Bank of Burlington in South Burlington, Vt., has been cleared to open. Organizers said in a press release that the de novo had received its certificate of insurance from the Federal Deposit Insurance Corp. and a certificate of authority from the State of Vermont Department of Financial Regulation. “We are delighted to announce the opening of Bank of Burlington,” Geoffrey Hesslink, the bank’s chairman and CEO, said in the release. "Bank of Burlington

Grasshopper Bank in New York has raised $30.4 million of fresh capital.The $305 million-asset bank said in a press release that the investors included Carpenter & Co., Endeavour Capital Advisors, FJ Capital Management, GCP Capital Partners and Patriot Financial Partners. Most of those participants were existing investors. "Our strategic direction is set,” Mike Butler, Grasshopper's CEO, said in a press release. “The new capital will further support our growth and solidify our

Deposit inflows from Banking-as-a-Service (BaaS) and digital assets partially offset an exodus of more traditional deposits at Provident Bancorp in Amesbury, Mass. The $1.8 billion-asset company said that overall deposits at June 30 fell by 1.4% from the end of 2021, to $1.4 billion. Traditional deposits fell by 3.3%, to about $1.1 billion. Another $14 million of deposits tied to enterprise value customers left the bank over the first half of 2022. Provident

F.N.B. Corp. in Pittsburgh is looking to fill some gaps in Virginia.The $42 billion-asset company said it had hired Wes York to open a commercial lending office in Richmond. It also plans to open at least 11 offices in Northern Virginia and Washington, D.C., by 2024.F.N.B. currently has seven branches in the Washington area.York previously worked at South State, where he was a commercial team leader, according to his LinkedIn

Comerica in Dallas has a new head of payments. The $87 billion-asset company said in a press release Monday that Allysun Fleming will oversee all of its payments-related operations. She will report to Peter Sefzik, an executive vice president at Comerica Bank. "Our vision is to grow and optimize Comerica in ways that deepen the value we provide our commercial, wealth and retail customers," Sefzik said in the release.  "With the addition

Nano Banc in Irvine, Calif., made changes to several high-profile posts. The $1.1 billion-asset business bank said in a press release that it had named R. Scott Racusin as its CEO and Mary Lynn Lenz as its chairman. Steven Buster was named vice chairman. Racusin previously served as president and CEO of Merchants Bank of California. He was also set to become president and CEO of Robinhood Bank when the startup

U.S. Bancorp in Minneapolis will pay a $37.5 million penalty to the Consumer Financial Protection Bureau to address claims it opened accounts without informing customers or getting their consent. The $591 billion-asset bank entered into a consent order with the CFPB on Thursday. The order addresses claims that U.S. Bancorp employees issued credit cards and lines of credit, along with deposit accounts, to meet sales goals and hit incentives targets. The CFPB said

Blue Ridge Bankshares in Charlottesville, Va., reported lower quarterly earnings that reflected adjustments to the value of its fintech investments and a sharp decline in mortgage volume. The $2.8 billion-asset company’s second-quarter net income fell by 94% from a quarter earlier, to $1.1 million. Blue Ridge said the lower results reflected $9.4 million of fair value adjustments tied to equity investments in certain fintechs and a $3.6 million decline in income