Independence Bank in East Greenwich, R.I., plans to liquidate under a plan approved by the Federal Deposit Insurance Corp. The FDIC, which had accused Independent of charging illegal fees tied to Small Business Administration 7(a) loans, announced the liquidation in a Jan. 14 consent order with the bank. Independence was also required to pay affected consumers $3.4 million of restitution. The FDIC had claimed that the bank's actions had caused

The Maryland Bankers Association has a new leader. The association said in a press release that Tisha S. Edwards had become its president and CEO. She will also serve as executive vice president of the Mid-Atlantic Bankers Association, the holding company formed last year when the MBA merged with the Virginia Bankers Association. Edwards was Secretary of Appointments in Gov. Wes Moore’s administration. Edwards "brings a wealth of leadership experience

Bank of Idaho Holding Co. in Idaho Falls considered selling to a credit union but cooled on the idea after meeting with legal counsel and the director of the Idaho Department of Finance. The $1.3 billion-asset company agreed last month to sell to Glacier Bancorp in Kalispell, Mont. for $245 million in a deal that is expected to close in the second quarter. An unsolicited overture by the unnamed credit

Seacoast Banking Corp. of Florida in Stuart has agreed to buy Heartland Bancshares in Sebring, Fla. The $15.2 billion-asset Seacoast said in a press release that it will pay $110 million in cash and stock for the $734 million-asset Heartland. The deal, which is expected to close in the third quarter, priced Heartland at 163% of its tangible book value. Heartland has four branches, $641 million of deposits, and $161

Fintech Taktile raised $54 million in its latest fund-raising round. The company announced on its website that the Series B funding round was led by Balderton Capital with participation by existing investors Index Ventures, Tiger GLobal, Y Combinator, Prosus Ventures, Visionaries Club and former Treasury Secretary Larry Summers. Taktile has raised an aggregate of $79 million.

Alkami Technology has agreed to buy Fin Technologies, which does business as MANTL. Alkami said in a press release that it is buying MANTL for an enterprise value of $400 million. The deal, which is expected to close on March 31, is subject to about $7 million of purchase price adjustments. Alkami said it plans to fund the deal with about $380 million in cash, along with restricted stock units with

The Consumer Financial Protection Bureau dismissed enforcement lawsuits against Capital One Financial, Vanderbilt Mortgage & Finance, Rocket Homes Real Estate and the Pennsylvania Higher Education Assistance Agency. The bureau's new leadership issued notices of voluntary dismissal in the four cases with prejudice, meaning that the cases are permanently closed. Under former Director Rohit Chopra, the CFPB had pursued major enforcement actions against: Capital One, accusing the bank of unfairly avoiding

Popular in San Juan, Puerto Rico, is finalizing its succession plan. The $73 billion-asset company said in a press release that Ignacio Alvarez will retire as CEO on June 30. Alvarez, who has led the company since 2017, will be succeeded by Javier Ferrer, who is president and chief operating officer. "From his earliest days as CEO, [Alvarez] demonstrated his deep commitment to Popular’s core values, as he steered our