Legacy Community Federal Credit Union has agreed to buy First Community Bank of Cullman in Alabama. The $642.9 million-asset Legacy did not disclose how much it will pay Southern Community Bancshares as part of the all-cash transaction for the $103.6 million-asset First Community. The deal is expected to close later this year. First Community has one branch, $80.9 million in loans and $79.3 million in deposits. Hovde Group, which announced

Navy Federal Credit Union in Vienna, Va., has invested in Curql Fund II The $180 billion-asset credit union did not disclose how much it invested in the fund, which is operated by Curql, a collective with more than 130 credit unions. “Providing the best possible service to our members is always our focus at Navy Federal, and we also believe strongly in the value all credit unions bring to their

A group of bankers with ties to Grand Savings Bank in Grove, Okla., has agreed to buy Stark Bancshares in Bolivar, Mo. Steele Acquisition includes Tony Steele, Grand Savings' chairman and biggest investor, and CEO Guy Cable. Stark is the holding company for the $124.4 million-asset LimeBank. The price wasn't disclosed, though Steele is looking to raise about $12.5 million through a private placement.

Cornerstone Bank in Spencer, Mass., said its leader will step down in 2026. The $1.6 billion-asset bank said that Randall Webber will retire as its president early next year. He has led Cornerstone since January 2020. Cornerstone, which recently agreed to merge with the $4.2 billion-asset PeoplesBank in Holyoke, Mass., did not announce a successor.

A group in New Jersey is looking to form a de novo bank. Organizers of the proposed Liberty Bank of New Jersey applied with the Federal Deposit Insurance Corp. and the New Jersey Department of Banking on Insurance on March 4. The bank would have a branch in Verona with its corporate headquarters in Short Hills. The proposed bank "intends to opportunistically and prudently expand into other attractive markets throughout northern

NovoPayment, a Miami fintech that builds financial infrastructure in Latin America, has a new CEO. The company hired Rodrigo Rodas to step into the leadership role. He was a managing partner at IDC Ventures, a NovoPayment investor, and a co-founder of Rewardsweb, a loyalty rewards platform. NovoPayment also rehired Rama Ituarte to return as chief technology officer. He led tech strategy before leaving to join Synchrony. “This is a pivotal

Wells Fargo in San Francisco has been freed from another enforcement action. The $1.9 trillion-asset company said in a press release that the Office of the Comptroller of the Currency terminated a 2021 consent order tied to loss mitigation practices in the home lending business. It is the 11th consent order closed by Wells Fargo’s regulators since 2019 and one of five to be lifted this year. “We are pleased

Lake Shore Bancorp in Dunkirk, N.Y., could raise up to $64 million from its planned second-step conversion. The $686 million-asset company disclosed in a registration statement that it plans to sell about 5.8 million to 6.6 million shares of common stock at $10 each. Net proceeds could range from $40.3 million to $63.7 million. Lake Shore said it could use the proceeds for a variety of purposes, including investing in