Third Coast Bancshares in Houston has agreed to buy Keystone Bancshares in Austin, Texas. The $5.2 billion-asset Third Coast said in a press release that it will pay $123 million in cash and stock for the $1.1 billion-asset Keystone. The deal, which is expected to close in the first quarter, priced Keystone at 123% of its tangible book value. Keystone has three branches and a loan-production office. The acquisition "aligns

Jane Fraser is now the chair of CItigroup in New York. The company said in a press release that Fraser, who has been CEO since 2021, had succeeded John Dugan, who had been chair since 2019. Dugan is now the lead independent director. The board granted Fraser a one-time equity award, consisting of restricted stock units with a grant date value of $25 million and 1.055 million Citi stock options.

SmartFinancial in Knoxville, Tenn., reported higher quarterly profit after selling its insurance business and purging underwater securities. The $5.8 billion-asset company said in a press release that its third-quarter earnings rose by 51% from a year earlier, to $13.7 million. SmartFinancial recorded a $4 million pretax gain tied to selling SBK Insurance. That gain offset a $3.9 million pretax loss from selling about $85 million of available-for-sale securities.

Farmers National Banc Corp. in Canfield, Ohio, has agreed to buy Middlefield Banc Corp. in Middlefield, Ohio. The $5.4 billion-asset Farmers said in a press release that it will pay $299 million in stock for the $2 billion-asset Middlefield. The deal, which is expected to close in the first quarter, priced Middlefield at 163.5% of its tangible book value. Two Middlefield directors will join Farmers' board. The acquisition "brings together

Bank of Burlington in Vermont has rebranded as The Business Bank. The bank said the new name “reflects the success" of its business model and a “clear focus to serve business customers, while continuing to grow across Vermont and expanding into New Hampshire and Massachusetts.” “Change is crucial and inevitable,” Geoffrey Hesslink, the bank's chairman and CEO, said in a statement. “We started this bank to return high-service, relationship-driven banking

Allied Solutions and the American Bankers Association have invested in PortX, an AI-powered integration and data platform. The size of the investments wasn't disclosed. “At Allied, we are committed to equipping our clients with the most innovative and future-proofed solutions on the market,” Pete Hilger, Allied Solutions' CEO, said in a press release. “Our investment in PortX is not just about technology—it’s about delivering real-world value to financial institutions that

HBT Financial in Bloomington, Ill., has agreed to buy CNB Bank Shares in Carlinville, Ill. The $5 billion-asset HBT said in a press release that it will pay $170.2 million in cash and stock for the $1.8 billion-asset CNB. The deal is expected to close in the first quarter. CNB Bank has $1.3 billion of loans and $1.5 billion of deposits. "Both our banks have strong local roots in central

Washington Trust Bancorp in Westerly, R.I., reported lower quarterly profit after addressing two problematic loans. The $6.7 billion-asset company said in a press release that its third-quarter earnings fell by 1.2% from a year earlier, to $10.8 million. The quarter included a $7 million loan-loss provision that reflected $11.3 million in chargeoffs tied to a pair of commercial loan relationships. The first loan relationship is a participation in a shared national