Plans are under way for a new bank in Seattle. Final Finance Bank applied to the Washington State Department and Financial Institutions and the Federal Deposit Insurance Corp. for a bank charter and deposit insurance. The application wasn't immediately available. A legal notice filed in conjunction with the application listed Dave Rubens as the sole organizer. Rubens, a Seattle businessman, owns residential development and real estate company Pacific Properties Group.

First Horizon in Memphis, Tenn., reported a third-quarter net loss after deciding to sell a large portion of its mortgage portfolio. The $84.3 billion-asset company said in a press release that it had a $79 million net loss after arranging the sale of $4.5 billion of “select lower-yielding consumer mortgages.” First Horizon said it began evaluating the sale during the third quarter and signed an agreement in early October with

Veteran bank investor Ken Lehman now has a 39.4% stake in BayFirst Financial in St. Petersburg, Fla. Lehman acquired nearly 750,000 shares of common stock as part of a rights offering, adding to a major recapitalization and leadership overhaul at the company. Lehman, who joined BayFirst's board earlier this year, was the backstop purchaser in the company's recent rights offering, using personal funds and his Roth IRA, according to a

Bank of America in Charlotte, N.C., must pay more than $1.2 billion in penalties for violating anti-money laundering and sanctions laws. The fine, levied by the Financial Crimes Enforcement Network, is the third largest in Treasury Department history. The Office of the Comptroller of the Currency hit BofA with its own $750 million civil monetary penalty, though the Treasury credited that penalty toward its $1.2 billion fine. No asset cap was

Columbia Banking System is moving most of its top executives from Washington to Arizona. The new executive office in Scottsdale is expected to open next month, according to published reports. The move comes as new Washington taxes are costing the Lake Oswego, Ore., company about $8 million annually. CEO Clint Stein sold his Auburn, Wash., home in September for nearly $2.5 million to move to Arizona. Stein said that, for

Upgrade has applied for an industrial bank charter. The fintech submitted its applications to the Nevada Financial Institutions Division and the Federal Deposit Insurance Corp. to create Upgrade Bank. The bank would give Upgrade more flexibility and options to fund affordable and responsible credit products. Upgrade has delivered over $53 billion in credit to more than 8.5 million customers since its creation a decade ago. Virginia Varela, Upgrade's head of

Cullen/Frost Bankers in San Antonio, Texas, has invested $5 million in the Iowa bank recently acquired by San Antonio Spurs forward Harrison Barnes. The parent company Frost Bank invested in Barnes Bancorp, the bank holding company for the $41.4 million-asset Community State Bank in Paton. Cullen/Frost received preferred stock in exchange for the investment, which will provide the minority depository institution with growth capital. Barnes had previously committed $25 million

Sullivan Bank in Sullivan, Mo., has agreed to buy Bank of Crocker in Waynesville, Mo. The $1.4 billion-asset Sullivan Bank did not disclose how much it will pay for the $144 million-asset Bank of Crocker. “We are very excited about the opportunity to welcome Bank of Crocker’s customers and employees to Sullivan Bank,” Michael Hoffman, Sullivan Bank's CEO, said in a statement. “Bank of Crocker has a strong tradition of