Thrivent Financial for Lutherans has merged its credit union into the newly created Thrivent Bank. The industrial bank, which is based in Salt Lake City, absorbed Thrivent Federal Credit Union in Appleton, Wis., on June 1. Thrivent was required to infuse at least $280 million of capital into the bank.

Greenlite AI has raised $15 million in Series A funding, bringing its total funding to $20 million. Greylock led the funding round with participation from Thomson Reuters, Canvas Prime, and Y Combinator. Greenlist AI said the new funding will allow for engineering team growth, go-to-market scaling and deepening partnerships with top financial institutions.

Wells Fargo in San Francisco has agreed to sell the assets of its rail equipment leasing business. The $1.9 trillion-asset company said in a press release that it will sell the business to a newly formed joint venture between GATX Corp. and Brookfield Infrastructure for $4.4 billion. The transaction is expected to close by the first quarter. “This transaction is consistent with Wells Fargo’s ongoing strategy of simplifying our businesses

MainStreet Bancshares in Fairfax, Va., disclosed a data security incident that exposed information tied to less than 5% of its customers. The company disclosed in a regulatory filing that it became aware in March that an outside vendor to the core bank had been compromised. MainStreet activated its incident response process, concluding that "the incident's impact would likely not be material." MainStreet said it "swiftly" ceased all activity with the

Princeton Bancorp in Princeton, N.J., will recognize a $9.9 million impairment charge tied to two delinquent commercial real estate loans where it is a participant. The company disclosed in a regulatory filing that, at March 31, it $25.3 million of its nonperforming assets were tied to the CRE credits. Princeton said the lead lender for the participation is marketing the underlying collateral for potential sale. The decision to take the

Merchants National Bank in Hillsboro, Ohio, is ready to finalize its CEO succession. The $1.3 billion-asset bank said in a press release that Paul Pence Jr. will retire as CEO on Dec. 31. He will remain chairman. Denise Fauber, the bank's president and chief operating officer, will succeed Pence. Fauber will remain president. The board "expresses its deep appreciation for Paul’s long-tenured leadership, recognizing the steadfast commitment and vision he

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