Greg Gonzales, the commissioner of the Tennessee Department of Financial Institutions, has appealed a judge's decision that would allow Orion Credit Union to buy Financial Federal Bank. Gonzales argued in his appeal, filed on June 14, that depositors of the bank would be “irreparably harmed and disrupted” if the acquisition closes. He also argued that it would create confusion if the deal closes and is subsequently nullified by an appeals court. The

A group with ties to a wealth management firm in Scottsdale, Ariz., has applied to form a bank in the city.   Organizers of Zenith Bank & Trust applied with the Federal Deposit Insurance Corp. on June 23 for deposit insurance. The group plans to register with the Federal Reserve to make Zenith Financial Holding the proposed bank’s holding company.    Zenith Financial Holding already owns Zenith Wealth Advisors, a

The leaders of United Community Banks in Blairsville, Ga., and Progress Financial in Huntsville, Ala., quickly bonded as they discussed what would become United’s agreement to buy Progress. The $24 billion-asset United agreed in May to buy the $1.9 billion-asset Progress for $271.5 million in stock. Progress, however, has United on a list of potential “upstream partners” well before David Nast, it’s president and CEO, first met with Lynn Harton, United’s chairman

Cornerstone League in Plano, Texas, and Heartland Credit Union Association in Overland Park, Kan., are exploring a merger of their organizations.The associations said in a press release that they have signed a letter of intent to create a group that would represent 718 credit unions in five states. “We believe that the infrastructure supporting our credit unions must evolve to keep pace with the way credit unions and consumers have changed,”

An investor who tried to buy Golden Pacific Bancorp in Sacramento, Calif., has been banned from the banking industry. The Federal Reserve said it banned Karl Klessig for providing a fraudulent loan document and forged signature when he applied to buy the bank two years ago. “Klessig’s deceptive conduct in connection with his effort to acquire control of the bank exposed the institution to probable financial loss or could have prejudiced the

Blake Paulson, who briefly served as acting comptroller in 2021, is one of three members of the Office of the Comptroller of the Currency’s executive committee who are stepping down on July 1.The agency said Paulson, senior deputy comptroller for supervision risk and analysis, will fully retire on Aug. 31. Jay Gallagher, deputy comptroller for systemic risk identification support and specialty supervision, will succeed Paulson as acting senior deputy comptroller. Kathy Murphy,

Horizon Bancorp in Michigan City, Ind., has tapped a former bank executive as its lead director. The $7.4 billion-asset company said in a press release Friday that Michele Magnuson will succeed Daniel Hopp on June 30. Hopp’s three-year term as lead director is set to end; he will also reach Horizon’s mandatory retirement age be the end of this year. Magnuson was president and chief financial officer of LaPorte Bancorp. She

Burke & Herbert in Alexandria, Va., plans to form a holding company.The $3.6 billion-asset bank said in a press release Wednesday that it will seek regulatory approval to create Burke & Herbert Financial Services."We believe the new corporate structure will provide further financial and operational flexibility for the Bank and is an important part of the continued success of the Bank," E. Hunt Burke, the bank’s chairman, said in the