Sandy Spring Bancorp in Olney, Md., has sold it insurance business to Hub International. The $12.7 billion-asset company said in press release Thursday that the transaction closed on June 1. The pricing wasn’t disclosed. “Our clients will now have access to an expanded offering of insurance solutions through Hub,” Lou Caceres, an executive vice president of Sandy Spring Bank, said in the release. “All of the Sandy Spring Insurance … employees have been

Eagle Bancorp in Bethesda, Md., will pay nearly $13 million to resolve a longstanding probe by the Securities and Exchange Commission into its ties to a former Washington councilman.The $11 billion-asset company disclosed in a regulatory filing that it will pay a $10 million civil money penalty and $2.6 million in disgorgement as part of the settlement. Eagle, which did not admit or deny the SEC's allegations, agreed to enter into

Heritage Financial in Olympia, Wash., has hired 25 bankers in a number of key markets. The $7.5 billion-asset company said in a press release Wednesday that it added personnel in Vancouver, Wash.; Portland, Ore.; and Eugene, Ore. The bankers’ focus will be commercial, small business and nonprofit clients. "We are excited to have this talented group of bankers join the bank," Bryan McDonald Heritage Bank’s president and chief operating officer, said in

James Ballentine, who retired in May from the American Bankers Association, has formed his own lobbying and consulting firm. Ballentine Strategies will also handle government relations in areas such as financial services and small business. The "boutique lobbying firm" said on its website that it can help clients develop strategies and advance issues through Congress.“This firm is built on two concepts – integrity and results,” Ballentine said in a LinkedIn post

F.N.B. in Pittsburgh has agreed to buy UB Bancorp in Greenville, N.C. The $42 billion-asset F.N.B. said in a press release Wednesday that it will pay $117 million in stock for the $1.2 billion parent of Union Bank. The deal, which is expected to close late this year, priced UB Bancorp at 154% of its tangible book value. Union, which once was known as little bank, has 15 branches, $1 billion of

PNC Financial Services Group in Pittsburgh will convert about 60% of its branches to an automated model over the next five years. The $552 billion-asset company said the model will use technology to replace teller windows. The branches will also emphasize financial advice, according to the Pittsburgh Post-Gazette. The branches, for instance, will have video banking machines that connect customers to live tellers when assistance is needed with more complicated transactions. Roughly 30

Savi Financial in Mount Vernon, Wash., is planning a complicated process to form a de novo and become a multibank holding company. The parent of the $494 million-asset SaviBank detailed its plan in an application with the Federal Deposit Insurance Corp. for deposit insurance for Orca Bank. Savi plans to raise $1 million from Orca organizers and directors, selling about 91,000 shares at $11 each, and contribute another $14 million of

Republic Bancorp in Louisville, Ky., plans to invest $5 million in tech startups after creating an incubator program. The $6.3 billion-asset company plans to launch its BankTech Incubator to back technology companies that complement its strategic goals. To qualify, companies must have an existing or planned strategic relationship with the bank. Republic’s investment committee represents a wide variety of employees representing key areas across the bank. The bank has not yet made