First Northern Community Bancorp in Dixon, Calif., has promoted Jeremiah Z. Smith to take over as chief financial officer at the end of the year.
Smith's new post, announced late Monday, will coincide with the retirement of Owen Onsum, First Northern's president and chief executive. The company said last week that the current CFO, Louise Walker, will succeed Onsum, who will remain a director.
Smith is the $736.2 million-asset company's corporate controller.
The embattled Long Island bank unveiled a turnaround plan that involves selling non-core assets and diversifying its commercial loan book. But first, it will need to sort through credit-related challenges in its large commercial real estate portfolio.
During this week's Federal Open Market Committee meeting, officials voted to lower the cap on the amount of Treasury securities that can roll off the central bank's books each month from $60 billion to $25 billion.
House Republicans held a subcommittee hearing on reforming bank merger M&A, laying the groundwork to counter Biden administration efforts to make it more difficult for mergers to be approved.
Bolstered by healthy first-quarter global card-spending trends, Mastercard is focusing on opportunities outside the U.S., including a unique card-processing arrangement beginning this month in China.
A new policy directive aims to fortify critical infrastructure by enhancing collaboration between U.S. intelligence agencies and systemically important financial entities.
Mark Warren and Thom Tillis have introduced the Secure Artificial Intelligence Act of 2024 to address the unique risks of AI.
