A director of Mode Eleven Bancorp was the highest bidder for its bank. Summit National Bank in Hulett, Wyo., was put up for auction as part of a bankruptcy process. Court documents revealed that Victor Remsha had the highest bid, at about $5.5 million. Mode Eleven filed for Chapter 11 bankruptcy protection on June 9 and was working with Hovde Group to find a buyer for its $91.5 million-asset Summit

Charlie Scharf is set to become chairman of Wells Fargo after navigating the San Francisco company out of several regulatory orders. The $2 trillion-asset Wells said in a press release that its board intends to appoint Scharf, the company's CEO, to become chair. The board said it plans to appoint a lead independent director in conjunction with the move. Scharf also received a one-time special equity grant consisting of $30

Oconee State Bank in Watkinsville, Ga., recruited a veteran banker as market president for Middle Georgia. The $646 million-asset bank hired Andy Flowers to fill the position. Flowers just stepped down as president of American Pride Bank in Macon, Ga. "Leaving American Pride is bittersweet but looking forward to the next chapter of my life," Flowers wrote in a LinkedIn post on his last day at the bank.

Bank Midwest in Spirit Lake, Iowa, has decided to shut down its digital bank division. Keith Sexe, who was vice president of OnePlace Bank, disclosed the $1.3 billion-asset bank's decision in a LinkedIn post. "While it wasn’t the outcome I expected, I’m incredibly proud of what we accomplished, and deeply grateful to Bank Midwest for the opportunity," he wrote in the post. "Together, we launched innovative commercial products, built a

Peoples Savings Bank in Rhineland, Mo., has applied to buy farmbank in Green City, Mo. The $678.8 million-asset Peoples has submitted its application with the Federal Deposit Insurance Corp. to acquire the $78.1 million-asset farmbank. A June press release announcing the deal did not disclose the price Peoples will pay. The transaction is expected to close in December. “Farmbank has a strong reputation and loyal customer base," Mark Laune, Peoples'

First Missouri Bancshares in Brookfield bought Clay County Savings Bank in Liberty, Mo. First Missouri, the parent of the $471.3 million-asset Verimore Bank, did not disclose how much it paid for the $137.3 million-asset Clay County Savings. “This merger represents a significant milestone in our growth strategy,” Kristie Stuewe, Verimore's president and CEO, said in a press release. “It allows us to expand our reach ... while continuing to deliver

First Foundation in Dallas posted a quarterly loss as new management attempts a turnaround. The $11.6 billion-asset company lost $7.7 million in the second quarter after selling about $858 million of commercial real estate loans held for sale in two transactions at a 6% discount. The move reduced the company's CRE concentration to roughly 365% of regulatory capital. Proceeds from the loan sales were used to reduce about $865 million

Leadership is shuffling at 1st Source in South Bend, Ind. The $9.1 billion-asset company said in a press release that Andrea Short will become president and CEO on Oct. 1. Short, who will remain CEO of 1st Source Bank, will succeed Christopher Murphy III, who is retiring. Murphy will become executive chairman. Kevin Murphy, the company's chief digital officer, will become the bank's president. “I could not be more pleased