Provident Bank names new chief wealth officer

Published June 5, 2026 4:00 PM

1 Min Read

In this week's banking news roundup:

Provident Bank in Iselin, New Jersey, appointed Annamaria Vitelli to dual roles of chief wealth officer and president of Beacon Trust, the bank's wealth management subsidiary.
U.S. Bancorp completed its acquisition of the global investment bank BTIG on June 1.
Centier Bank was honored with the Indiana Bankers Association's 2025 Commitment to Community Award, and more.

Provident Bank

New Jersey bank appoints new chief wealth officer

Provident Bank in Iselin, New Jersey, has promoted Annamaria Vitelli, a former private bank leader at PNC Financial Services Group, to dual roles: chief wealth officer of the bank and president of Beacon Trust, the bank's wealth management subsidiary.

Vitelli, who joined the company last fall as Beacon's chief growth officer, will report directly to Provident Bank President and CEO Anthony Labozzetta, the bank said in a press release. She will serve on the bank's executive management team.

In her new role, Vitelli will oversee Provident's wealth management business, including investment management, trust and fiduciary services, the bank said. She will also focus on expanding Beacon Trust's customer base as well as its products and services.

Vitelli succeeds Valerie Murray, who left the bank last month, according to Murray's LinkedIn profile.

Provident Bank is the banking subsidiary of Provident Financial Services, which had about $25 billion of assets at the end of March.—Allissa Kline

Daniel Acker/Bloomberg

US Bancorp completes BTIG acquisition

U.S. Bancorp completed its acquisition of the global investment bank BTIG on June 1, the Minneapolis-based lender announced this week in a press release.

The addition of BTIG "adds highly complementary capabilities" to U.S. Bancorp's capital markets platform, Stephen Philipson, a U.S. Bancorp vice chair and the bank's head of wealth, corporate, commercial and institutional banking, said in the release.

U.S. Bancorp announced in January that it would buy BTIG, which had $372.1 million of assets at the time, for up to $1 billion in cash and stock. The investment bank will operate as a separate broker-dealer within U.S. Bancorp, the bank said in the release.

Founded in 2005, BTIG has offices in 20 cities around the world and does business in a variety of fields, including investment banking, prime brokerage, research and institutional sales and trading. —Allissa Kline

Centier Bank employees help Phil's Friends create care packages for cancer patients.

Centier Bank

Centier Bank wins IBA’s Commitment to Community Award

Centier Bank has been honored with the Indiana Bankers Association's Commitment to Community, or C2C, Award for outstanding community service performed during 2025.

Presented on May 21 during the IBA Mega Conference in Indianapolis, the award highlights the Centier Bank's impressive 2025 community service stats, which include over 27,000 hours of volunteerism by more than 700 associates, including 4,000 sessions of financial education outreach providing over 550 hours of instruction.

Chris Campbell, the bank's president, praised Centier's culture in a June 2 press release announcing the award. "Centier's mission of giving back — whether it's through sponsorships and donations, volunteerism, financial education, corporate heritage or other means of philanthropic outreach — has always been a cornerstone of Centier Bank and its servant-heart culture," Campbell said in the release.

Centier Bank, which won in the large banks category, has been honored multiple times as an American Banker Best Banks to Work For. —Traci Parks

Checkout.com Nearly Triples Value to $15 Billion After Funding

Hollie Adams/Bloomberg

Coinbase and Checkout.com announce stablecoin partnership

The London-based payments processor Checkout.com has partnered with cryptocurrency exchange Coinbase to accept stablecoin payments in its network of over 1,000 enterprise customers that include Uber, eBay and Klarna. Consumers can pay in Circle's USDC or Tether's USDT stablecoins, and merchants can continue to settle in U.S. dollars through Checkout.com's payment rails.

"Merchants on Checkout․com can now offer stablecoin payments with a simple settings change," said Alec Lovett, head of infrastructure products at Coinbase, in an X post announcing the launch.

Checkout.com previously received approval for a merchant acquirer limited purpose bank charter from the state of Georgia in January of this year. The company is aiming to have full charter banking operations later in 2026. Coinbase also received conditional approval for an OCC trust bank charter in early April. —Melinda Huspen

Orrstown Bank

Orrstown Bank appoints Adam Metz president and CEO

Orrstown Bank in Harrisburg, Pennsylvania, named Adam L. Metz its new president and CEO. He succeeds Thomas R. Quinn Jr., who retired on June 1 after 17 years of leadership at the bank.

Metz brings extensive banking experience to his new role, including several leadership positions at the $5.6 billion-asset Orrstown, most recently as senior executive vice president and chief operating officer.

"Adam is a proven and respected leader who understands our markets, our clients, and the importance our commitment to community banking," said Joel R. Zullinger, chairman of the bank's board in a press release. "His strategic vision, integrity, and deep industry expertise make him exceptionally well suited to lead Orrstown Bank forward into its next chapter."

Zullinger also expressed gratitude for Tom Quinn's leadership and vision in transforming Orrstown into a "premier community bank with a track record of delivering exceptional service to its clients while building value for its shareholders." —Traci Parks

Tour Boat on Lake George at Sunset, with Adirondack Mountains in New York State

Adobe Stock

Upstate New York banks get OCC approval to merge

Arrow Financial in Glens Falls, New York, has received approval to acquire Adirondack Bancorp in Utica, New York, in a deal that will create a $5.4 billion-asset bank in upstate New York.

The Office of the Comptroller of the Currency has signed off on the pending acquisition, according to a press release from Arrow Financial. The transaction is expected to close on or around July 1, though it still must be approved by Adirondack shareholders and it must obtain approvals or waivers from the New York State Department of Financial Services and the Federal Reserve Bank of New York, according to the press release.

The 176-year-old Arrow Financial offers banking, insurance and wealth management services from Plattsburgh, New York, to Albany. The addition of Adirondack Bancorp, the parent company of Adirondack Bank, will expand Arrow's eight-county footprint into the Adirondack region and into the Mohawk Valley, including Oneida, Herkimer and Franklin counties. —Allissa Kline

Chris Ratcliffe/Bloomberg

London Stock Exchange Group releases monthly M&A stats

The London Stock Exchange Group released its monthly M&A Snapshot this week, announcing worldwide mergers and acquisitions reached $2.23 trillion during the first five months of the year. This reflects a 45% increase over year-ago levels and just 3% less than the all-time January through May record of $2.30 trillion set in 2021.

May 2026 saw $525.5 billion in deals globally, up 10% from April and the highest monthly total so far this year, with megadeals continuing to drive activity. Seven such deals, valued at $10 billion or more, were announced this month, with a total of 39 such transactions since the start of the year. The combined value of this year's 39 megadeals is $1.02 trillion, accounting for 46% of overall global M&A activity.

The overall number of global deal announcements declined from year-ago levels. More than 19,000 M&A transactions were announced worldwide between January and May 2026, 14% less than the same period in 2025. —Traci Parks

Nubank

Nubank hires Visa’s Rob Livingston as CFO ahead of US expansion

Nu Holdings hired Visa's Rob Livingston as chief financial officer, bringing in a veteran of North American financial companies as the Brazilian firm builds its planned U.S. bank.

Livingston, who was Visa's CFO for North America and previously held managerial positions at Capital One Financial, will succeed Guilherme Lago on July 13, according to a statement Monday. Lago, who made the decision to step down, will become a special advisor to management and the audit and risk committees.

Nubank has been seeking to expand beyond Latin America, and earlier this year was granted conditional approval for a bank in the U.S., where Livingston will be based.

The new CFO will oversee financial officers for each of Nubank's operating countries, including Brazil, where a new local CFO position will be created. That person, who has yet to be named, will report to Livingston along with the Mexico and Colombia CFOs. —Matheus Piovesana, Bloomberg News

Ben Nelms/Bloomberg

BMO hires TD’s van Arragon for domestic business banking role

Bank of Montreal hired Trevor van Arragon from rival Toronto-Dominion Bank for a newly created role leading BMO's Canadian business banking division.

Van Arragon, who has been with Toronto-Dominion for almost two decades and was most recently head of its merchant solutions business, will join Bank of Montreal on June 8, according to an internal memo shared with Bloomberg News.

"Canadian business banking remains a strategically critical business to BMO and one that must sustain and accelerate its momentum," Mathew Mehrotra, group head of Canadian personal and business banking, said in the memo. Van Arragon will report directly to Mehrotra.

Bank of Montreal is also promoting Justin Scully to head of Canadian business banking distribution, Mehrotra said in the memo. Scully has spent almost two decades in Bank of Montreal's personal, small-business and commercial banking operations and has held several leadership roles. —Christine Dobby, Bloomberg News