The Council of Federal Home Loan Banks has lined up its next CEO. The council said in a press release that Ryan Donovan will also serve as its president, effective Sept. 6. He will succeed John von Seggern, who retired last month. Donovan previously served as chief advocacy officer at the Credit Union National Association. Donovan, who has also held positions at the California and Nevada Credit Union Leagues, began his career

Wilson Bank Holding in Lebanon, Tenn., has formed a mortgage joint venture. The $4.1 billion-asset company said in a press release Thursday that it had created Encompass Home Lending with Celebration Homes and Willow Branch Homes. Wilson said the effort was profitable in its first month of operations. "We have been impressed with both builder teams as well as the leadership and mutual values in place that will be key to growing this

Citizens Financial Group in Providence, R.I., has agreed to buy select assets and liabilities of Paladin Advisors in Kensington, N.H. The $192 billion-asset Citizens did not disclose in a Thursday press release how much it will pay for the investment adviser."This acquisition will strengthen our wealth management business, as we gain additional reach and Paladin’s fresh asset allocation investment strategy, which complements our established approach," Chris Weyrauch, head of Citizens Wealth

Bank of America in Charlotte, N.C., was fined $225 million for practices tied to it's prepaid card program for disbursing unemployment benefits in California. The Office of the Comptroller of the Currency levied a $125 million fine, while the Consumer Financial Protection Bureau imposed a $100 million fine. “Bank of America automatically and unlawfully froze people’s accounts with a faulty fraud detection program, and then gave them little recourse when there was,

Apiture, a Wilmington, N.C., company that produces software for community banks, has raised $29 million in a fundraising round led by Live Oak Bancshares. The company said in a Thursday press release that other investors, including Pinnacle Bank and BHG Financial, also participated. Apiture has raised $69 million since its formation in 2017. Apiture said it will use the capital to expand its sales and marketing efforts, accelerate product development and meet

Jill Castilla is the latest banker to join a university’s governing board. Castilla, president CEO of Citizens Bank of Edmond in Oklahoma, recently joined the board of trustees at Hawaii Pacific University. Castilla graduated from the university in 1996. Several current and former bank executives have made similar moves in recent months. Castilla’s addition comes a month after Dorothy Savarese, who recently retired as president and CEO of Cape Cod Five Cents Savings Bank

Pinnacle Financial Partners in Nashville, Tenn., has joined the expanding list of banks cutting and eliminating overdraft and nonsufficient funds (NSF) fees.The $39.4 billion-asset company said in a press release that it will eliminate the NSF fee for returned items for consumer accounts and reduce the NSF returned item fee from $38 to $30 for business accounts. Pinnacle will lower the overdraft fee for paid items from $38 to $30

Citadel Credit Union in Exton, Pa., will launch a business banking division in August after hiring a team of bankers from Santander Bank.The $5 billion-asset credit union said on its website that it will look to form strategic partnerships in an around Philadelphia. “We are ready to hit the ground running and partner with businesses of any size in the region,” Jeff March, Citadel’s president and CEO, said in the release.