Bloom Credit Union and West Michigan Credit Union aim to join forces; Long Island-based New York Community Bancorp plans a reverse stock split; Providence, Rhode Island-based Citizens Financial hires longtime California banker to lead its middle-market team; and more in this week's banking news roundup.

VersaBank plans to use the one-branch Stearns Bank Holdingford in Minnesota as a platform to expand a lucrative niche business acquiring loan and lease receivables from point-of-sale lenders.

Funding Circle US fought to win a coveted license to make SBA 7(a) loans only to see its London-based parent company agree to a sale before it could make its first government-guaranteed loan

There were 27 bank acquisitions worth $5.45 billion announced in the second quarter as of mid-June. That was more than the $5.2 billion combined value of deals announced over the previous five quarters.

PeoplesBank and Cornerstone Bank entered into an agreement to combine their holding companies in a deal slated to close early in 2025. The banks would continue to operate separately.

The Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency issued proposals to update their bank merger review guidelines, but public comments reflect radically different attitudes from stakeholders about how high the bar to mergers should be.

During the nine years Kevin Riley led the Billings, Montana-based institution, it quadrupled its size, largely through deals. New leadership could mean that the company focuses less on M&A and more on integration.

Senate Banking Committee chair Sen. Sherrod Brown, D-Ohio, is the latest progressive to express some skepticism on the Office of the Comptroller of the Currency's merger review, especially when compared to the relatively stricter Federal Deposit Insurance Corp. version.

MC Bancshares and Heritage NOLA Bancorp announced plans to combine in 2023, but the companies called off the deal after difficulties securing approvals. It amplified what an analyst called the "ever-present risk" of examiner scrutiny.

The bank said it would reduce its physical footprint by nearly 15% as part of an effort to reduce overlapping operations, drive cost savings and meet profitability targets tied to its May acquisition of Lakeland Bancorp.