A group in Austin, Texas, has formed an association to advocate for financial institutions that offer Banking-as-a-Service (BaaS) products. Bankers Helping Bankers, a bankers-only platform, said in a press release that it had formed the BHB Banking-as-a-Service Association. The association plans to coordinate legislative and regulatory advocacy efforts for BaaS providers and promote best practices and standards for delivering services to nonbanks. The plan is to encourage bankers to share experiences, insights, successes

A pair of community banks is facing proxy challenges from activist investors. Middlefield Banc Corp. in Beachwood, Ohio, is dealing with pressure from Ancora Advisors to find a buyer. The investor included a proposal for consideration at the $1.3 billion-asset Middlefield’s annual meeting that would recommend that the board “take the necessary steps to achieve a sale, merger, or other disposition of the company on terms that will maximize shareholder value as

Hovde Group has hired a former banker to bolster its coverage of the financial services sector. Brian Urness said in a LinkedIn post that he had been hired as a bank equity research associate. He joined the firm’s Nashville, Tenn., team. Urness previously worked at FirstBank in Nashville, where he most recently served as a senior Treasury analyst, according to his LinkedIn profile. Before joining FirstBank, he was an asset and liability management

Codorus Valley Bancorp in York, Pa., which has faced pressure from an activist investor, will appoint three independent directors and review its compensation and risk policies under a new governance effort. The $2.3 billion-asset company said the decision reflected input from shareholders, including Driver Management. Driver, which owns about 6.7% of Codorus Valley's common stock, has spent recent months pushing for reforms and encouraging the bank to find a buyer. Codorus Valley

Circle Internet Financial in Boston is raising $400 million from a group of investors that includes BlackRock, Fidelity Management and Research, Marshall Wace and Fin Capital.Circle, which issues USD Coin (USDC), said in a Tuesday press release that it expects the funding round to close in the second quarter. BlackRock entered into a broader strategic partnership with Circle that includes exploring capital market applications for USDC. "Dollar digital currencies like USDC are

Fifth Third Bancorp in Cincinnati will soon have a new leader. The $211 billion-asset company said in a press release Tuesday that Tim Spence will succeed Greg Carmichael as CEO on July 5. Carmichael, who is retiring, will remain chairman. Spence “is an outstanding leader who will continue to build on the bank’s strong momentum, which he has helped create,” Marsha Williams, Fifth Third’s lead independent director, said in the release. Spence "has

Quontic Bank in New York has unveiled a payment ring that will allow consumers to tap-to-pay at the point of sale. The $916 million-asset Quontic said in a press release Tuesday that the black band, embedded with contactless payment technology, can link to one of three checking accounts."We're pleased to continue to push the industry forward and will continue to make it easier for Americans to bank, wherever and however they

VyStar Credit Union in Jacksonville, Fla., which is still waiting on regulatory approval to buy a bank, has signed an agreement to merge with First Coast Federal Credit Union in Jacksonville. The $12 billion-asset VyStar said in a press release Monday that it will absorb the $11.2 million-asset First Coast. VyStar has 800,000 members, while First Coast has 1,700. “VyStar continues to look for strategic partnerships that strengthen our ability to serve