First Bancshares in Hattiesburg, Miss., has agreed to buy seven branches in northeast Mississippi from Cadence Bancorp. in Houston. The $18.7 billion-asset Cadence is selling the branches as part of its pending sale to BancorpSouth Bank in Tupelo, Miss. The branch sale resulted from a joint letter of agreement among BancorpSouth, Cadence and the Department of Justice. The $5.5 billion-asset First will assume about $450 million of deposits for a

Organizers of the proposed Walden Mutual Bank in Concord, N.H., have applied for deposit insurance.The application, submitted to the Federal Deposit Insurance Corp. on Wednesday, wasn't immediately available.The group said on its website that it hopes to open the depositor-owned financial institution next year.“We’re creating an online bank for everyone who eats, makes, grows cooks, or just loves our local food,” the group said on its website. The plan is to offer

Texas Capital Bancshares in Dallas unveiled a plan to improve returns that will require investors to be patient.The $35.2 billion-asset company disclosed late Wednesday that it is targeting a 1.1% return on assets and 12.5% return on tangible common equity, though management said it might not hit those marks until 2025.Texas Capital said it would have some negative operating leverage next year as it makes internal investments. The plan is

PDL Community Bancorp in Bronx, N.Y., sold a property for $16.1 million.The $1.5 billion-asset parent of Ponce Bank said in a press release Wednesday that it agreed to lease the property at an initial base annual rent of about $926,100, subject to annual 1.75% rent increases."We are excited about the sale and leaseback … and look forward to continuing to provide the excellent products and customer service that Ponce Bank has

First Horizon in Memphis, Tenn., will delay the integration of IberiaBank until the first quarter due to the “widespread devastation caused by Hurricane Ida.”The integration of Iberiabank, which was based in Lafayette, La., was supposed to take place this year. First Horizon also said that pretax merger integration costs will likely be $20 million to $30 million more than originally forecast, falling somewhere between $520 million to $530 million.The $88

CNB Financial in Clearfield, Pa., has hired an outsider to serve as president of its bank.The $5.1 billion-asset company said in a press release Tuesday that Michael Peduzzi had also become chief operating officer of CNB Bank.Peduzzi “brings superb financial skills and a deep knowledge of banking to CNB,” Peter Smith, CNB Bank’s chairman, said in the release. “He understands the investor community and projects leadership, integrity and empathy. Ten

The First of Long Island in Glen Head, N.Y., plans to close eight branches at the end of November. The $4.1 billion-asset company said in a press release Wednesday that it expects to record a pretax charge of up to $3.8 million over the rest of the year tied to the planned closures. The effort should add $2.3 million to the company’s pretax income next year.The First of Long Island

FVCBancorp in Fairfax, Va., has bought a minority stake in Atlantic Coast Mortgage in Fairfax.The $2 billion-asset company said in a press release Tuesday that it acquired a 28.7% ownership interest in the mortgage company. FVCBancorp did not disclose the price it paid.The bank provides a warehouse lending facility to Atlantic Coast, including a construction-to-permanent financing line, and has developed portfolio mortgage products to diversify its current held-for-investment loan portfolio.Atlantic