken, S.C., said it is eligible to receive nearly $83 million of capital from the Treasury Department’s Emergency Capital Investment Program. The Treasury has $9 billion set aside to invest in Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) through the program. The capital will help the institutions provide loans, grants and forbearance for small and minority businesses, as well as consumers in low-income and underserved

Prudential Bancorp in Philadelphia had to negotiate settlement of a legal issue as it finalized an agreement to be sold to Fulton Financial in Lancaster, Pa. The $26 billion-asset Fulton stipulated as part of its merger talks that the $1.1 billion-asset Prudential needed to resolve all outstanding issues associated with borrower litigation, according to a regulatory filing tied to the pending acquisition. The filing also revealed that, on several instances going back