First Heritage Bank in Centralia, Kan., has its first new leader in 48 years. The $266.1 million-asset bank said in a press release that Tyler Bachman had succeeded his father, Bruch Bachman, as CEO. Tyler Bachman, who remains the bank's president, is the bank's sixth-generation leader.

A proposed bank in Washington aims to become a minority depository institution. Organizers of the planned United Development Bank made the disclosure in their application with the Federal Deposit Insurance Corp. United Development will operate one branch at its main office in Bellevue, Kirkland, or Redmond. United Development Bank is expected to open on or around May 15. Information about initial capital was redacted. Charlie Guildner, a former president and CEO of

First Internet Bancorp in Fishers, Ind., has agreed to sell a portfolio of lease financing loans. The company disclosed in a regulatory filing that it plans to sell up to $896 million of performing single-tenant lease finance loans to entities affiliated with Blackstone Real Estate Debt Strategies. The expected price would represent about 95% of the portfolio's unpaid principal balance, including transaction costs. The sale is expected to close on

Fifth Third Bancorp in Cincinnati warned that it will take a sizeable impairment in the third quarter tied to alleged fraud involving a commercial borrower. The $210 billion-asset company disclosed that the impairment will range from $170 million to $200 million. The alleged fraud is tied to an asset-backed finance loan. Fifth Third said it is working with law enforcement and third-party advisers to validate losses and determine the final

Community Financial System in Syracuse, N.Y., has made a minority investment in Leap Holdings, a tech-focused insurance agency. The $16 billion-asset company said in a press release that it paid about $37.4 million for various classes of preferred and common stock. The investment will complement the banking company's existing insurance services business.

PNC Financial Services Group in Pittsburgh has agreed to buy FirstBank Holding in Lakewood, Colo. The $559.1 billion-asset PNC said in a press release that it will pay $4.1 billion in cash and stock for the $26.8 billion-asset FirstBank. The deal is expected to close in early 2026. FirstBank has 95 branches in Colorado and Arizona. PNC intends to expand its corporate and private banking franchises in those markets. "FirstBank

Dan O'Malley is back. O'Malley, who co-founded and then led Numerated when it sold to Moody's, was named CEO of Engageware, a fintech that provides AI-powered customer engagement solutions. Rick Lowrey will remain executive chairman of the company. “Enterprises are using real-world interaction and outcome data to rethink how they harness AI to deliver more personalized, flexible, and impactful customer experiences," O'Malley said in the release. "Engageware’s platform powers streamlined

Bradford Bancorp in Greenville, Ill., has agreed to buy St. Jacob Bancshares in St. Jacob, Ill. The $633 million-asset Bradford said in a press release that it expects to buy the $92 million-asset St. Jacob by early 2026. The price wasn't disclosed. “Both organizations have demonstrated great success by providing outstanding customer service and building strong relationships with the communities they serve," Michael Ennan, Bradford's president and CEO, said in