CB Financial Services in Carmichaels, Pa., laid off seven employees and announced the resignation of its chief financial officer. The $1.5 billion-asset company said in a regulatory filing that the layoffs account for about 5% of its staff. The company also entered into a severance agreement with Jamie Prah that includes $558,000 in severance. Including that payout, CB Financial said it should incur about $1 million in pretax charges tied

Northpointe Bancshares in Grand Rapids, Mich., is planning an initial public offering. The $5.4 billion-asset company, in its registration statement, did not disclose how many shares it plans to sell or how much it expects to raise. Northpointe said that some of the offering's proceeds would be used to increase its on-balance sheet hold of mortgage purchase program loans. The company said it has funded more than $20 billion in

Intercity State Bank in Schofield, Wis., will be absorbed by One Community Bank in Oregon, Wis. The $266 million-asset Intercity and the $2.2 billion-asset One Community are owned by the Bosshard family. The merger is expected to close later this year. Randy Balk, Intercity's president and CEO, will retire on Feb. 28. Chris Pfender, the bank's executive vice president, will become a regional president on March 1. “It has been

Nebraska's Department of Banking and Finance has given conditional approval for Telcoin Bank to open a digital asset bank. The proposed Norfolk, Neb., company said in a press release that it plans to offer fully regulated, bank-issued “Digital Cash” stablecoins, in addition to blockchain banking products and services. Telcoin Bank expects to open early this year by releasing the proposed stablecoin, eUSD. “This approval marks a major milestone for Telcoin

Finovifi in Birmingham, Ala., has acquired Modern Banking Systems in Omaha, Neb. Finovifi, which did not disclose how much it paid for the core processing company, said in a press release that it plans to integrate many of its products, including FraudSentry, FraudXchange, SilverSafe, and ComplyPilot, with the MBS platform. “This acquisition represents a unique opportunity to bridge the gap in the market for technology-led, market-relevant solutions that help banks

OMB Bank in Springfield, Mo., has created an embedded finance division. The $1.4 billion-asset bank said that OMBX will offer banking solutions to fintechs and other digital companies. The platform will include compliance support, fraud prevention, payment processing, and analytics tools. “Embedded finance is revolutionizing the way businesses and consumers interact with banking services," Steve Bishop, the bank's chief innovation officer and the division's president, said in the release. "With

The Federal Reserve has freed Wells Fargo in San Francisco from a pair of consent orders. The orders, levied on the $1.9 trillion-asset company in 2011, involved past mortgage servicing activities and the legacy Wells Fargo Financial business. One order address claimed that Wells and nine other institutions had engaged in a pattern of misconduct and negligence tied to their residential mortgage loan servicing and foreclosure processing businesses. The other

Technology company nCino has a new leader. The company said in a press release that Sean Desmond had become its president and CEO and had joined its board. Desmond, who was chief product officer, succeeded Pierre Naudé, who will remain executive chairman. “After a thoughtful board-led succession planning process and robust search that thoroughly assessed a large and diverse pool of external and internal candidates, we are confident Sean is