John Reosti

Banks' sales of insurance agencies for eye-popping multiples emerged as one 2023's notable trends. Though the bandwagon shows no sign of slowing, several prominent community banks appear to be holding on to their insurance operations.

Though new bank formation slowed somewhat in 2023, with only five de novos opening, the stage appears set for a more active year in 2024 with a number of groups working toward a charter.

The deadline for a $28 million deal between Bancorp 34 and CBOA Financial was pushed later into 2024 after Bancorp 34, the buyer, announced it would restate third-quarter results to reflect a significant loss tied to a worsening commercial real estate credit.

America First Credit Union wants to grow 7(a) lending, but its expansion prospects depend on hiring more experienced lenders. That's proved a common challenge for other institutions as the Small Business Administration program continues to grow in popularity.

Provident Financial in Iselin initially anticipated completing its deal for Oak Ridge-based Lakeland Bancorp in the second quarter. Now as it waits for regulatory approval, Provident says the process will stretch into spring 2024.

Lincoln Savings Bank has tapped Sean Willett, chief administrative officer at Financial Institutions, as its next leader after a six-month search.

Led by veteran banker Stephen Gordon, Genesis Bank in Newport Beach, California, plans to use the funds pledged by private equity firms and other investors to roll up community banks in the Western U.S.

The changes include elevating several recently hired executives while eliminating nearly two dozen jobs and trimming annual operating expenses by $6 million.

The Michigan City company, part of a growing list of banks announcing similar overhauls, aims to sell nearly $400 million of securities and reinvest the proceeds in higher-yielding loans.

Carter Bankshares in Martinsville, Virginia, is attempting to exit a longstanding relationship with West Virginia Gov. Jim Justice through a seldom-used collections tool that was at the center of a court hearing this week.