Parlay Finance, an AI-powered loan intelligence system, raised $2 million in a seed funding round. The round was led by JAM FINTOP. Parlay will use the proceeds to continue scaling its technology nationwide. The platform's capabilities include digital customer onboarding, information verification, and an AI-powered decision management system to streamline processes for Small Business Administration loans. "JAM FINTOP's investment and network of banks creates a powerful multiplier effect for our

Teton Capital, an investment firm led by David Sokol, is reportedly pushing for changes at Atlantic Union Bankshares in Richmond, Va. Teton bought an undisclosed stake in the company, though it is below the 5% that would trigger a regulatory filing, according to Bloomberg. The investment firm is reportedly pressing Atlantic Union, which just bought Sandy Spring Bancorp in Maryland, to cut operational costs, shrink its board, and adjust executive

Fiserv is planning to buy out the joint venture partner behind AIB Merchant Services. Fiserv said in a press release that it agreed to buy the 49.9% stake in AIBMS that it doesn't already own from AIB Group. The joint venture was created in 2007 in Ireland. The price wasn't disclosed. “We have enjoyed a strong partnership with AIB Group, as together we grew AIBMS into one of the leading

Capital One Chairman and CEO Richard Fairbank will receive a one-time award worth about $30 million in connection with the McLean, Va., company’s purchase of Discover Financial Services. Capital One’s compensation committee granted Fairbank 153,351 restricted stock units that should vest in five years. The settlement will be evenly split between cash and stock based on the company’s average stock price over the 15 days ahead of vesting. Fairbank isn’t

NB Bancorp in Needham, Mass., has agreed to buy Provident Bancorp in Amesbury, Mass. The $5.5 billion-asset company said in a press release that it will pay $211.8 million in cash and stock for the $1.6 billion-asset Provident. The deal, which is expected to close in the fourth quarter, priced Provident at 93% of its tangible book value. BankProv has seven branches, $1.2 billion in total deposits and $1.3 billion

A group has applied to open a new bank in Georgia. Organizers of the proposed Georgia Skyline Bank in Roswell applied to the Federal Deposit Insurance Corp. on June 4. The application wasn't immediately available. Ryan Floyd would be the proposed bank's president and CEO. He was a senior vice president at The Piedmont Bank. Floyd said in an interview that his group aims to raise $25 million to $35

Fifth District Bancorp in New Orleans appointed an interim CEO after the death of its leader. The $531.1 million-asset company disclosed in a regulatory filing that Amie Lyons will also serve as interim president. Lyons is the company's senior vice president of administration and operations. Brian North died suddenly on Monday. Fifth District said it plans to conduct an executive search to identify a permanent successor.

MidFirst Bank in Oklahoma City will have a new CEO. The $40 billion-asset bank said in a press release that Todd Dobson will succeed Jeff Records as CEO on July 1. Records will remain chairman. Dobson has been the bank's president. “Todd’s elevation to CEO has long been the succession plan," Records said. "We are grateful for his impact on the expansion and performance of the Bank and look forward