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

Ally Financial in Charlotte, N.C., has agreed to sell its credit card business to CardWorks in Woodbury, N.J. Ally said in a press release that the sale to the parent of Merrick Bank includes about $2.3 billion in credit card receivables and 1.3 million active cardholders. The deal is expected to close later this year. The sale "is part of our broader strategy to pursue a more focused approach, enabling

Civista Bancshares in Sandusky, Ohio, has a new bank president. The $4.1 billion-asset company said in a press release that Charles Parcher will remain its chief lending officer. He succeeded Dennis Shaffer, who is still the company's president and CEO and the bank's CEO. "This change reflects Civista’s succession plan, a hallmark of a successful organization with sustained longevity as we enter our 141st year," Shaffer said in the release. "Chuck’s

Pathward Financial in Sioux Falls, S.D., made the most of selling a business by shedding underperforming securities during the last quarter of 2024. The $7.6 billion-asset company said in a press release that it sold $160.6 million of debt securities in late November at a $15.7 million pretax loss. A month earlier, the company sold substantially all of the assets and liabilities of its commercial insurance premium finance business for a

Old National Bancorp in Evansville, Ind., disclosed that its president is retiring. The $54 billion-asset company said in a press release that Mark Sander will also step down as chief operating officer on June 30. He joined the company after its 2022 acquisition of First Midwest Bancorp, where he was president and COO. "It has been my privilege to work alongside Mark Sander over the past several years," Jim Ryan,

Guilford Savings Bank in Guilford, Conn., has applied with regulators to acquire Eastern Connecticut Savings Bank in Norwich, Conn. The $1.1 billion-asset GSB agreed in November to buy the $264 million-asset Eastern Connecticut Savings. The deal is expected to close in the second quarter. Kyle Eagleson, GSB's president, will succeed Timothy Geelan as CEO in March. Lisa Griffin, Eastern Connecticut Savings' president and CEO, will serve as market president for