TowneBank in Suffolk, Va., has agreed to buy Old Point Financial in Hampton, Va. The $18 billion-asset TowneBank said in a press release that it will pay $203 million in cash and stock for the $1.5 billion-asset Old Point. The deal, which is expected to close in the second half of this year, priced Old Point at 180% of its tangible book value. “Old Point has legendary status here in

Mutual Federal in Sidney, Ohio, has a new president. Bill Daily announced on LinkedIn that he had taken on the new role. Daily was the founder and CEO of Riverside Bank of Dublin, which opened in 2019. He will succeed Dean Weinert, who is retiring as market president of Mutual Federal on April 11. Mutual Federal is a division of First Bank Richmond, a unit of Richmond Mutual Bancorp.

Union County Savings Bank in Elizabeth, N.J., has a new leader. The $1.6 billion-asset bank also said that Chris McFadden had become its president. McFaddon had been chief financial officer. Erik Terpstra was named to succeed McFaddon as CFO. “We are thrilled to have Chris take on the role of president and CEO,” Colin Neill, the bank's chairman, said in a statement. “Her deep expertise and leadership in the banking

There's a new president at 1st National Bank of Scotia in New York. The $676 million-asset bank said in a press release that Robert Dieterich had taken on the expanded role. Dieterich, who will remain chief operating officer, succeeded John Buhrmaster, who is still CEO. Buhrmaster will now focus on strategic direction and maintaining relationships with key stakeholders. Dieterich will oversee the bank’s employees, customer relationships, strategy execution, and operational efficiency.

Santa Cruz County Bank in Santa Cruz, Calif., has rebranded. The $2.7 billion-asset unit of West Coast Community Bancorp announced that it was renamed West Coast Community Bank. The change follows the company's purchase of 1st Capital Bancorp in Salinas, Calif., which introduced it to new markets. "Our new name reflects the vibrant and diverse West Coast communities we serve in Monterey, San Luis Obispo, Santa Clara and Santa Cruz

Colony Bankcorp in Fitzgerald, Ga., is bucking a trend in banking by acquiring an insurance agency. The company said in a press release that it bought The Ellerbee Agency, an Allstate-appointed consumer property and casualty insurance agency. The price wasn't disclosed. The agency will become part of Colony Insurance. Sean Ellerbee, who led the agency, will join Colony Insurance's leadership team. "This acquisition supports our strategy of efficient growth and scalable

The banker responsible for building FB Financial in Nashville, Tenn., has died. Jim Ayers passed away on April 1. Once the sole owner of FirstBank, his ownership amounted to 23% of the company's stock following its initial public offering. FB Financial noted in a regulatory filing that a shareholder’s agreement with Ayers terminated with his passing. Under that agreement, Ayers had the right to designate up to a fifth of

The CEO of Legacy Bank in Murrieta, Calif., is retiring. Jim Hicken announced in a LinkedIn post that he will also retire as president of the $74.7 million-asset bank and step down from its board. "It has been an incredible journey—one that led me to start and open two community banks along the way, build outstanding teams, and contribute to the communities we served," he said in the post. "I’m