The president of Rockland Trust in Rockland, Mass., plans to retire. Independent Bank Corp., the parent company of Rockland Trust, disclosed in a regulatory filing that Gerard Nadeau will step down on June 27. He will remain on the company's board. Jeffrey Tengel, Independent's president and CEO and Rockland Trust's CEO, is expected to succeed Nadeau.

The Federal Reserve has terminated a written agreement against Perry County Bancorp in Du Quoin, Ill. The written agreement, issued in April 2023, instructed the parent of Du Quoin Bank to improve oversight over liquidity and interest rate risk. It required the board to improve the bank’s condition and maintain effective control over items such as capital, liquidity, interest rate risk management, and investment policy, among other things. More than

Primis Financial in McLean, Va., posted a dramatic swing back into profitability, driven by a key strategic move: The deconsolidation of Panacea Financial Holdings. The $3.7 billion-asset Primis earned $22.6 million in the first quarter after losing $23.3 million a quarter earlier. The results included a $24.6 million pre-tax gain after Primis deconsolidated Panacea Financial Holdings, a digital division focused on the medical, dental, and veterinary markets. Primis owns a

Digital banking platform Chime Financial filed its registration statement for its anticipated initial public offering. The filing does not provide insight into how many shares Chime plans to sell or the pricing. It does, however, mark a significant milestone for the fintech, which is fighting towards breakeven. Chime, which generates the vast majority of its revenue from interchange fees, reported $12.9 million of net income in the first quarter, and

Robinhood has agreed to buy decentralized trading platform WonderFi in Vancouver, Canada. The digital stock brokerage app said in a press release that it will pay $178.6 million for the Canadian company. The deal is expected to close in the second half of this year. WonderFi, which operates regulated cryptocurrency trading platforms Bitbuy and Coinsquare, was founded in 2021 to help democratize access to digital assets. WonderFi processed more than

Embassy Bancorp in Bethleham, Pa., is facing a shareholder proposal to find a buyer. The $1.7 billion-asset Embassy disclosed in its proxy statement that the investor, who has a roughly 0.2% stake, claims the company is underperforming and has taken issue with a corporate lease agreement with an entity that includes directors and executives among its owners. The shareholder that Embassy’s 0.61% return on assets is suboptimal and reflects a

Ponce Financial Group in Bronx, N.Y., plans to become a bank holding company so its bank can receive a national charter. The $tk billion-asset company noted in a regulatory filing that Ponce Bank is currently a federally chartered stock savings association. While the company said it does not expect any material changes in its core business, it said the conversion will allow its bank to receive municipal deposits.

First Northwest Bancorp in Port Angeles, Wash., reported a quarterly loss that reflected credit issues and a legal reserve tied to litigation with a borrower group. The $2.2 billion-asset company said in a press release that it lost $9 million in the first quarter, an increase from its $2.8 million loss a quarter earlier. The company earned $396,000 a year earlier. First Northwest said the results included a $5.8 million