Primis Financial in McLean, Va., has agreed to buy a mortgage lender.The $2.4 billion-asset company said in a press release Thursday that it expects to acquire SeaTrust Mortgage from Community First Bank in the second quarter. Primis said in a regulatory filing that it will pay $7 million in cash and repay about $13.8 million of SeaTrust's debt under certain warehouse lending facilities.SeaTrust, formed in 2019, originates mortgages through eight

Quaint Oak Bancorp in Southampton, Pa., disclosed that it bought a majority stake in an equipment finance company. The $568 million-asset company said in a press release Thursday that it bought a 51% stake in Oakmont Capital Holdings on Jan. 4. The company did not disclose the price it paid.Oakmont has offices in West Chester, Pa., and Albany, Minn. Oakmont conducts business in all 50 states. Quaint Oak said it has

South State in Winter Haven, Fla., is the latest regional bank to do away with nonsufficient funds fees. The $46 billion-asset company said in a press release Thursday that it will modify its consumer overdraft program to eliminate NSF fees, as well as transfer fees to cover overdrafts. South State said it will introduce a deposit product with no overdraft fees.  The changes will be start to take place in the

BayFirst Financial in St. Petersburg, Fla., has laid off more than 60 mortgage employees and added a national Small Business Administration platform. The $889 million-asset company said in a press release that it cut 65 jobs in the first quarter, including 62 within its residential mortgage division. BayFirst said the impact of the layoffs will not be realized until the second quarter and beyond. BayFirst also hired two large mortgage production teams

Bank on Women has formed a partnership with the Nasdaq to give exchange-listed community banks access to more board recruiting services.The nonprofit, which looks to increase female representation in the banking industry, said on its LinkedIn page that the arrangement will give smaller banks access to its database of potential director candidates. “We are committed to educating the community banking industry on the competitive advantages of gender diversity in the

First Independence Bank, a black-owned bank in Detroit, has expanded into Minneapolis. The $412 million-asset bank officially debuted the office this week, according to KARE11.com. The office quietly opened in late February. The Federal Deposit Insurance Corp. approved the expansion in January. First Independence has been supported – with capital, research and marketing services – by Bank of America, Bremer Bank, Huntington Bancshares, U.S. Bancorp and Wells Fargo. First Independence customers have fee-free ATM

Finward Bancorp in Munster, Ind., has promoted an insider to become its chief revenue officer. The $2 billion-asset company said in a press release Thursday that Todd Scheub had also become president of its bank. Scheub, who joined Finward in 1996, previously served as the company’s chief banking officer. In the new role, Scheub will focus on strengthening existing relationships, building new business and community relationships. He will continue to provide oversight

CoVantage Credit Union in Antigo, Wis., has agreed to buy LincolnWay Community Bank in New Lenox, Ill. The $2.7 billion-asset CoVantage said in a release that it expects to complete the purchase of the $277 million-asset LWCBancorp unit in the fourth quarter. The credit union did not disclose the price it will pay. LincolnWay has two branches, $243 million of deposits and $197 million of loans. Six credit unions have agreed to buy