First Seacoast Bancorp in Dover, N.H., didn't have to look far to find its next CEO. The $593 million-asset company said in a press release that James Brannen had stepped into the role. He was the company's president. Richard Donovan, who is the chief financial officer, became president. “I have served on the bank's board ... for more than 10 years and in my tenure have had the honor of

Wells Fargo in San Francisco has been freed from another enforcement action. The $1.9 trillion-asset company said that the Office of the Comptroller of the Currency terminated a 2015 agreement tied to previously held financial subsidiaries that were out of compliance with the Gramm-Leach-Bliley Act. Seven orders have been lifted this year, and 13 since 2019. Wells has one consent order remaining, though it is with the Federal Reserve and

Woodsboro Bank in Frederick, Md., has a new leader. The bank said in a press release that Rich Ohnmacht will become its CEO on July 1. Ohnmacht, who will remain president, will succeed Steve Heine, who will become a senior adviser and remain on the board. The board "is excited to expand the breadth of Rich’s thoughtful approach to leadership through this new role,” Gordon Cooley, Woodsboro's chairman, said in

First IC Corp. in Doraville, Ga., considered offers from two other bidders before agreeing to sell itself to MetroCity Bankshares in Doraville. The $2.9 billion-asset MetroCity Bankshares announced in March that it would buy the $1.2 billion-asset First IC for $206 million in a deal expected to close in the fourth quarter. The process began when First IC received three proposals late last year, including one from MetroCity. The unnamed

Seacoast Banking Corp. of Florida in Stuart has agreed to buy Villages Bancorp. in The Villages, Fla. The $15.7 billion-asset Seacoast said in a press release that it will pay $710.8 million in cash and stock for the $4.1 billion-asset Villages. The deal, which is expected to close in the fourth quarter, priced Villages at 161% of its tangible book value. Villages has 19 branches, $3.5 billion of deposits and

Guilford Savings Bank in Guilford, Conn., will soon rebrand. The $1.1 billion-asset bank said on its website that it will become Ascend Bank in July. “This is an exciting and transformational moment for our organization,” Timothy Geelan, the bank's CEO, said in an announcement. The new name "symbolizes our continuing dedication to helping our clients and communities rise to meet their financial goals." The new name is expected to help

BMO Financial Group in Montreal sold a U.S. credit card portfolio as part of a broader balance sheet optimization strategy. The Canadian company disclosed during its quarterly conference call that it sold a non-relationship credit card portfolio and exited a franchise loan portfolio. BMO said it lost $51 million from selling the card portfolio; it did not disclose the buyer. Selling the card portfolio should "support the recycling of capital

Five Rivers Bank, a de novo created by a group of Sikh-Americans, has opened. The Paramus, N.J., bank debuted on May 12, according to a list shared by the Federal Deposit Insurance Corp. Organizers had to raise $33.5 million after securing conditional FDIC approval in September. While Five Rivers aims to focus on the needs of Sikh-American individuals and businesses, it plans to also “develop a service culture and roster