Newburyport Bank in Newburyport, Mass., has a new president. The $1.6 billion-asset mutual said in a press release that Jim McCarthy will also become its chief operating officer on June 28. McCarthy, a member of the bank's board, was chairman, president, and CEO of First Ipswich Bank “Jim is a seasoned and respected leader who understands both the opportunities and the complexities of modern banking,” Lloyd Hamm, president and CEO

CoastalSouth Bancshares in Hilton Head, S.C., is planning to sell common stock. The $2.2 billion-asset company's registration statement will also allow certain shareholders to sell shares. The number of shares and pricing were not included. CoastalSouth said that proceeds from the shares it sells will be used for working capital and general corporate purposes that could include supporting our organic growth, funding acquisitions, branch expansion, and repaying debt. The filing

Main Street Financial in Wooster, Ohio, has parted ways with its CEO. The $1.4 billion-asset company said in a press release that it terminated the employment of Jay VanSickle II without cause, effective June 3. VanSickle was also removed from the company's board. Mark Witmer, the company's executive chairman, was named president and CEO. VanSickle was CEO of Wayne Savings Bancshares when it merged with Main Street in May 2024.

Commerce Bancorp in Greenwood, Miss., has applied to buy Holmes County Corp. in Lexington, Miss. The parent of the $983 million-asset Bank of Commerce applied with the Federal Deposit Insurance Corp. on June 5 to acquire the $154 million-asset Holmes County Bank. The deal is expected to close in the fourth quarter. The price wasn't disclosed. “Holmes County Bank is the perfect merger partner for Bank of Commerce,” Bryan Thornhill,

Parlay Finance, an AI-powered loan intelligence system, raised $2 million in a seed funding round. The round was led by JAM FINTOP. Parlay will use the proceeds to continue scaling its technology nationwide. The platform's capabilities include digital customer onboarding, information verification, and an AI-powered decision management system to streamline processes for Small Business Administration loans. "JAM FINTOP's investment and network of banks creates a powerful multiplier effect for our

Teton Capital, an investment firm led by David Sokol, is reportedly pushing for changes at Atlantic Union Bankshares in Richmond, Va. Teton bought an undisclosed stake in the company, though it is below the 5% that would trigger a regulatory filing, according to Bloomberg. The investment firm is reportedly pressing Atlantic Union, which just bought Sandy Spring Bancorp in Maryland, to cut operational costs, shrink its board, and adjust executive

Fiserv is planning to buy out the joint venture partner behind AIB Merchant Services. Fiserv said in a press release that it agreed to buy the 49.9% stake in AIBMS that it doesn't already own from AIB Group. The joint venture was created in 2007 in Ireland. The price wasn't disclosed. “We have enjoyed a strong partnership with AIB Group, as together we grew AIBMS into one of the leading

Capital One Chairman and CEO Richard Fairbank will receive a one-time award worth about $30 million in connection with the McLean, Va., company’s purchase of Discover Financial Services. Capital One’s compensation committee granted Fairbank 153,351 restricted stock units that should vest in five years. The settlement will be evenly split between cash and stock based on the company’s average stock price over the 15 days ahead of vesting. Fairbank isn’t