Community Financial System in Syracuse, N.Y., has agreed to buy ClearPoint Federal Bank & Trust in Batesville, Ind. The $16 billion-asset Community Financial System said in a press release that it will pay $40 million in cash for the $131.5 million-asset ClearPoint. The deal is expected to close in the second quarter. ClearPoint is a national leader in trust administration for the death care industry, with more than $1.5 billion

Checkout.com is the latest payments company to receive a special-purpose banking charter in Georgia. The payments processor said in a press release that it was approved for a merchant acquirer limited purpose bank charter. Conditional approval includes certain stipulations that must first be met. “Securing the charter allows Checkout.com to accelerate plans to operate as its own acquirer in the U.S.,” the company said. “This move underscores a significant expansion of

Metamora State Bank in Toledo, Ohio, has rebranded. The $98 million-asset community bank said in a Facebook video that it is now Bank419. The name reflects the market's area code. “We needed a name to reflect our commitment to all of northwest Ohio and southeast Michigan, not just one town,” Kathleen Fischer, the bank’s CEO, said in the video. “We needed a name that would grow with us while keeping us

United Roosevelt MHC in Carteret, N.J., is planning to convert from a mutual organization to a stock-owned company. The $352.6 million-asset mutual said in regulatory filings that it plans to form United Roosevelt Bancorp. Janney Montgomery Scott will help the company market its common stock. The company plans to sell 1.5 million to 2 million shares at $10 each, with expected proceeds of $14.9 million to $20.1 million. After funding

Old Glory Bank in Elmore City, Okla., and Digital Asset Acquisition Corp., a special purpose acquisition company, have agreed to merge to form a crypto-focused financial institution. The bank, created when a group tied to Ben Carson bought and rebranded First State Bank in 2023, and the SPAC plan to form OGB Financial, a Texas corporation that will apply to be listed on Nasdaq. The merger is expected to close

U.S. Bancorp in Minneapolis has agreed to buy BTIG, a financial services firm specializing in investment banking, institutional sales and trading, research and prime brokerage. U.S. Bancorp said it will pay up to $725 million in cash and stock for BTIG, with up to $275 million in cash incentives in play over three years. The deal is expected to close in the second quarter. “BTIG’s top talent, capabilities and technology

First County Bank in Stamford, Conn., has hired Nitin Mhatre as its CEO. The $2.2 billion-asset bank said in a press release that Mhatre will succeed Robert Granata. Mhatre will become CEO on April 15, while Granata will remain chairman until July. Mhatre had been the CEO of Berkshire Bancorp in Boston since January 2021. Berkshire recently rebranded as Beacon Financial after buying Brookline Bancorp. Paul Perrault, Brookline’s chairman and

Organizers of the proposed Echelon Bank in Clearwater, Fla., have received conditional approval from the Federal Deposit Insurance Corp. The group, which applied in July, must raise $23 million before opening the bank. Their plans include three branches and a loan production office in the first three years of operation. Echelon “will be a full-service, relationship driven, community bank, offering both commercial and retail banking services to its customers, which