For the third time since the start of the pandemic, the Richmond, Virginia, company will close branches to contain costs in what it calls a “challenging macroeconomic environment.”

Driver Management says CEO Vernon Hill’s aggressive deposit-gathering strategy is not paying off for shareholders and wants the company to merge with a bank that would deploy the deposits into higher-yielding loans.

Facing a lawsuit from a disgruntled investor, the Arkansas company has released additional information about how it arrived at the $919 million price it’s paying for Happy Bancshares.

The $85 million acquisition of Metro Phoenix Bank would more than double Alerus Financial’s loans and deposits in the nation’s fifth-largest city.

Business and regulatory pressures were already weighing on aging executives before the onset of the pandemic led many to delay retirement plans. Now as the crisis eases, an increasing number are finally stepping down.

Bankers say the Biden administration’s call for regulatory greater scrutiny of mergers and acquisitions is causing holdups and could slow dealmaking activity in 2022.

On Sep. 30, 2021. Dollars in thousands.

On Sep. 30, 2021. Dollars in thousands.

The transaction will enable possible acquisitions and provide cost savings of $500,000 a year by allowing the Virginia bank to redeem a block of higher-cost notes.

The prepaid card issuer Green Dot backed out of the deal for fear of inheriting a regulatory problem. Republic plans to pursue a separate legal challenge alleging breach of contract.

Coming out of the pandemic, traditional banks will have just two years to update their business models or they risk falling behind more innovative peers and aggressive upstarts, the consulting giant warns in a new report.

The $129 million deal for Rahway-based RSI would give Columbia a stronger presence in Union and Middlesex counties.

The new omicron strain is prompting more financial institutions to extend mask mandates in the workplace and remote work schedules.

The Denver company said it would pay $56 million for Legacy Bank in Colorado and pick up nearly $500 million of assets.

Demand for advances from the Home Loan banks has plummeted as the Federal Reserve has flooded the financial system with liquidity. But with a nudge from Congress, these government-sponsored enterprises could remain relevant by broadening their mission and opening membership to more lenders.

The sale could end minority ownership for Alamerica Bank in Alabama, further reducing the number of Black-owned banks in the U.S.

On Sep. 30, 2021. Dollars in thousands.

On Sep. 30, 2021. Dollars in thousands.

Friendly Hills Bancorp's board is due for a shake-up after its management team underperformed for more than a decade, says shareholder Frank Kavanaugh.

Borrowers expect the Federal Reserve to raise interest rates next year to contain soaring prices and are locking in favorable terms now, bankers say.