Trustmark in Jackson, Miss., will pay a $5 million civil money penalty tied to consent orders with regulators. The $17.1 billion-asset company said in a press release Friday that its bank entered into an order with the Office of the Comptroller of the Currency and a separate order with the Justice Department and the Consumer Financial Protection Bureau.  The orders address allegations that Trustmark violated the Fair Housing Act, the Equal

Piermont Bank, a de novo in New York, has created a platform to offer credit products to its fintech clients. The $347 million-asset bank said in a press release that BancFi will also serve fintechs’ end-users. The effort builds on the bank’s Banking-as-a-Service platform, which consists of more than 30 fintech clients. The bank also said it is committing $20 million of newly raised capital to technology initiatives. “The growth we have

Ally Financial in Detroit is getting back into credit cards with an agreement to buy Fair Square Financial in Wilmington, Del.The $79 billion-asset Ally said in a press release Thursday that it will pay $750 million in cash for Fair Square. The deal is expected to close in the first quarter.Ally said the deal provides it with “a scalable, digital-first credit card platform.”Fair Square, founded in 2016, has focused on providing

Business First Bancshares in Baton Rouge, La., has agreed to buy Texas Citizens Bancorp in Houston.The $4.4 billion-asset Business First said in a press release Thursday that it will pay $52.9 million in stock for the $517 million-asset parent of Texas Citizens Bank. The deal, which is expected to close in the first quarter, priced Texas Citizens at 151% of its tangible book value.Texas Citizens has six branches, $366 million

Raymond James Financial in St. Petersburg, Fla., has agreed to buy TriState Capital Holdings in Pittsburgh. Raymond James, parent of the $35 billion-asset Raymond James Bank, said in a press release Thursday that it will pay about $1.1 billion in cash and stock for the $12 billion-asset TriState. The deal is expected to close in next year. TriState “has a terrific, client-centric franchise focused on serving clients with premier private banking,

Banner Corp. in Walla Walla, Wash., plans to close 15 branches as part of a broader efficiency effort. The $16.6 billion-asset company said in a presentation Thursday that its Banner Forward program will also involve reducing office and operations space and minimize third-party spending. The goal is to lower annual expenses by $15 million in 2022 and by $25 million the following year. About 60% of the cost savings will come from

Cambridge Bancorp in Cambridge, Mass., closed two branches during the third quarter. The $4.5 billion-asset company said in a press release Tuesday that it shuttered offices in Wellesley Square, Mass., and Pease Tradeport, N.H. It also moved its Concord, N.H., wealth management office to a new location. Cambridge recorded $787,000 of expenses tied to the moves. The company’s net income fell slightly from a year earlier, to $13.3 million.  Noninterest expenses, including the

Monit, a Boston fintech that has created a financial platform for small businesses, has become the first investment for JAM FINTOP Banktech, an investment fund that is targeting tech firms. Monit said in a press release that the investment also includes a commercial partnership with the fund, which is backed by 66 small and midsize banks. JAM FINTOP Banktech is a created  by JAM Special Opportunity Ventures, an affiliate of Jacobs