Norwood Financial in Honesdale, Pa., raised $29.9 million from selling common stock. The $2.3 billion-asset company said in a press release that it sold about 1.2 million shares of stock at $26 each. The sales included 150,000 shares set aside to cover added demand. Norwood said it expects to use the net proceeds for investment into its bank after it repositions its securities portfolio. Proceeds could also be used to

Coastal Federal Credit Union in Raleigh, N.C., and Truliant Federal Credit Union in Winston-Salem, N.C., have formed a credit union service organization (CUSO) to sell cars through a Winston-Salem dealership. The credit unions have partnered with TrueBay Automotive to create the Credit Union Auto Marketplace. Truliant, TruBuy and Coastal (through its CUSO) each own a third of the new CUSO. Truliant repossessed about $1.4 million in vehicles in the first

GTSB Financial in Traverse City, Mich., which recently bought a bank, raised $19.7 million by selling common stock. GTSB, which is led by Gregg Bigger and Rob Farr, had aimed to raise at least $14.5 million. GTSB is a holding company formed to buy First State Bank of Decatur. The deal closed in October.

Lineage Financial Network in Franklin, Tenn., is dealing with an enforcement action from the Federal Reserve. The Fed issued a written agreement to the parent of the $214 billion-asset Lineage Bank that requires it to serve as a "source of strength" to the bank. Lineage Financial must maintain an adequate number of directors with the necessary skills, training, experience and qualifications to fulfill their roles. The company must also prepare

TCM Bank, the credit card bank of the Independent Community Bankers of America, has a new president. The bank said in a press release C.J. Littrell had taken on the role. Littrell, who will remain the bank's chief operating officer, will oversee the bank’s strategic initiatives, among other things. Littrell succeeded Jacob Eisen, who remains CEO of the bank and ICBA Payments. “CJ’s extensive experience and unwavering commitment to the

Huntington Bancshares in Columbus, Ohio, restructured its securities portfolio. The company disclosed in a regulatory filing that it sold about $1 billion of corporate debt investment securities and associated hedges, resulting in a pretax loss of about $20 million. Huntington intends to reinvest the proceeds from the sale in 0% risk-weighted investment securities. It should take about two years to earn back the loss from the securities sale.

Hanscom Federal Credit Union in Littleton, Mass., has agreed to buy Peoples Bank in Chestertown, Md. The $1.9 billion-asset Hanscom said in a press release that it expects to buy the $200 million-asset bank during the second half of next year. The price wasn't disclosed. Hanscom would enter Maryland and gain an insurance agency from the acquisition. "Through this combination, we expect to expand Peoples Bank's ability to invest in

Washington Trust Bancorp in Westerly, R.I., which recently raised capital, repositioned its balance sheet in a move that will lead to a net loss for the fourth quarter and full-year 2024. The company said in a press release that it sold $409 million of debt securities and that it has agreed to sell $345 million in mortgages. The transactions should have a net after-tax loss of $70 million. Washington Trust