The Federal Reserve, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency have issued a series of proposed updates to the Community Reinvestment Act. The agencies on Thursday released proposals to revamp the law, which was originally enacted in 1977 to prevent banks from engaging in discriminatory lending practices. It has been 27 years since the law was last refreshed. The proposed changes would feature four tests that

Hanover Bancorp in Mineola, N.Y., plans to raise up to $36.1 million from its initial public offering. The $1.5 billion-asset company said in a press release that it plans to sell nearly 1.4 million shares of common stock at $21 to $23 each. The underwriters could sell another 204,545 shares if there is enough demand. Hanover, which disclosed plans for the IPO earlier this year, said it plans to use the proceeds

U.S. Bancorp in Minneapolis expressed doubt that it can complete its acquisition of MUFG Union Bank along the timeline it originally provided.    The $586 billion-asset company said when it announced the $8 billion acquisition in September that it expected to close the purchase by June 30.    U.S. Bancorp, in its quarterly filing with the Securities and Exchange Commission, shared some concerns about meeting that goal.    "At this

ConnectOne Bancorp in Englewood Cliffs, N.J., is working with Nymbus on a suite of digital business banking products. The $8 billion-asset ConnectOne said in a press release Thursday that the partnership will allow it to target new market segments. The plan is to launch the new platform by the end of this year. “As we diversify our client roster, partnering with Nymbus allows us to continue that mission by building a niche-based vertical

Seacoast Banking Corp. of Florida in Stuart has agreed to buy Drummond Banking Co. in Chiefland, Fla.The $10.9 billion-asset Seacoast said in a press release Wednesday that it will pay $173.2 million for the parent of the $985 million-asset Drummond Community Bank. The deal is expected to close early in the fourth quarter. Drummond has 18 branches, $932 million of deposits and $543 million of loans. Drummond “has an outstanding reputation

Bank of America in Charlotte, N.C., will pay a $10 million fine to the Consumer Financial Protection Bureau to address how the bank processed garnishment notices. The CFPB said in a press release Wednesday disclosing the consent order that it determined that the $2.5 trillion-asset company “engaged in unfair and deceptive acts and practices in violation of the Consumer Financial Protection Act of 2010.” Specifically, the agency said BofA “unfairly required consumers

Sunnyside Bancorp in Irvington, N.Y., is close to being sold. The $94.4 million-asset company said in a press release Tuesday that it had secured regulatory approval to sell to Rhodium BA Holdings, a private equity group in New York. Sunnyside said the sale should close by May 31. Sunnyside’s shareholders approved the $16.1 million deal on Nov. 10. Sunnyside’s efforts to sell itself have taken a number of twists and turns. The company originally

United Community Banks in Blairsville, Ga., has agreed to buy Progress Financial in Huntsville, Ala. The $24.4 billion-asset United said in a press release Wednesday that it will pay $271.5 million in stock for the $1.9 billion-asset Progress. The deal, which is expected to close in the fourth quarter, priced Progress at 165% of its tangible book value.Progress has 14 branches, $1.3 billion of loans and $1.7 billion of deposits. The