Washington Trust Bancorp in Westerly, R.I., reported lower quarterly profit after addressing two problematic loans. The $6.7 billion-asset company said in a press release that its third-quarter earnings fell by 1.2% from a year earlier, to $10.8 million. The quarter included a $7 million loan-loss provision that reflected $11.3 million in chargeoffs tied to a pair of commercial loan relationships. The first loan relationship is a participation in a shared national

Broadway Financial in Los Angeles warned that it will record a $25.9 million goodwill impairment charge. The company also disclosed that it will restate its financial statements for 2023, 2024 and the first quarter of 2025 due to "an error related to certain loan participation agreements." Broadway said the goodwill impairment charge, which followed its annual impairment analysis, will occur in its third quarter.

Cornerstone Capital Bancorp in Houston has agreed to buy Peoples Bancorp in Lubbock, Texas. The companies expect to close the deal in the first quarter. The price wasn't disclosed. Cornerstone would have $3.1 billion of assets after completing the acquisition. Larry Allen, Peoples' chairman and CEO, will join Cornerstone's board and serve as area chairman for the Peoples Bank division. The acquisition "reflects a strong strategic fit, bringing together two

U.S. Bancorp in Minneapolis has formed a digital assets and money movement division. The company, which recently returned to offering crypto custody services for institutional investment managers, said that Jamie Walker will lead the division. Walker will remain head of merchant payment services and CEO of Elevon, until a successor is named.

First Interstate BancSystem in Billings, Mont., continues to shrink its footprint. The $27.6 billion-asset company said in a press release that it will sell 11 Nebraska locations to Stockmens Financial in Rapid City, S.D. The deal includes $280 million in deposits and $70 million of loans. The deal is expected to close in early 2026. “We’re thrilled to welcome these First Interstate branches into our family and deepen Security First’s

Western Alliance Bancorp. in Phoenix is the latest regional bank to disclose an issue tied to alleged borrower fraud. The company disclosed in a regulatory filing that it has a note finance revolving credit facility to Cantor Group V LLC secured by pledged commercial real estate loans and cash proceeds. In August, Western Alliance filed a lawsuit alleging fraud by the borrower, claiming it failed to provide collateral loans in

Zions Bancorp. in Salt Lake City warned that exposure to a pair of borrowers will lead it to boost reserves for problematic loans. The company disclosed in a regulatory filing that it recorded a $60 million loan-loss provision and charged off $50 million in the third quarter tied to two commercial-and-industrial loans. The decision came after Zions "became aware of legal actions initiated by several banks and other lenders" against

First Citizens BancShares in Raleigh, N.C., has agreed to buy 138 branches from BMO Bank in Canada. First Citizens said in a press release that the deal includes $5.7 billion of deposits and $1.1 billion of loans. Most of the branches are in North Dakota, South Dakota, Wyoming, Nebraska, Kansas, Missouri, Oklahoma and Idaho. The deal is expected to close in mid-2026. First Citizens said it expects to pay a