Alerus Financial in Minneapolis sold three nonperforming loans. The company said the loans were tied to a construction, land and development relationship with a total net book balance of $33.6 million on March 31. The loans were on nonaccrual and represented the largest nonperforming relationship in the company's portfolio, representing 62.3% of total nonperforming loans. As of March 31, the loans carried specific reserves totaling $3.1 million. Nonaccrual interest of $1.6

Amerant Bancorp in Coral Gables, Fla., has a permanent leader. The company said in a press release that Carlos Iafigliola had become president and CEO. He had been interim CEO since November. “Following a comprehensive search process, the board determined that Carlos is the right executive to lead Amerant into its next phase of value creation," Odilon Almeida, Amerant's chairman, said in the release. "Carlos has consistently demonstrated deep knowledge of

GBank Financial Holdings in Las Vegas has a new bank CEO. The company said in a press release that Jeffrey Newgard will also become president of GBank on June 8. Newgard, who was chairman, president and CEO of Bank of Idaho from 2015 to 2025, will succeed Ed Nigro, who will remain executive chairman. Bank of Idaho was sold to Glacier Bancorp. "Jeff Newgard’s demonstrated knowledge in banking, capital markets,

Grant County Bank in Petersburg, W.Va., has changed its name. The bank said in a press release that it had rebranded as Highlands Bank to reflect its extended service area. “This is a thrilling time for all of us as we prepare the transition to the Highlands Bank brand,” George Ford, the bank's president and CEO, said in the release. “Our employees have known about the announcement since late last

A proposed Korean-American bank in Los Angeles will not open. The Federal Deposit Insurance Corp., which gave founders of the proposed Quantum Bank conditional approval in July 2025, disclosed that the bank will not open. No other details were shared. Organizers originally filed to open QIB Bank in March 2024 before changing the name. “The bank intends to operate as a full-service commercial bank providing a wide range of traditional banking products

Forbright in Chevy Chase, Md., has filed for its planned initial public offering. The $7.9 billion-asset parent of Forbright Bank disclosed that Goldman Sachs and J.P. Morgan are its lead underwriters. The filing did not share how many shares will be sold or how much capital the company plans to raise. Certain unnamed shareholders also plan to sell stock in the offering. Forbright framed itself in the filing as operating

Stellantis Financial Services U.S., the American financial services division of Dutch automaker Stellantis NV, has been approved by the Federal Deposit Insurance Corp. for deposit insurance as it looks to form a Utah-chartered industrial bank. Stellantis Bank USA's proposed business model "will focus on providing automotive financing products nationwide, primarily through the purchase of retail instalment contracts from independent Stellantis dealers," the FDIC stated in its approval. "Funding will primarily

Flagstar Bank in Hicksville, N.Y., has split the role of president. The bank said in a press release that Joseph Otting will remain chairman and CEO, but will relinguish his role as president. The post will be filled by Richard Raffetto and Lee Smith, who will also serve as co-chief operating officers. Raffetto, who was also named chief banking officer, was president of commercial and private banking. Smith will remain chief