Jim Dobbs

Nearly two out of three finance chiefs surveyed by Piper Sandler said they were most worried about deposit costs in the aftermath of recent bank closures. Only 7% cited credit quality as their top reason for unease.

The Kentucky-based bank plans to acquire the $234 million-asset Sumner Bank & Trust in central Tennessee in a transaction expected to close in the fourth quarter.

The beleaguered bank said it is selling 74 loans totaling about $2.6 billion to a subsidiary of Kennedy-Wilson Holdings. The move is part of a plan to pursue strategic asset sales, trim expenses and shore up its balance sheet.

Lenders in coveted locations with stable deposit bases are bullish about their expansion opportunities despite the shadow the banking crisis and recession fears have cast on the rest of the industry.

The West Virginia company says COO Jeffrey Jackson will become chief executive in August instead of January. He will succeed Todd Clossin, who will retire earlier than planned and describes Jackson as "well prepared."

Community banks tapped the brakes during the first quarter, citing higher interest rates, recession threats and fallout from regional-bank failures. Fed data shows the trend has continued into May, and executives are preaching caution.

Shares in small banks have plummeted during this year's banking crisis. But deposits have largely stabilized and credit quality remains historically strong, bolstering the case for bargain buying and a sector rebound.

The Florida lender hired corporate bankers in New York City who had previously worked at First Republic Bank, which collapsed last week.

MVB Financial's agreement to buy Integrated Financial Holdings has fallen through, with both sides citing an uncertain economic outlook and potential regulatory challenges. It's the second M&A deal to be scrubbed in the past week.

In the wake of spiking interest rates and surging deposit costs, bankers are looking for ways to scale back their overall expense bases to protect their bottom lines.