Union Bankshares in Morrisville, Vt., could raise up to $40 million in the coming months by selling common stock. The company disclosed in a regulatory filing that it had entered into an equity distribution agreement with an investment bank to sell stock "from time to time." Union will set parameters for the offering, including the number of shares to be issued, the time period for selling stock, and any minimum

Steven Sugarman is moving quickly to reshape the future of Patriot National Bancorp as he works to turn around the Stamford, Conn., company. Sugarman, who is leading a group that will infuse $50 million into the $974 million-asset company and recently became president and CEO, has begun rebuilding the leadership team with several familiar faces from his time at Banc of California. Patriot added three new members to its bank

First National Bank in Fort Pierre, S.D., has agreed to buy Wyoming Bank & Trust in Cheyenne. The $1.7 billion-asset First National plans to buy the $342 million-asset Wyoming Bank in the third quarter. The price wasn't disclosed. “By joining our two well-established community banks, we will be able to better serve the growing market in the Rocky Mountain region," Craig Davis, First National's president, said in a statement. Wyoming

Finastra has agreed to sell its treasury and capital markets unit to an affiliate of private equity firm Apax Partners. The U.K. company did not disclose the price to be paid by Apax. The deal is expected to close in the first half of next year, when the business will be rebranded and operate as a standalone entity. The deal will allow Finastra to focus more on its core banking

Community Bank Delaware in Lewes raised capital by selling common stock. The bank raised $1.8 million on May 14 with a private placement, based on data compiled by Performance Trust Capital Partners. The shares sold, pricing and investors were not readily available.

Union Bankshares in Morrisville, Vt., is looking for a new CEO. The company disclosed in a regulatory filing that David Silverman will also retire as president next year. The board plans to conduct a comprehensive search for his successor, including the formation of a subcommittee of independent directors from the nominating and governance committee. That subcommittee is expected to be appointed at the May 21 board meeting. Silverman will remain president

Carver Bancorp in New York was issued an enforcement action that requires its bank to create a three-year plan focused on earnings performance. The company disclosed in a regulatory filing that Carver Federal Savings Bank entered into a written agreement with the Office of the Comptroller of the Currency that requires it to develop a strategic plan that focuses on measures for growth, capital, liquidity, and balance sheet mix. The bank

Citigroup in New York agreed to sell a unit that advises its global alternative investment fund platform to technology provider iCapital. Citi didn't disclose the price that Capital will pay. Citi said that iCapital will manage and operate the fund platform, while Citi remains the distributor. The platform includes a range of alternative investment strategies and asset classes, including private equity, growth equity, private credit, infrastructure, venture capital, real estate