Banc of California in Irvine reported a quarterly loss after selling underwater securities. The $33.4 billion-asset company said in a press release that it lost $1.2 million in the third quarter. The company sold $742 million of available-for-sale securities for a pretax loss of $60 million. It used proceeds to buy higher-yielding securities in a move that should increase interest income by about $4.8 million each quarter. Banc of California also

Citizens Alliance Bank in Clara City, Minn., has agreed to buy Stockmens Bank in Cascade, Mont. The $1.4 billion-asset Citizens expects to complete its purchase of the $42 million-asset Stockmens early next year. The price wasn't disclosed. “Citizens Alliance Bank intends to maintain a continued presence in Cascade," Chad Forkrud, the bank's president, said in a press release. "Commitment to the customers and employees of Stockmens Bank will not change.

GBank Financial Holdings in Las Vegas raised $20 million from a private placement. The parent of the $1 billion-asset GBank sold common stock, with Raymond James and Janney Montgomery Scott serving as financial advisers. "This additional capital positions us to execute on our strategic growth initiatives," Edward Nigro, the company's executive chairman, said in a press release. "We deeply appreciate the confidence our investors have placed in us and look

Atlantic Union Bankshares in Richmond, Va., has agreed to buy Sandy Spring Bancorp in Olney, Md. The $27.5 billion-asset Atlantic Union said in a press release that it will pay $1.6 billion in stock for the $14.4 billion-asset Sandy Spring. The deal, which is expected to close in the third quarter of next year, priced Sandy Spring at 128% of its tangible book value. Atlantic Union also plans to raise

First National Bank of Lindsay in Oklahoma was closed by the Office of the Comptroller of the Currency. The Federal Deposit Insurance Corp. took over the $107.8 million-asset bank and sold its only branch and its insured deposits to First Bank & Trust Co. in Duncan, Okla. The OCC closed the bank "after identifying false and deceptive bank records and other information suggesting fraud that revealed depletion of the bank's

Business First Bancshares in Baton Rouge, La., has a new bank president. The $6.7 billion-asset company said in a press release that Jerry Vascocu had taken on the role. Vascocu, who was the bank's chief administrative officer, succeeded Jude Melville, who will remain chairman and CEO. “Jerry’s proven leadership and broad-based banking experience [are] especially relevant to the challenges and opportunities we anticipate facing as we continue to grow our impact

Franklin Financial Services in Chambersburg, Pa., restructured its securities portfolio. The $2 billion-asset company disclosed in a regulatory filing that its bank sold about $46.7 million of lower-yielding U.S. Treasury debt at a roughly $3.4 million after-tax loss. The proceeds were used to buy higher-yielding investment securities, including U.S. Agency residential mortgage-backed securities and private-label residential mortgage-backed securities. The company said it expects to recover the after-tax loss in just over

Provident Financial Services in Jersey City, N.J., has settled a lawsuit tied to its overdraft fees. The $24.1 billion-asset company disclosed in a regulatory filing that it agreed to pay nearly $1.9 million to a settlement fund in a court-approved arrangement. The lawsuit, filed in the Superior Court of New Jersey, alleged that the bank wrongfully assessed overdraft fees related to debit card transactions. The complaint asserted claims for breach of