JPMorgan Chase has hired a former PayPal executive to serve as its head of fintech partnerships for its commercial bank. The $4 trillion-asset company said in a press release that it had hired Peggy Mangot to fill the position. She will oversee a team that will design, develop and implement strategies. Mangot was in charge of leading investments in fintech, commerce, infrastructure and crypto for PayPal Ventures. Prior to joining PayPal, she

The Federal Deposit Insurance Corp. is paying closer attention to banks’ balance sheets after rising interest rates led to higher levels of unrealized losses in securities portfolios. While the banking industry has “high liquid asset levels,” Martin Gruenberg, the FDIC’s acting chairman, said in a Tuesday press release that “elevated levels of unrealized losses could increase the risk of actual losses should banks sell investments at a loss to meet liquidity

Sultan Meghji, who stepped down as chief innovation officer at the Federal Deposit Insurance Corp. earlier this year, has a new job. Meghji tweetedon Tuesday that he will join Reciprocal Ventures as a senior adviser.  Reciprocal invests in early stage fintechs. Its portfolio includes Squads, an app that can be used to create decentralized autonomous organizations (DAOs), and Whym, a conversational commerce startup. The company is one of six investors behind the

HomeTrust Bancshares in Asheville, N.C., is set to have a new CEO. The $3.5 billion-asset company said in a press release Tuesday that Hunter Westbrook will succeed Dana Stonestreet at CEO on Sept. 1. Westbrook will remain president and CEO of HomeTrust Bank. Stonestreet, who has been CEO since 2013, will remain chairman. He is set to retire as chairman at the company's 2023 annual meeting.“Hunter’s commercial banking expertise, vision for strategic growth

Brookline Bancorp in Boston has agreed to buy PCSB Financial in Yorktown Heights, N.Y. The $8.6 billion-asset Brookline said in a press release Tuesday that it will pay $313 million in cash and stock for the $2 billion-asset PCSB. The deal, which is expected to close in the second half of this year, priced PCSB at 117.6% of its tangible book value. PCSB Bank will retain its New York charter and operate

Cambridge Bancorp in Massachusetts has agreed to buy Northmark Bank in North Andover, Mass.The $5 billion-asset Cambridge said in a press release Monday that it will pay $63 million in stock for the $442 million-asset Northmark. The deal, which is expected to close in the fourth quarter, priced Northmark at 118% of its tangible book value. The deal is expected to be 5.8% accretive to Cambridge’s 2023 earnings per share, excluding

Ohio Valley Banc Corp. in Gallipolis has a new CEO. The parent of the $1.2 billion-asset Ohio Valley Bank said in a press release Monday that Larry Miller II had also become CEO of its bank. Miller, who was the company’s chief operating officer, succeeded Thomas Wiseman, who remains chairman. Ryan Jones was named Ohio Valley’s chief operating officer. He will remain the company’s chief risk officer. “We are committed to remaining

Moultrie Bank & Trust, a recently approved de novo bank, has opened. The bank opened on May 9, the Federal Deposit Insurance Corp. noted on its website. Organizers were required in a Dec. 13 order from the FDIC to raise $20 million before opening. The group behind the de novo applied for deposit insurance last July. A consultant for the group said last summer that Donna Lott would serve as the bank’s CEO, while Collin