Republic First Bancorp in Philadelphia, which is facing pressure from two shareholder groups, will not renew an employment agreement with a former CEO. The $5.4 billion-asset company disclosed in a regulatory filing Wednesday that the agreement with Harry Madonna, its president and chairman emeritus, will end on Feb. 28, 2023. The original agreement had an initial two-year term with optional annual one-year renewals. The decision comes as Driver Management and a group

Mid Penn Bancorp in Harrisburg, Pa., has hired the chief financial officer at Spirit of Texas Bancshares to serve as its CFO. The $4.7 billion-asset Mid Penn disclosed in a regulatory filing Friday that Allison Johnson had recently accepted the position. She will also become the CFO of Mid Penn Bank.Johnson has been the CFO at the $3 billion-asset Spirit of Texas since November 2020, although she was its interim CFO

A new report from Janney Montgomery Scott shows that it is taking much longer for big bank acquisitions to make their way through the regulatory approval process.The percentage of deals that took more than 250 days to close has increased to 18% this year from 10% in 2021. Acquisitions with a deal value of more than $500 million have taken, on average, 260 days to close this year. That’s up from

Barksdale Federal Credit Union in Bossier City, La., has agreed to buy Home Bank of Arkansas in Portland. The $2 billion-asset Barksdale did not disclose how much it will pay Peoples Home Holding for its $73.8 million-asset bank. HomeBank has five branches. The deal, which was announced on Tuesday, is expected to close in the third quarter. McQueen Financial Advisors and Luse Gorman advised Barksdale. Bancorp I and Stacks Law Firm advised Peoples Home

Summit Credit Union in Madison, Wis., has agreed to buy Commerce State Bank in West Bend, Wis.The $4.8 billion-asset Summit did not disclose the price it will pay for the $837 million-asset Commerce State. The deal is expected to close in the third quarter.Commerce State is currently a unit of Commerce Financial Holdings.“We have similar values, cultures and dedication to the highest levels of member and community service,” Kim Sponem,

Veritex Holdings in Dallas has agreed to buy StoneCastle Cash Insured Sweep, also known as interLINK.The $9.8 billion-asset Veritex said in a press release Thursday that it will pay StoneCastle Partners $91 million in cash and stock for the business, which administers about $8 billion of deposit for broker/dealers and clearing firms through FDIC-insured cash sweep programs. Veritex also plans to commence a common stock offering to raise about $150 million.

Fulton Financial in Lancaster, Pa., has finally returned to bank acquisitions, agreeing to buy Prudential Bancorp in Philadelphia. The $26 billion-asset Fulton said in a press release Wednesday that it will pay $142.1 million in cash and stock for the $1.1 billion-asset Prudential. The deal is expected to close in the third quarter. Prudential has 10 branches, $594 million of loans and $721 million of deposits.Fulton said it will make a $2 million

An internal investigation involving the longtime CEO of RBB Bancorp – and his leave of absence while the probe is being conducted – could create a challenge for the Los Angeles company when it comes to completing a recently announced acquisition.The $4.2 billion-asset RBB disclosed last month that Alan Thian had stepped down while a special board committee looks into an undisclosed matter. RBB named David Morris, its chief financial