Fintech custodian Altruist raised $152 million in a Series F funding round. The Los Angeles company said in a press release that the round was led by GIC, with Salesforce Ventures, Geodesic Capital, Baillie Gifford, the Carson Family Office, and ICONIQ Growth also participating. The round values the company at approximately $1.9 billion. “Altruist’s track record of building best-in-class, innovative products has positioned them to serve a large and growing

MIDFLORIDA Credit Union in Lakeland, Fla., has agreed to buy Prime Meridian Bank in Tallahassee, Fla. The $8.6 billion-asset credit union said in a press release that it will pay $58.50 a share in cash for the $924 million-asset bank in a deal expected to close next year. Prime Meridian, which has four branches, would be MIDFLORIDA’s third bank acquisition in the past five years. “As Florida’s community credit union

MainStreet Bancshares in Fairfax, Va., is encouraging investors to reject a shareholder proposal that the board sell the Fairfax, Va., company. The $2.2 billion-asset company also announced that it pulled the plug on its long-planned Avenu Banking-as-a-Service platform. Shareholder Philip Timyan proposed that the company and its assets be sold "at the earliest opportunity for the highest price available" due to what he views as subpar returns. Timyan owns about

An unsolicited acquisition offer last fall set off a competitive courtship that ultimately led Guaranty Bancorp in Woodsville, N.H., to strike a deal to sell to buy Bar Harbor Bankshares in Bar Harbor, Maine. The $4.1 billion-asset Bar Harbor agreed in March to buy the $675 million Guaranty for $41.6 million in stock. The unnamed bank’s non-binding offer, delivered privately to Guaranty CEO James Graham during an Oct. 1 lunch

Washington Trust Bancorp in Westerly, R.I., used a sale-leaseback transaction to offset a hit from terminating its qualified pension plan. The $6.6 billion-asset company said in a press release that its first-quarter net income rose by 11.4% from a year earlier, to $12.2 million. The company lost $60.8 million in the fourth quarter of 2024 after repositioning its balance sheet. Washington Trust sold five branches in the first quarter at

In a major shift intended to modernize and streamline bank oversight, the Office of the Comptroller of the Currency announced a sweeping reorganization of its supervisory structure. The OCC said in a press release that it will combine midsize and community bank supervision will be combined with large bank supervision to create a single office. Greg Coleman, senior deputy comptroller for large bank supervision, will lead the combined office. Beverly Cole,

Private Bancorp of America in La Jolla, Calif., hired a former leader of Montecito Bank and Trust to oversee its expansion into Santa Barbara County. The company said in a press release that George Leis would serve as executive vice president and market president and would be based in its Montecito, Calif., office. Leis retired as Montecito Bank's president and chief operating officer in January. "Having known George for years

Simmons First National in Pine Bluff, Ark., reported lower quarterly earnings after its credit costs swelled. The $26.8 billion-asset company said in a press release that its first-quarter profit fell by 17% from a year earlier, to $32.4 million. The quarter included a $26.8 million loan-loss provision—more than half of which was tied to a pair of loans that migrated to nonperforming status. The first relationship, a $26.9 million loan