Orrstown Financial in Shippensburg, Pa., plans to introduce a new treasury management application later this year. The effort is one of several technology enhancements the $2.9 billion-asset company highlighted in its slidedeck for its 2022 annual meeting. Orrstown, which hired a chief digital officer in 2021, said it also plans to focus on robotic process automation to gain efficiencies. The company will also refine Abrigo, a commercial loan origination system that it

Blue Ridge Bankshares in Charlottesville, Va., has a new bank president.The $2.7 billion-asset company said in a press release Wednesday that it had named Judy Gavant to the post. Gavant will remain the company’s chief financial officer. In the new position, she will lead commercial banking efforts and oversee bank operations, including policies and practices, in addition to a variety of strategic initiatives and other responsibilities. Gavant “is an exceptional, experienced and

Security Federal in Aiken, S.C., said it is eligible to receive nearly $83 million of capital from the Treasury Department’s Emergency Capital Investment Program. The Treasury has $9 billion set aside to invest in Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) through the program. The capital will help the institutions provide loans, grants and forbearance for small and minority businesses, as well as consumers in low-income and underserved

Prudential Bancorp in Philadelphia had to negotiate settlement of a legal issue as it finalized an agreement to be sold to Fulton Financial in Lancaster, Pa. The $26 billion-asset Fulton stipulated as part of its merger talks that the $1.1 billion-asset Prudential needed to resolve all outstanding issues associated with borrower litigation, according to a regulatory filing tied to the pending acquisition. The filing also revealed that, on several instances going back

Colony Bankcorp in Fitzgerald, Ga., announced an efficiency initiative designed to lower annual expenses by $3 million starting in the third quarter. The $2.7 billion-asset company said in a press release Thursday that it plans to close two branches and eliminate 25 positions in its banking division. Colony said it is targeting a 60% efficiency ratio within three years. That ratio was 77% on March 31.

Amerant Bancorp in Coral Gables, Fla., has sold $57.3 million of loans in New York City.The $7.8 billion-asset company said in a press release Wednesday that had $68.6 million of New York City loans available for sale on March 31. Amerant said its portfolio of New York City loans fell by 24% during the first quarter, to $373 million.

Fidelity Bank in Scranton, Pa., is moving its corporate headquarters. The $1.8 billion-asset bank said in a press release Thursday that it bought the Scranton Electric Building in downtown Scranton for the new office. Fidelity said the entire project is expected to cost $20 million, though it received about $4 million from Pennsylvania’s Redevelopment Assistance Capital Program. The building “was originally home to the Board of Trade, the center of commerce for northeastern

Triumph Bancorp in Dallas has designated 15 branches in rural markets, along with some factored receivables, for eventual sale. The $6.1 billion-asset company said in a press release that the branches are located in eastern Colorado and western Kansas. Triumph said $159.2 million of loans and $367.3 million of deposits were also designated as held-for-sale on its balance sheet. About $80.8 million of non-transportation factored receivables, along with $10.4 million of related