Tanaya Macheel

Opus Bank in Irvine, Calif., has created a formal division for lending to municipal governments and has promoted executive Debbie McLeod to lead the venture.

Ally Financial in Detroit has promoted David Shevsky to chief risk officer, after its previous executive in that role left for Santander Bank's holding company.

The $467 million-asset mutual thrift appointed Patricia Stetler to the role this week.

The $5.6 billion-asset multibank holding company hired Fontaine to replace Ed Hooks, who has been its counsel since 1992 and who will retire at the end of the year.

Salisbury Bancorp. in Lakeville, Conn., has issued $10 million in subordinated debt and plans to exit the Small Business Lending Fund.

JPMorgan Chase's Eileen Serra is giving up her CEO title (for a very interesting reason); CIT Group's Ellen Alemany is getting to work sooner than expected with a big housecleaning; and Meredith Whitney resurfaces with an insurance company. Plus, inclusion confusion, the "Person of the Year" (it's a woman for the first time in 29 years), and Saudi Arabia.

CIT Group will pay about $60 million in severance to 14 executives who have been dismissed or left the company, as it continues to shuffle its executive lineup following its August acquisition of OneWest Bank.

Carolina Financial in Charleston, S.C., plans to raise $30 million in a public offering of its common stock.

Bank of Lancaster in Kilmarnock, Va. has promoted Susan Pittman to the newly created position of chief lending officer.

Bank of the Ozarks in Little Rock, Ark., which has made 15 bank deals since 2010, has raised $110 million in an offering of its common stock.