Blue Foundry Bancorp in Rutherford, N.J., said it will recognize a $2 million charge in the fourth quarter tied to its exit from a defined-benefit plan.The $2 billion-asset company said in a regulatory filing Wednesday that it had decided in August to withdraw from the tax-qualified, multiple-employer defined benefit pension plan. The move was authorized, effective Sept. 30. The company recognized a $9.2 million charge in the third quarter tied to

A group in Irvine, Calif., is looking to form a minority depository institution.Organizers applied with the Federal Deposit Insurance Corp. on Nov. 18 for Bank Irvine. The proposed bank, which will primarily work with the Chinese-American community in Orange and Los Angeles counties, is looking to become an MDI. The proposed bank “will be a commercial bank focused on providing traditional banking products and services to local small- and medium-size businesses,

Groups in California and Delaware have applied for deposit insurance.ConNext Bank would be based in Wilmington, Del., according to a notice from the Federal Deposit Insurance Corp. Organizers are going for a national bank charter from the Office of the Comptroller of the Currency.Separately, a group in Southern California has applied for deposit insurance for Bank Irvine. The applications were not immediately available.

KeyCorp in Cleveland has acquired XUP Payments, a B2B-focused digital platform. The $187 billion-asset KeyCorp, which did not disclose the price it paid, said it will use XUP’s payments-related technology to improve the experience of its commercial products. XUP, a software developer, has built integrations with processors, third-party risk tools, customer relationship management systems and other fintech services.KeyCorp initially partnered with XUP in early 2020 on a project to upgrade its

First National of Nebraska in Omaha has agreed to buy Western States BanCorp. in Laramie, Wyo.The $25.8 billion-asset First National said in a press release Monday that it expects to complete the purchase of the $542 million-asset Western States in the first quarter. First National did not disclose the price it will pay.Western States 10 branches and $486 million of deposits across southeast Wyoming, northeast Colorado and the Nebraska panhandle.First

A fund with ties to the Independent Community Bankers of America and two community banks has raised $55 million to invest in technology ventures. BankTech Ventures (BTV) said in a press release Tuesday that most of the funds came from community banks. The general partners come from the ICBA, The Venture Center, Hovde Group, Coastal Community Bank and Sunwest Bank. BTV said it expects to eventually work with more than 150 community

Oak Valley Bancorp in Oakdale, Calif., will have a new president next year. The $1.9 billion-asset company said in a press release Friday that Rick McCarty will take on the new role on Jan. 1. He will succeed Christopher Courtney, who will remain CEO. McCarty joined Oak Valley more than 22 years ago. He will remain the company’s chief operating officer, a position he took on in 2017. McCarty “has been an

Orion Federal Credit Union in Memphis, Tenn., has been momentarily barred by a Tennessee court from moving ahead with its planned purchase of Financial Federal Bank in Memphis. Davidson County Chancery Court Judge Patricia Moskal granted Tennessee Department of Financial Institutions Commissioner Greg Gonzales’ request for a temporary injunction to block the proposed merger, according to multiple media outlets. Gonzales’ office had argued that the Tennessee Banking Act prevents the $1 billion-asset