Four investment advisers have left Atlantic Union Bankshares in Richmond, Va., to form their own firm. Dover Advisors was launched in August after the advisers left the $19.7 billion-asset Atlantic Union’s wealth management division, according to Richmond BizSense.    The firm’s president, Jess Ellington, had been the bank’s chief investment officer. He had led the bank’s registered investment adviser division, which was sold to Cary Street Partners.    Ellington and

State Street in Boston has hired a former Google executive to serve as its global chief compliance officer. The $300 billion-asset company said in a press release that Yvette Hollingsworth Clark will report to Brad Hu, its global head of risk. She will also be accountable to the board’s examining and audit committee.   Hollingsworth Clark will oversee compliance activities that include designing and implementing structures and processes to enhance

Bank of New York Mellon has formed a platform to manage digital assets.  The $438 billion-asset company said in a press release that its digital asset custody platform allows clients to hold and transfer bitcoin and ether.    The move comes a year after BNY Mellon formed a unit to develop solutions for digital asset technology.   "Touching more than 20% of the world's investable assets, BNY Mellon has the

David Zalman is back in the M&A game with two acquisitions. Prosperity Bancshares in Houston has agreed to buy Lone Star State Bancshares in Lubbock, Texas, and First Bancshares of Texas in Midland, marking Prosperity’s first bank deals since it bought LegacyTexas Financial Group in 2019.  The $37.4 billion-asset Prosperity will pay $228.7 million in cash and stock for the $1.3 billion-asset Lone Star. The deal, which is expected to

Affinity Bancshares in Covington, Ga., will consolidate two roles following the expected resignation of its president. The $767 million-asset company disclosed in a regulatory filing that Gregory Proffitt, who is also president of its bank, plans to resign by Nov. 18. Affinity said its board, at its next meeting, will likely appoint CEO Edward Cooney to serve as president.

Sterling Bancorp in Southfield, Mich., has filed a lawsuit against its founder and controlling shareholder. The $2.5 billion-asset company disclosed in a regulatory filing that it filed a lawsuit in U.S. District Court for the Eastern District of Michigan against former CEO Scott Seligman and “other nominal defendants.” The lawsuit, which seeks to claw back roughly $25 million of dividends and other payments to Seligman, alleges that he breached his

Rhinebeck Bank in Rhinebeck, N.Y., agreed to pay a $950,000 fine to address claims by the New York State Department of Financial Services that it violated the state’s fair lending law. The $1.3 billion-asset bank also agreed to provide restitution to affected customers, the regulator said in a press release. Rhinebeck's "specific policies and practices allowed automobile dealers to markup a consumer's interest rate above the bank’s established buy rate,

Bank of America in Charlotte, N.C., agreed to pay about $1.8 billion to resolve claims that go back to the 2008 financial crisis.  The $2.2 trillion-asset Bank of America disclosed in a regulatory filing that it will pay the settlement to Ambac Assurance to address pending Ambac lawsuits against the company and its subsidiaries. Pending lawsuits against Bank of America had aggregate damages claims totaling more than $3 billion. The