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

Avenir Financial Federal Credit Union in Yuma, Ariz., has agreed to buy Mission Bank in Kingman, Ariz. The deal between the $390 million-asset Avenir and the $195 million-asset Mission is expected to close in the first quarter of 2026. The price wasn't disclosed, though the price Avenir will pay shareholders of Community Bancshares will depend on the bank's financial performance between deal signing and closing. Mission is the eighth bank

The Consumer Financial Protection Bureau and the Department of Justice filed a motion to terminate a consent order against Trustmark in Jackson, Miss. The 2021 order followed claims that the company engaged in redlining from 2014 to 2018. Trustmark paid a $5 million penalty tied to the order and disbursed nearly $3.9 million into a loan subsidy program designed to boost lending in majority-Black and majority-Hispanic neighborhoods around Memphis, Tenn.