Union Bankshares in Morrisville, Vt., is looking for a new CEO. The company disclosed in a regulatory filing that David Silverman will also retire as president next year. The board plans to conduct a comprehensive search for his successor, including the formation of a subcommittee of independent directors from the nominating and governance committee. That subcommittee is expected to be appointed at the May 21 board meeting. Silverman will remain president

Carver Bancorp in New York was issued an enforcement action that requires its bank to create a three-year plan focused on earnings performance. The company disclosed in a regulatory filing that Carver Federal Savings Bank entered into a written agreement with the Office of the Comptroller of the Currency that requires it to develop a strategic plan that focuses on measures for growth, capital, liquidity, and balance sheet mix. The bank

Citigroup in New York agreed to sell a unit that advises its global alternative investment fund platform to technology provider iCapital. Citi didn't disclose the price that Capital will pay. Citi said that iCapital will manage and operate the fund platform, while Citi remains the distributor. The platform includes a range of alternative investment strategies and asset classes, including private equity, growth equity, private credit, infrastructure, venture capital, real estate

BOK Financial in Tulsa, Oklahoma, launched a mortgage finance business. BOK said in a press release that the mortgage finance team will be led by Donnie Martin, who joined the company last year from City National Bank. The new business is part of the company's focus on building deeper relationships with mortgage banking customers, Martin Grunst, BOK's chief financial officer, said in the release.

Greenswoods State Bank in Lake Mills, Wis., has a new president. The bank said in a press release that Jim Hegenbarth succeeded Rob Cera, who will serve as co-CEO with Bill McDonald. Hegenbarth was a market president at the bank. “Jim is a respected and forward-thinking leader whose expertise, vision, and values align perfectly with our mission,” Cera said in the release. “This promotion is not only a recognition of

The president of Rockland Trust in Rockland, Mass., plans to retire. Independent Bank Corp., the parent company of Rockland Trust, disclosed in a regulatory filing that Gerard Nadeau will step down on June 27. He will remain on the company's board. Jeffrey Tengel, Independent's president and CEO and Rockland Trust's CEO, is expected to succeed Nadeau.

The Federal Reserve has terminated a written agreement against Perry County Bancorp in Du Quoin, Ill. The written agreement, issued in April 2023, instructed the parent of Du Quoin Bank to improve oversight over liquidity and interest rate risk. It required the board to improve the bank’s condition and maintain effective control over items such as capital, liquidity, interest rate risk management, and investment policy, among other things. More than

Primis Financial in McLean, Va., posted a dramatic swing back into profitability, driven by a key strategic move: The deconsolidation of Panacea Financial Holdings. The $3.7 billion-asset Primis earned $22.6 million in the first quarter after losing $23.3 million a quarter earlier. The results included a $24.6 million pre-tax gain after Primis deconsolidated Panacea Financial Holdings, a digital division focused on the medical, dental, and veterinary markets. Primis owns a