SouthPoint Bancshares in Birmingham, Ala., is dealing with a written agreement with its regulators. The $1.7 billion-asset company entered into the enforcement action with the Federal Reserve and the Alabama State Banking Department. The bank already has a consent order with the Federal Deposit Insurance Corp. tied to credit risk management and asset quality. The new agreement requires the company to submit a capital plan and cash-flow projections to Fed

Connecticut Community Bank in Norwalk has a new leader. The bank announced that Lou Garcia had succeeded David Tralka as its president and CEO. Garcia, a former director at Fieldpoint Private, most recently led a group looking to form a de novo bank. Organizers of New Canaan Bank received a temporary certificate of authority from Connecticut's Department of Banking and raised $30 million, but opted to not pursue a charter

VALT is closer to operating a digital-only bank. The fintech disclosed that it received conditional approval from the Federal Deposit Insurance Corp. for VALT Bank in Idaho. The Office of the Comptroller of the Currency had already signed off on the proposed bank. VALT, which submitted its application in mid-November, must infuse $25 million of capital into the proposed bank before it can open. "Building a new national bank from

Tioga-Franklin Savings Bank in Philadelphia has failed. The bank was closed today by the Pennsylvania Department of Banking and Securities, which appointed the Federal Deposit Insurance Corp. as receiver. The FDIC sold all deposits and substantially all assets to Second Federal Savings and Loan Association of Philadelphia. Tioga-Franklin had $68 million of assets and $67 million of deposits. The FDIC estimated that the failure will cost the Deposit Insurance Fund

Itaú Bank in Brazil was granted conditional approval from the Office of the Comptroller of the Currency to open a nationally chartered bank. The large Latin American bank received the approval on Aug. 14. The proposed bank, which filed its applications in March, would serve high- and ultra-high-net-worth clients with ties to Brazil and Latin America via a Miami office. The approval comes months after Brazil’s Nu Holdings received conditional

Trustar Bank in Great Falls, Va., has agreed to buy branches in Maryland from Forbright Bank. Trustar said in a press release that it will buy locations in Potomac and North Bethesda, along with a customer service hub in McLean, Va. The deal includes $750 million in deposits at a $19 million deposit premium. The acquisition, which is expected to close in the fourth quarter, should be accretive to Trustar's

Exchange Bank in Santa Rosa, Calif., is looking for a new leader. The $3.2 billion-asset bank said in a press release that Troy Sanderson will retire as president and CEO in the fourth quarter. The board will begin a nationwide search for Sanderson's replacement. The plan is to hire a president who can eventually become CEO.

Nissan Motor Co. has reportedly abandoned plans for an industrial bank based in Utah. The automaker opted to cancel the initiative to prioritize cost-cutting measures as part of a broader corporate restructuring and shifting economic conditions, according to Automotive News. Nissan's captive finance arm, Nissan Motor Acceptance Co., applied in June 2025 to form Nissan Bank US in Salt Lake City. The ILC would have allowed Nissan to tap into low-cost