Colony Bankcorp in Fitzgerald, Ga., has agreed to buy TC Bancshares in Thomasville, Ga. Colony said in a press release that it will pay $86.1 million in cash and stock for TC Bancshares. The deal, which is expected to close in the fourth quarter, priced TC Bancshares at 112.9% of its tangible book value. “This merger marks an exciting step forward in our ability to better serve our customers and

Eagle Bancorp in Bethesda, Md., reported a large quarterly loss after it tried to get its hands around deteriorating credit quality. The $10.6 billion-asset company said in a press release that it lost $69.8 million in the second quarter, reflecting a staggering $138.2 million loan-loss provision. Eagle lost $83.8 million a year earlier after recording a $104.2 million goodwill impairment charge. The provision reflected "higher office-related reserves and expected exit

The Consumer Financial Protection Bureau has terminated its consent order against VyStar Credit Union in Jacksonville, Fla. The bureau said it determined that VyStar had fulfilled key conditions of the order, including paying a $1.5 million civil penalty and refunding fees to impacted members. The order addressed the CFPB's concerns over a botched online banking platform launch. The agency penalized the credit union over issues tied to its May 2022

A group is looking to raise capital in an effort to buy a bank in New York. Stanley Gorodesky posted on LinkedIn that the group is looking to acquire a $100 million-asset bank in the New York metro area. He did not identify the bank. The goal is to buy the bank for roughly book value and infuse more capital to expand the equity base and support long-term growth. While

Mountain Commerce Bancorp in Knoxville, Tenn., has a new president. The $1.8 billion-asset company said in a press release that Kevin Horne had succeeded William Edwards III, who remain CEO. Horne was chief credit officer and chief banking officer. Separately, Wesley Lemon was named chief financial officer. Lemon, who was controller, will succeed David Bright, who will step down on Aug. 15. Marie Patterson was named chief administrative officer, and

PNC Financial Services Group in Pittsburgh has formed a partnership with crypto platform Coinbase to offer digital asset solutions to the bank's clients and institutional investors. PNC said in a press release that it will provide banking services to Coinbase. "Partnering with Coinbase accelerates our ability to bring innovative, crypto financial solutions to our clients," William Demchak, PNC's chairman and CEO, said in the release. "This collaboration enables us to meet

San Francisco Federal Credit Union has agreed to buy Summit Bank in Oakland, Calif. The $1.3 billion-asset credit union said in a press release that it expects to buy the bank in the first quarter. The price of the all-cash transaction wasn't disclosed. “We are thrilled to welcome Summit Bank customers and employees to the San Francisco Federal Credit Union family,” Ray Shams, the credit union's president and CEO, said

Pravina Raghavan has resigned as the director of the Treasury Department's Community Development Financial Institutions Fund. The Treasury said in a press release that Dietrich Douglas had been named the fund's acting director. He is the fund's legal counsel. “With the best interest of the CDFI Fund, the community development finance sector, and the communities we serve in mind, I am looking forward to leading the very dedicated staff of