Flagstar Financial in Hicksville, N.Y., plans to dissolve its holding company. The $97.6 billion-asset company said in a press release that the unusual move should reduce annual expenses by $15 million and eliminate oversight by the Federal Reserve. The Office of the Comptroller of the Currency would become the primary regulator. Flagstar CEO Joseph Otting is a former comptroller of the currency. The move, if approved, is expected to take

Pinnacle Financial Partners in Nashville, Tenn., has agreed to buy Synovus Financial in Columbus, Ga. The $54.8 billion-asset Pinnacle said in a press release that it will pay $8.6 billion in stock for the $61 billion-asset Synovus. The deal is expected to close in the first quarter. Pinnacle shareholders will own about 51.5% of the combined company, which will operate under the Pinnacle Financial Partners and Pinnacle Bank name and

OnPath Federal Credit Union in Metairie, La., has agreed to buy Heritage Bank of St. Tammany in Covington, La. The $1.1-billion asset credit union said in a press release that it plans to buy the $183.5-million Heritage next spring. OnPath will pay $26 million in cash to Heritage NOLA Bancorp and reimburse the bank up to $2 million for the payout of its liquidation account and up to $1 million

Atlantic Union Bankshares in Richmond, Va., sold its equity interest in wealth management firm Cary Street Partners during the second quarter. The $37.3 billion-asset Atlantic Union said in a press release that it sold the stake in the Richmond, Va., firm for a pretax gain of $14.3 million. Atlantic Union received the stake in June 2022 when it sold its ownership interest in Roanoke, Va., investment advisor Dixon, Hubard, Feinour

First Internet Bancorp in Fishers, Ind., reported a plunge in net income as it tackles issues in its small-business lending and franchise finance portfolios. The $5.9 billion-asset company only earned $193,000 in the second quarter, a sharp decline from $5.8 million a year earlier. First Internet set aside $13.6 million in the recent quarter, more than triple the amount from a year earlier. The company reported $14.3 million of net

Blue Ridge Bankshares in Charlottesville, Va., continues its comeback by reporting a profitable quarter. The $2.6 billion-asset company said in a press release that it earned $1.3 million in the second quarter, compared to a $400,000 loss in the first quarter and an $11.4 million loss a year earlier. “In our earnings release for first quarter ... I mentioned the results were a harbinger for future sustainable and increasing profitability,"

Colony Bankcorp in Fitzgerald, Ga., has agreed to buy TC Bancshares in Thomasville, Ga. Colony said in a press release that it will pay $86.1 million in cash and stock for TC Bancshares. The deal, which is expected to close in the fourth quarter, priced TC Bancshares at 112.9% of its tangible book value. “This merger marks an exciting step forward in our ability to better serve our customers and

Eagle Bancorp in Bethesda, Md., reported a large quarterly loss after it tried to get its hands around deteriorating credit quality. The $10.6 billion-asset company said in a press release that it lost $69.8 million in the second quarter, reflecting a staggering $138.2 million loan-loss provision. Eagle lost $83.8 million a year earlier after recording a $104.2 million goodwill impairment charge. The provision reflected "higher office-related reserves and expected exit