Fidelity Bank & Trust in Dubuque, Iowa, has applied to buy Frost State Bank in Frost, Minn., and State Savings Bank in Rake, Iowa. The $2 billion-asset Fidelity submitted applications with the Federal Deposit Insurance Corp. on Sept. 22 to buy the $53.4 million-asset Frost and the $80.5 million-asset State Savings. The prices were not disclosed.

Park State Bank in Duluth, Minn., has applied to buy First National Bank of Chisholm in Minnesota. The $1.4 billion-asset Park State submitted its application with the Federal Deposit Insurance Corp. on Sept. 18. It did not disclose how much it plans to pay for the $77.3 million-asset First National. The deal is expected to close in the fourth quarter. “This is more than a merger — it’s a meaningful

The owners of Grand Marais State Bank in Grand Marais, Minn., and CenBank in Buffalo Lake, Minn., are merging the banks. The group said in a press release that it expects to merge the $81.3 million-asset CenBank into the $117.6 million-asset Grand Marais in the first quarter. Grand Marais will have five branches when the merger is complete. "This merger provides Grand Marais ... an opportunity for significant growth and

Sound Financial Bancorp in Seattle has a new president. The $1.1 billion-asset said in a press release that Wes Ochs will take on the role on Oct. 1. Ochs, who is the chief financial officer, will succeed Laurie Stewart, who remains CEO.

Axos Financial in San Diego has agreed to buy equipment leasing company Verdant Commercial Capital. The $24.8 billion-asset Axos said in a press release that it expects to pay $43.5 million for Verdant, which had about $1.1 billion of loans and leases on its balance sheet as of Aug. 31, including $750 million of securitizations. The deal is expected to close on Sept. 30. Verdant can earn performance-based cash considerations

Anchorage Digital Bank has applied for a Fed master account. The cryptocurrency custody bank applied on Aug. 28, according to the Fed's database. The application comes on the heels of the Office of the Comptroller of the Currency terminating a 2022 consent order against Anchorage Digital Bank tied to a past “failure to adopt and implement a compliance program” in accordance with anti-money laundering standards. The OCC lifted the order

Legacy Bank in Murrieta, Calif., has a new leader. The $90.7 million-asset bank said in a press release that Bill Nethercott became its CEO late last month. Nethercott was a senior vice president and relationship manager at Farmers & Merchants Bank of Long Beach, according to his LinkedIn profile.

The Office of the Comptroller of the Currency announced a sweeping overhaul of its supervision structure, creating three distinct tiers and updating the organization of the Office of the Chief National Bank Examiner. Under the new framework, which will take effect Oct. 1, the OCC will replace its Bank Supervision and Examination group with groups focused on large and global financial institutions, regional and midsize financial institutions, and community banks.