An activist investor plans to nominate three candidates for the board of Republic First Bancorp in Philadelphia. Driver Management also wants the $5.4 billion-asset Republic to replace Vernon Hill, the company’s CEO, with an independent chairman. The investor has also voiced its opposition to a plan by Republic First to raise more capital. Driver has submitted a notice of intent to nominate Peter Bartholow, Pamela Bundy and Richard Sinkfield III to stand

Valley National Bancorp in Wayne, N.J., has a new bank president. The $41 billion-asset Valley said in a press release Thursday that Thomas Iadanza will oversee the bank’s day-to-day operations, including commercial banking, retail banking, digital products, credit, customer experience and financial services.  Iadanza recently served as chief banking officer. “Tom is an exceptional leader who has played an integral role in Valley’s growth,” Ira Robbins, Valley’s CEO, said in the release. “As

A big shareholder of Pacific Enterprise Bancorp has voiced his opposition to the Irvine, Calif., company’s pending sale to BayCom in Walnut Creek, Calif. The $2.1 billion-asset BayCom agreed in September to buy the $647 million-asset Pacific Enterprise for $53.1 million in stock. The deal, which is expected to close in the first quarter, priced Pacific Enterprise at 87% of its tangible book value. Shaul Kopelowitz, who holds about 9.9% of

Alerus Financial in Grand Forks, N.D., has agreed to buy MPB BHC in Phoenix. The $3.2 billion-asset Alerus said in a press release Thursday that it will pay $85.3 million in stock for the parent of the $411 million-asset Metro Phoenix Bank. The deal is expected to close in the first quarter. Metro Phoenix, founded in 2007, has one branch, $283 million of loans and $366 million of deposits. Alerus has

Community Financial in Waldorf, Md., will have a new CEO next summer. The $2.3 billion-asset company said in a press release Wednesday that Jimmy Burke will succeed Bill Pasenelli on Aug. 31. Pasenelli also plans plans to retire from the company's board.“We believe that Bill and the management team have positioned the company well for the future,” Austin Slater Jr., Community Financial’s chairman, said in the release. “We are confident that

Synovus Financial in Columbus, Ga., is planning to close about 15% of its existing branches next year.The $56 billion-asset company disclosed in a presentation for a conference hosted by Goldman Sachs that it will shutter more than 40 branches. The move is expected to save the company $12 million annually.Synovus has about 280 branches, which represents a roughly 5% decrease from the nearly 300 locations it had in 2019.The company

First Financial Bancorp in Cincinnati has agreed to buy Summit Funding Group, an equipment financing company in Cincinnati. The $16 billion-asset First Financial said in a press release Tuesday that it will pay $121 million in cash and stock for Summit. The deal is expected to close in the fourth quarter. Summit is expected to have $400 million in originations in 2022. The company currently manages $500 million of balances. "In combining

Columbia Financial in Fair Lawn, N.J., has agreed to buy RSI Bancorp in Rahway, N.J.The $9.2 billion-asset Columbia said in a press release Wednesday that it plans to complete the purchase of the $620 million-asset RSI in the second quarter. Columbia will issue about 7.1 million shares of common stock, valued at $129 million, to its mutual holding company as part of the transaction. RSI Bank will establish and fund a