Heritage Financial in Olympia, Wash., sold more securities and restructured its bank-owned life insurance in the fourth quarter. The $7.1 billion-asset company said in a press release that its quarterly profit still doubled that of a year earlier, totaling $11.9 million. Heritage sold $35.6 million of lower-yielding investment securities at a $3.9 million pretax loss. Proceeds were used to fund higher-yielding loan growth. (The company sold $78 million of investment

Fiserv has recruited the president at PNC Financial Services Group in Pittsburgh to become its next leader. PNC said in a press release that Michael Lyons is leaving to become president and CEO-elect at Fiserv. Lyons, who joined PNC in 2011, became president last year. "Mike has been with PNC for 13 years and has been instrumental in our growth and success," PNC Chairman and CEO William Demchak said in

Cadence Bank in Tupelo, Miss., has agreed to buy FCB Financial in Savannah, Ga. The $50 billion-asset Cadence said in a press release that it will pay $103.6 million in cash and stock for the parent of the $590 million-asset First Chatham Bank. The deal is expected to close in the third quarter. First Chatham has $329 million of loans and $510 million of deposits. "First Chatham Bank’s deep roots

Horizon Bancorp in Michigan City, Ind., reported a net loss in the fourth quarter after selling more underwater securities. The $7.8 billion-asset company said in a press release that it lost $10.9 million in the quarter. It sold $332 million of investment securities at a $39.1 million pretax loss. Horizon plans to repay about $200 million of FHLB maturities in March and April. The company said it should take less

Triumph Financial in Dallas created a new data-focused business segment after buying a technology company. The $5.9 billion-asset company bought Isometric Technologies, or ISO, during the fourth quarter for an undisclosed amount. ISO provides service and performance scoring and benchmarking capabilities to the freight industry. As a result, Triumph created a new "Intelligence" segment, transferring certain payments employees to the group. The company said it believes the base run-rate for

Origin Bancorp in Ruston, La., announced a plan to improve annual pretax, pre-provision earnings by $20.8 million. The $9.7 billion-asset company said in a press release that the effort will include branch closings, layoffs, cash/liquidity management and securities and capital optimization strategies. Branch and staff consolidation, set for completion in the first quarter, will improve pretax profit by $4.6 million. Optimizing commercial and mortgage banker profitability should boost pretax earnings

William Penn Bancorp. in Bristol, Pa., received offers from five potential suitors before agreeing to sell to Mid Penn Bancorp in Harrisburg, Pa. The $5 billion-asset Mid Penn agreed last fall to buy the $812 million-asset William Penn for $127 million in stock in a deal expected to close in the first half of this year. Mid Penn decided to raise $75 million in conjunction with the acquisition. William Penn's

Frontwave Credit Union in Oceanside, Calif., has agreed to buy Community Valley Bank in El Centro, Calif. The $1.4 billion-asset credit union said in a press release that it will pay $56.4 million in cash for the $316 million-asset bank. The deal is expected to close in the second half of 2025. Community Valley has five branches, $258.4 million in loans and $276.3 million in deposits. “We believe that quality