Another state has intervened to impede a credit union’s pending purchase of a bank. The Minnesota Department of Commerce has rejected the sale of Lake Area Bank in Lindstrom, Minn., to Royal Credit Union in Eau Claire, Wis. The agency determined that, in Minnesota, “a state-chartered bank is not authorized to transfer its assets and liabilities to a credit union for the purpose of consolidating or merging out of existence,” according to

Pathfinder Bancorp in Oswego, N.Y., has made an abrupt change in leadership. The $1.3 billion-asset company said in a press release Tuesday that James Dowd had been named interim president and CEO, succeeding Thomas Schneider, who resigned effectively immediately. Schneider, who also stepped down from the board, was named the company’s director of capital markets and corporate strategy. Pathfinder said Schneider wanted “a less time-consuming role due to recent health issues

MainStreet Bankshares in Fairfax, Va., is in the process of bringing on its first Banking-as-a-Service customer. The $1.8 billion-asset company said in a press release that Avenu, its BaaS division, plans to go live with the initial beta customer in the fourth quarter. “Our focus is to help fintechs manage risk and meet compliance obligations as they accept and facilitate payments, and there is no cutting corners on this important work,”

Pinnacle Financial Partners in Nashville, Tenn., has fully acquired an commercial equipment leasing company.The $39.4 billion-asset company said in a press release Tuesday that it bought the remaining equity of JB&B Capital in early March. Pinnacle paid an undisclosed cash amount for the 80% stake it did not previously own.Pinnacle bought an initial 20% stake in the Knoxville, Tenn., company in 2017.JB&B contributed 4 cents a share to Pinnacle’s first

National Bank Holdings in Denver has agreed to buy Community Bancorp. in Provo, Utah.The $7.3 billion-asset National Bank said in a press release Monday that it will pay $136 million of cash and stock for the $814 million-asset parent of Rock Canyon Bank. The deal, which is expected to close in the second half of this year, priced Rock Canyon at 180% of its tangible book value. National Bank would have

Piermont Bank in New York has created a two-year program to train employees to become commercial real estate or fintech lending analysts. The $364 million-asset bank, which opened in 2019, said in its announcement that it will sponsor formal credit training at an accredited institution. The program will include on-the-job training in reviewing and monitoring financial information, along with financial modeling and analysis. Piermont’s chief credit officer will train and mentor program

United Cumberland Bank in Whitley City, Ky., has a new CEO.The $379 million-asset bank said that Michael Laxton had also become its president. Laxton, who joined United Cumberland in 2005, has overseen IT projects and managed the bank’s debit card and bookkeeping departments, according to the Commonwealth Journal. Laxton joined the bank’s board in 2020. "It is always a pleasure to identify talented individuals within the bank to fill important positions," David

Jim Herbert has made his first big decision since announcing plans to retire as CEO of First Republic Bank in San Francisco. Herbert has joined the board of Forge Global Holdings, a San Francisco company that provides trading technology and operating expertise. He also joined the company’s compensation committee. Herbert “is a financial services visionary whose deep commitment to client service has led to extraordinary growth at First Republic … over the