Texas Capital Bancshares in Dallas, which reported a quarterly loss after repositioning its securities portfolio and incurring restructuring costs, said it is still on track to hit its long-term performance targets. The $31.6 billion-asset company said in a press release that it lost $65.6 million in the third quarter. The results included a $179.6 million loss from selling $1.2 billion of available-for-sale debt securities. Proceeds from the sales were reinvested

Webster Financial in Stamford, Conn., reported lower quarterly profit after it sold more underwater securities, incurred restructuring expenses and divested its factoring operations. The $79.5 billion-asset company said in a press release that its third-quarter earnings fell by 15% from a year earlier, to $188.8 million. Webster reported a $19.6 million pretax net loss from selling investment securities. The company also recorded a $9.8 million loss from selling securities in

Berkshire Hills Bancorp in Boston sold a portfolio of Upstart-related consumer loans at a loss. The company disclosed in a regulatory filing that it sold $46.5 million of loans at 96% of book value, resulting in a $1.9 million net chargeoff on the sale.  Berkshire said it still holds about $10 million of Upstart-related consumer loans. Berkshire also completed the sale of 10 branches during the third quarter, including $383

Burke & Herbert Financial Services in Alexandria, Va., has fulfilled a pledge for its purchase of Summit Financial Group by creating a charitable foundation. The $8.3 billion-asset company said in a press release that it had formed the Burke & Herbert Bank Foundation to provide targeted support to local organizations. Burke & Herbert said when it announced plans to buy Summit in August 2023 that it would create a $5

Fairway Independent Mortgage Corp. agreed to pay nearly $10 million to settle redlining claims. The Justice Department and the Consumer Financial Protection Bureau also hit the Madison, Wis., mortgage lender with a consent order alleging that the lender discriminated against applicants in Black neighborhoods in Birmingham, Ala. Fairway operates in Birmingham as MortgageBanc. "This case is a reminder that redlining is not a relic of the past, and the Justice

New York Community Bancorp in Hicksville will rebrand as Flagstar Financial. The $119 billion-asset company said in a press release that the name change will take place on Oct. 25. The rebrand marks “another milestone in our ongoing transformation," Joseph Otting, the company's chairman, president and CEO, said in the press release. "Over the past six months, the board ... and management have made remarkable progress in laying a strong

Lowndes Bancshares in Valdosta, Ga., has acquired FMB Bancshares in Lakeland, Ga. The deal was disclosed by Performance Trust Capital Partners, which advised FMB. The price wasn't disclosed. Farmers & Merchants Bank, FMB's $695 million-asset bank, will continue to operate as a separate bank. Lowndes is the holding company for the $355 million-asset Commercial Banking Co. and the $120 million-asset Citizens National Bank of Quitman.

Border Bancshares in Fargo, N.D., has raised $5.2 million after selling common stock. The holding company for the $953 million-asset Border Bank completed a private placement on Oct. 8, according to data compiled by Performance Trust Capital Partners. The data did not disclose the pricing or the investors.