A group in Irvine, Calif., has received approval from the Federal Deposit Insurance Corp. to open a bank.The FDIC on Aug. 24 gave conditional approval for Beach Cities Commercial Bank. Organizers must raise $25 million before the bank can open. The group applied with the FDIC in September. “The bank plans to serve the banking needs of small- and medium-sized businesses, business professionals and business owners in the bank’s market areas through

Thumb Bancorp in Pigeon, Mich., has agreed to buy Exchange State Bank in Carsonville, Mich.The $401 million-asset Thumb said in a press release that it will pay $29.9 million in cash and stock for the $219 million-asset Exchange Bank. The merger is expected to close late this year or in early 2023.The final consideration is subject to adjustment based on unrealized losses in Exchange’s investment portfolio at closing and potential

GrandSouth Bancorp. in Greenville, S.C., considered four bids before deciding to negotiate with First Bancorp in Southern Pines, N.C. The $10.6 billion-asset First Bancorp agreed to buy the $1.3 billion-asset GrandSouth in June for $181 million of stock. GrandSouth’s investment bank contacted 11 potential acquirers in March with the candidates selected because of “their size, capacity to pay and strategic interest in GrandSouth or banks in the South Carolina marketplace,” according to

WSFS Financial in Wilmington, Del., has formed a health care banking division after hiring a banker from Fulton Financial. The $20.6 billion-asset WSFS said in a press release Monday that Kevin McKeown had become its director of health care banking. He will report to Jim Wechsler, the company’s chief operating officer, commercial banking. The group will focus on senior living and long-term care facilities, while building out the expertise and products for

Gulf Coast Bank & Trust in New Orleans has acquired an equipment finance business. The $3 billion-asset bank bought the assets of KLC Financial and KLC Capital Partners in Minnetonka, Minn. The price wasn’t disclosed. KLC offers leases to vendors and commercial businesses across a national platform. “KLC will continue their existing leasing programs but will now have additional resources and reach that will enable them to serve even more customers across the

Provident Financial Services in Iselin, N.J., has hired an outsider to serve as its first chief digital and innovation officer. The $13.7 billion-asset company said in a press release Monday that Ravi Vakacherla had accepted the post, which is a recasting of the bank’s chief information officer role. He also joined Provident’s executive leadership team. Vakacharla is responsible for digital initiatives, including strategy, data analytics, innovation, fintech partnerships and IT. He will

First Missouri Bank in Brookfield has a new name. The $377 million-asset bank has rebranded as Verimore Bank in a move that deemphasizes location and focuses on products and services. The rebranding "is the result of time spent asking bank customers, employees and community leaders about what we do well, where we can improve, and what sets us apart,” Kristie Stuewe, Verimore’s CEO, said in a press release. “In response to our customer

Allegiance Bancshares in Houston and CBTX in Houston have pushed back the termination date of their planned merger. The companies disclosed in regulatory filings that the termination date was changed from Aug. 2 to Nov. 1. Allegiance and CBTX “remain committed to the merger and obtaining” approval from the Federal Reserve, the companies said.The Fed is the only entity that hasn’t signed off on the combination. The companies, which plan to rebrand as