Organizers of the proposed Locality Bank in Fort Lauderdale, Fla., have received conditional approval for deposit insurance from the Federal Deposit Insurance Corp. The FDIC is requiring the group to raise $23 million before opening the de novo, according to the Nov. 1 order. Locality’s organizers announced plans for the bank in March. The group said in August that it had secured $19 million in commitments from local business leaders. Keith Costello is

Amerant Bancorp in Coral Gables, Fla., is cutting costs through a outsourcing agreement with FIS.The $7.5 billion-asset Amerant said in a press release Thursday that the multiyear agreement gives FIS full responsibility for a number of functions, including certain back-office operations.  The move will outsource 90 positions to FIS and reduce Amerant’s annual expenses by $12 million. "We are excited to begin this relationship with FIS and for the positive impact

Blue Ridge Bankshares in Charlottesville, Va., said an issue raised by the Office of the Comptroller of the Currency will delay the planned completion of its purchase of FVCBankcorp in Fairfax, Va.The $2.7 billion-asset Blue Ridge did not provide details on the issue, though it said the “regulatory concerns … could impact the application process and timing” of the merger. Blue Ridge, which originally planned to close the deal in the

First Merchants in Muncie, Ind., has agreed to buy Level One Bancorp in Farmington Hills, Mich. The $15.1 billion-asset First Merchants said in a press release Thursday that it will pay $323.5 million in cash and stock for the $2.5 billion-asset Level One. The deal, which is expected to close in the first half of 2022, priced Level One at 188% of its tangible book value.Level One has 16 branches,

OceanFirst Financial in Red Bank, N.J., has agreed to buy Partners Bancorp in Salisbury, Md. The $11.8 billion-asset OceanFirst said in a press release Thursday that it will pay $186 million in cash and stock for the $1.6 billion-asset Partners. The deal, which is expected to close in the first half of 2022, priced Partners at 146% of its tangible book value. Partners has two banks: Bank of Delmarva and Virginia

A group in central Pennsylvania is looking to form a minority, women-owned bank. Organizers of American Women’s Bank in Camp Hill, Pa., applied with the Federal Deposit Insurance Corp. on Tuesday for deposit insurance. The bank would have a national charter and would be regulated by the Office of the Comptroller of the Currency. The group’s “mission is to create a financial platform for women who would like to pursue

Richard Hunt is preparing to step down as president and CEO of the Consumer Bankers Association.Hunt, who has held the post since 2009, confirmed in a tweet Wednesday that he plans to retire next summer. "When the board entrusted me with the job … in 2009, I set a goal of serving for 10 years, but I’ve loved being part of CBA so much, I stayed an extra three,” Hunt said

First Internet Bancorp in Fishers, Ind., has agreed to buy First Century Bancorp in Roswell, Ga. The $4.3 billion-asset First Internet said in a press release Tuesday that it will pay $80 million in cash for the $408 million-asset First Century. The deal, which is expected to close in the first quarter, priced First Century at 135% of its tangible book value. First Century is a technology-driven bank that focuses on payments,