Midland States Bancorp in Effingham, Ill., plans to restate multiple years of financial statements after identifying material errors tied to how it accounted for loans originated through third-party programs. The $7.5 billion-asset company, which said in a regulatory filing that some of the issues date back to 2012, acknowledged material weaknesses in its internal control over financial reporting. It plans to detail a remediation plan in its forthcoming 2024 annual

Cadence Bank in Houston has agreed to buy Industry Bancshares in Industry, Texas, which has been dealing with regulatory issues tied to its securities portfolios. The $50 billion-asset Cadence said in a press release that it will pay between $20 million and $60 million in cash, based on Industry's equity capital at closing. Cadence can also walk away from the deal if Industry's equity capital falls below a certain threshold.

The Consumer Financial Protection Bureau has dropped cases against Reliant Holdings, which operates as Horizon Card, and subprime auto lender Credit Acceptance. The bureau had alleged that Horizon Card marketed a "membership program" that charged users up to $300 a year for a credit card with a $500 limit. While advertised as a general-purpose credit card, it could only be used at the Horizon Outlet, which, the CFPB claimed, offered

Miners and Merchants Bancorp in Grundy, Va., has agreed to buy First Community in Rogersville, Tenn. The $500 million-asset parent of TruPoint Bank said in a press release that it expects to buy the $200 million-asset First Community in the third or fourth quarter. The price wasn't disclosed. First Community "has built a strong reputation by consistently delivering premier service to customers and fostering deep connections in the community," said

Eastern Bankshares in Boston has agreed to buy HarborOne Bancorp in Brockton, Mass. The $25 billion-asset Eastern said in a press release that it will pay $490 million in cash and stock for the $5.7 billion-asset HarborOne. The deal, which is expected to close in the fourth quarter, priced HarborOne at 100% of its tangible book value. HarborOne has 30 branches, $4.8 billion of loans and $4.6 billion of deposits

Gateway First Bank in Jenks, Okla., will soon have a new leader. The $2 billion-asset bank said in a press release that Kyle Hubbard will become CEO and join its board on May 1. Hubbard is president of Gateway’s banking division. Hubbard will succeed Scott Gesell. “Kyle brings a wealth of experience and energy to the position,” Gesell said in the release. “His past accomplishments and values make him the

Eagle Bancorp in Bethesda, Md., reported a sharp drop in profit after its loan-loss provision spiked. The $11.3 billion-asset company said in a press release that first-quarter net income fell by 89% from a quarter earlier, to $1.7 million, largely due to a $14.1 million increase in provision expense. Eagle said that the provision reflected a need to replenish the loan-loss allowance after the company had $11.2 million in net

Citizens & Northern in Wellsboro, Pa., has agreed to buy Susquehanna Community Financial in West Milton, Pa. The $2.6 billion-asset C&N said in a press release that it will pay $44.3 million for the $598 million-asset Susquehanna. The deal, which is expected to close in the fourth quarter, priced Susquehanna at 126% of its tangible book value. Susquehanna has seven branches in central Pennsylvania. The acquisition “continues our strategic efforts