An activist investor is pressing the board of Codorus Valley Bancorp to explain several bylaw changes that were not highlighted in a recent announcement about the York, Pa., company’s corporate governance changes. The $2.3 billion-asset Codorus issued a press release on Dec. 20 touting several changes to its board and the decision to adopt majority voting in uncontested director elections. While the company said other changes were made, it did not

Organizers behind Bank of Burlington in Vermont plan to raise $24 million to $30 million of initial capital. The group said in its application with the Federal Deposit Insurance Corp. that the bank would focus largely on small businesses. There are no plans to offer retail loans, and most of the deposits would come from small business owners, professionals and municipalities. “The bank intends to become the leading small business lender in

Nano Banc in Irvine, Calif., has been issued a cease-and-desist order after replacing several directors and hiring a new CEO without securing approval from California’s Department of Financial Protection and Innovation. The state regulator issued the C&D order against the $1.2 billion-asset bank on Dec. 15. The order states that Nano Banc violated a February consent order requiring the bank to provide notice to the state regulator before making any senior

Washington Federal in Seattle has been freed from a three-year-old regulatory order. The $19.7 billion-asset company disclosed in a regulatory filing Monday that the Office of the Comptroller of the Currency has terminated a 2018 consent order it had issued to WaFd Bank. The order required WaFd to enhance its Bank Secrecy Act program by creating a BSA-focused action plan, supplement existing customer due diligence policies and procedures and perform a

Bank of Montreal has agreed to buy Bank of the West in San Francisco. Bank of Montreal said in a press release Monday that it will pay $16.3 billion in cash for the $105 billion-asset unit of BNP Paribas. The deal, which priced Bank of the West at 150% of its tangible book value, is expected to close by the end of 2022. Bank of the West, which has $56 billion of

Codorus Valley Bancorp in York, Pa., which has been facing pressure from an activist investor, has shaken up a number of board positions and adopted a majority voting standard. The $2.3 billion-asset parent of PeoplesBank said in a press release Monday that Keith Cenekofsky would join its board, succeeding Larry Miller on Jan. 1. Cenekofsky, an accountant who is on PeoplesBank’s board, will join the audit committee. Miller, the company’s chairman,

The Federal Reserve Board has paved the way for several large bank mergers to close. The Fed said in a series of press releases Friday that it had approved applications by First Citzens BancShares to buy CIT Group, Webster Financial to buy Sterling Bancorp and WSFS Financial to acquire Bryn Mawr Bank. First Citizens announced plans to by CIT last year. It had planned to complete the $2.2 billion acquisition in the

Coastal Financial in Everett, Wash., plans to raise up to $34.5 million by selling common stock. The $2.5 billion-asset company said in a press release that it plans to sell at least $30 million of stock, with an overallotment that could bring in another $4.5 million. The company said it plans to use the net proceeds for a variety of purposes, including investment opportunities and its bank’s growth. Keefe, Bruyette & Woods