An investor group aiming to disrupt the sale of Territorial Bancorp to Hope Bancorp in Los Angeles has shared more information with Territorial and lowered their tender offer threshold for buying the Honolulu company. The group, which included banking veteran Allen Landon and Blue Hill Advisors, said in a press release that it disclosed the identity of more of its investors with the $2.2 billion-asset Territorial's board. The group also

First Northwest Bancorp in Port Angeles, Wash., is no longer operating under an enforcement action. The company said in a press release that its bank had been freed from a November 2023 consent order from the Federal Deposit Insurance Corp. The order required the bank to address deficiencies in its compliance programs. The consent order requires the bank to correct certain violations of consumer protection laws. It claimed that First

The Canadian Digital Governance Council has become the second entity to apply with the Consumer Financial Protection Bureau to become a recognized standard-setting organization to facilitate data sharing under Section 1033 of the Dodd-Frank Act. The Financial Data Exchange submitted its application in September. The CFBP, which issued its open-banking rule earlier this week, has stated that implementing Section 1033 will “accelerate a shift toward open banking, where consumers would

First Northwest Bancorp in Port Angeles, Wash., is restating its second-quarter results after determining that it had another $6.6 million in chargeoffs during that period. The company disclosed in a regulatory filing that its quarterly results swung from a $1.8 million profit to a $2.2 million net loss due to the adjustment. The chargeoffs are tied to commercial construction loans, commercial business loans and the Splash unsecured consumer loan program.

Peoples Financial Services in Scranton, Pa., has accelerated its CEO succession plan. The $5.5 billion-asset company said in a press release that Craig Best will step down as CEO on Dec. 31. Gerard Champi, the company's president, will succeed Best. Thomas Tulaney will succeed Champi as president. Best had planned to step down on the first anniversary of Peoples' acquisition of FNCB Bancorp, which closed on July 1. Champi, who

U & I Financial in Lynwood, Wash., is operating under a written agreement with the Federal Reserve. The Fed disclosed the enforcement action with UniBank earlier this week. The agreement requires the bank to review and amend policies and practices tied to consumer compliance, lending administration and risk management, loan grading and review, credit loss allowances and conflicts of interest. U & I Financial earlier this year restated its fourth-quarter

First Carolina Bank in Rocky Mount, N.C., has agreed to buy BM Technologies in Radnor, Pa. The $3.2 billion-asset bank said in a press release that it will pay $67 million in cash for the fintech in a deal expected to close in the first quarter. The sale is a reversal of fortune for BM Technologies, which agreed to buy First Sound Bank in Seattle in 2021 in a deal

Griggsville Bancshares in Griggsville, Ill., has agreed to buy Scott Morgan Bancorp in Bluffs, Ill. The holding company for the $138 million-asset Farmers National Bank of Griggsville said in a press release that it expects to acquire the parent of the $59 million-asset Bank of Bluffs in the second quarter. The price wasn't disclosed. "Bank of Bluffs shares our core community philosophy: empowered local management and employees dedicated to serving