Bank of New York Mellon in New York has agreed to buy Milestone Group, a company that provides fund management technology.The $460 billion-asset BNY Mellon said in a press release Thursday that it expects to complete the acquisition in the second half of this year. The company did not disclose the price it will pay. BNY Mellon and Milestone formed an alliance more than a year ago to create a suite

Heritage Commerce in San Jose, Calif., has set aside $4 million to cover a legal settlement.The $5 billion-asset company said in a regulatory filing Wednesday that the settlement addresses claims its bank was negligent in handling, supervising and managing depository accounts for DC Solar debtors and related investment funds. The settlement must be approved by the bankruptcy court.Heritage Commerce said the settlement will run through noninterest expenses for the second quarter

The CEO of United Bancorp. in Atmore, Ala., has retired. The $949 million-asset company said in a press release Wednesday that Bob Jones, 69, also retired as president, effective July 2. He had been the company’s president and CEO since 1992. David Swift, the company’s chairman, will serve as interim CEO. Mike Vincent, United’s chief credit officer, was named interim president. Gwen Braden was named chief operating officer of United

Ray Grace has retired as North Carolina’s commissioner of banks.Gov. Roy Cooper announced in a recent press release that he had appointed Katherine M.R. Bosken to serve as interim commissioner, pending approval from the state’s General Assembly.Bosken, who joined the North Carolina Office of the Commissioner of Banks in 2013, previously served as an associate at Gebhardt & Smith in Baltimore.Grace had been in charge of banking oversight in North Carolina

Codorus Valley Bancorp in York, Pa., is facing calls from an activist investor to find a buyer. Driver Management in New York said in a Tuesday regulatory filing that it wants the board of the $2.3 billion-asset Codorus Valley to “immediately hire a financial advisor and conduct a comprehensive review of all available options for increasing shareholder value, including a sale.”Driver, which has a roughly 6.3% stake in Codorus Valley, said

Select Bancorp in Dunn, N.C., decided early on to deal exclusively with First Bancorp in Southern Pines, N.C., according to a regulatory filing tied to their pending merger. The companies announced a $314 million deal in early June. First, a review of the acquisition’s terms: The deal, expected to close in the fourth quarter, priced the $1.8 billion-asset Select at 185% of its tangible book value. The $7.7 billion-asset First Bancorp said

First Bancorp in Southern Pines, N.C., has sold its insurance business. The $7.7 billion-asset company disclosed in a regulatory filing Friday that Bankers Insurance in Glen Allen, Va., bought "substantially all" of the operating assets and certain liabilities tied to First Bank Insurance Services. Bankers Insurance paid $13 million upfront. The deal includes a future earnout payment of up to $1 million.First Bank's insurance business focused on property and casualty coverage. Bankers Insurance

The Loan Source has acquired more Paycheck Protection Program loans.Blue Ridge Bankshares in Charlottesville, Va., disclosed in a regulatory filing Friday that it sold about $713 million of PPP loans to The Loan Source. Blue Ridge said it received about $706 million in cash proceeds for the loans. Blue Ridge said it used a portion of the proceeds to pay off roughly $431 million of borrowings under the Paycheck Protection Program