M&T Bank in Buffalo, N.Y., has agreed to sell its insurance agency to Arthur J. Gallagher. The $204 billion-asset bank said in a press release that it will sell M&T Insurance Agency in a deal that is expected to close in the fourth quarter. The price wasn’t disclosed.    The insurance agency specializes in property and casualty products, customized group benefits and surety solutions in the Northeast and Mid-Atlantic. Current

Bank Five Nine in Oconomowoc, Wis., will soon have a new CEO. The $1.5 billion-asset bank said in a LinkedIn post that Tim Schneider will also become its president in October. Schneider previously served as a senior vice president at Nicolet National Bank.    Before that, he was the CEO of Investors Community Bank in Manitowoc, Wis., which was sold to Nicolet last year.    “We conducted a national search

Six large U.S. banks will participate in a Federal Reserve pilot program designed to examine banks’ climate-related financial risks. The Fed said in a press release Thursday that Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo will participate in the program, which is expected to begin early next year.    The pilot is will likely end in late 2023.   The banks will analyze the

Brookline Bancorp in Boston will soon have a new bank CEO. The $8.5 billion-asset company said in a press release Thursday that William Tsonos will also become the president of Bank Rhode Island on Nov. 1. Tsonos, who joined Brookline in 2006, is the bank’s executive vice president of commercial lending.    Tsonos will succeed Mark Meiklejohn, who was named the company’s chief credit officer. Meiklejohn, who joined the bank

M&T Bank said it is taking steps to compensate customers who were stung by the Buffalo, N.Y., bank’s conversion of People’s United Financial in Bridgeport, Conn. The $204 billion-asset M&T, which bought People’s United earlier this year, experienced glitches and other issues as part of the integration process.    “For customers who were unable to access funds during the conversion, we will provide appropriate financial remuneration,” CEO Rene Jones wrote in

First Bank in Hamilton, N.J., has expanded its commercial lending operations to serve private equity funds and their portfolio companies. The $2.6 billion-asset bank said in a press release that it will offer capital call lines of credit. Such loans are usually used to bridge gaps between the timing of an acquisition and the receipt of capital from investors.    "As an entrepreneur myself, I understand the challenges that private

Seven trade groups have filed a lawsuit against the Consumer Financial Protection Bureau alleging the agency exceeded its statutory authority when it updated its exam manual. The lawsuit, filed in the U.S. District Court for the Eastern District of Texas, targets the CFPB’s recent update to the Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) section of its exam manual. The lawsuit alleges overreach by claiming the agency is exceeding

Orrstown Financial Services in Shippensburg, Pa., plans to close five branches and adjust its staffing model. The $2.8 billion-asset company said in a press release Wednesday that the moves are “designed to drive long-term growth, focus … on a rapidly changing banking environment and improve operating efficiencies.” The branches, all of which are in Pennsylvania, are expected to close in the fourth quarter. Orrstown expects to incur $3.1 million of