Jim Dobbs

The Indiana bank said it struck a $40 million cash deal to sell its insurance brokerage to the Hilb Group. It joined a growing number of lenders announcing such transactions.

Atlanta Postal Credit Union's bid to acquire Affinity Bank marked the 11th deal overall this year involving a credit union buying a bank, matching the total for all of 2023. Separately, members voted against the merger of two credit unions in Indiana.

Shan Hanes, who led Heartland Tri-State Bank in Kansas until it failed last year, pleaded guilty to one count of embezzlement by a bank officer. He now faces up to 30 years in prison. He is scheduled to be sentenced on Aug. 8.

The bank took a big hit on an office property in Washington, D.C., during the first quarter. This month, it filed a shelf registration statement for an offering of up to $150 million that could be used to bolster capital or refinance debt.

West Coast Community Bancorp agreed to acquire 1st Capital Bancorp in an all-stock deal slated to close in the fourth quarter.

The Florida-based bank, which has been expanding across the South, would enter major markets such as Dallas and Houston with its planned all-stock acquisition of Independent Bank Group.

Pima Federal Credit Union in Tucson plans to buy Republic Bank of Arizona in a cash transaction slated to close in the second half of this year. It's the ninth deal in 2024 in which a whole bank would sell itself to a credit union.

The utility, under financial pressure following its involvement in the 2023 fires that ravaged Maui, reportedly is considering a sale of its profitable American Savings Banking unit. An executive declined to "speculate on any strategic transactions or alternatives."

The $116 million deal to acquire HMN Financial in Rochester would mark the 26th acquisition of this century for Alerus. The transaction is slated to close in the fourth quarter.

Executives also say funding pressures have begun to ease, though high interest rates and deposit costs remain a leading worry, according to new surveys.