TowneBank in Suffolk, Va., has agreed to buy Farmers Bankshares in Windsor, Va.The $16.9 billion-asset TowneBank said in a press release Thursday that it will pay $56 million in stock for the $609 million-asset Farmers. The deal, which is expected to close in the first quarter, priced Farmers at 196% of its tangible book value.TowneBank will enter Isle of Wight and Southampton counties when the deal is completed. Farmers has

Northwest Bancshares in Columbus, Ohio, has a new CEO.The $14 billion-asset company said in a press release Thursday that Louis Torchio will also serve as its president. Torchio, who joined the company in 2018, recently served as senior executive vice president of retail lending and business banking. Before he joined Northwest, Torchio held senior leadership and executive committee posts at Charter One Bank, Bank One and Mellon Bank. At Northwest, Torchio supervised

Bank of America in Charlotte, N.C., said its overdraft-service fees in June and July fell by 90% from a year earlier, reflecting policies designed to back off of such charges. The $2.2 trillion-asset BofA said in a Wednesday press release that consumer client overdraft fees made up less than 0.4% of its total revenue in the second quarter. For consumer accounts, the company eliminated nonsufficient funds (NSF) fees and reduced overdraft fees

Live Oak Bancshares in Wilmington, N.C., is set to benefit from the pending sale of Payrailz to Jack Henry & Associates. The $9.1 billion-asset Live Oak disclosed in a regulatory filing that it expects to report a $29 million pretax gain tied to its investment in Payrailz. The gain would be recorded when the acquisition closes. The announcement comes months after Live Oak said it would likely realize a $115 million pretax

The organizers of Walden Mutual Bank in Concord, N.H., has exceeded its capital goal. The group said in an email that they have secured more than $20 million of commitments. The plan is to open the mutual in late summer. Walden has received approval from the New Hamphsire Banking Department but it still needs a greenlight from the Federal Deposit Insurance Corp. "The participation and support we've received from you have been incredibly

BOK Financial in Tulsa, Okla., has named a new CEO for Bank of Texas. The $45 billion-asset company said in a press release Wednesday that Mark Wade will take over the post on Jan. 1. He will succeed Norm Bagwell, who previously announced plans to retire.“Norm Bagwell has been an important part of our company since he joined us in 2008,” Stacy Kymes, BOK Financial’s president and CEO, said in the

Republic First Bancorp in Philadelphia is one step closer to getting caught up on its regulatory filings.The $5.7 billion-asset company said in a press release that Wilmer Cutler Pickering Hale and Dorr, an outside firm, has completed its review of related-party transactions, certain internal controls and “associated financial statement and disclosure implications.” The results are being evaluated by Republic First’s audit committee, management and an independent registered public accounting firm. As

Ronald Paul, who abruptly stepped down as chairman and CEO of Eagle Bancorp in Bethesda, Md., in 2019, has been barred from the banking industry.The Federal Reserve also fined Paul $90,000 after the former executive agreed to resolve claims he and the $10.9 billion-asset Eagle made negligently false and misleading statements about related-party loans tied to his business interests.EagleBank agreed to pay a $9.5 million fine for violating the Fed's insider lending regulations.Separately,