Americas

Banks and credit unions in California plan to participate in a new working group that will focus on the cannabis industry's lack of access to the mainstream financial system, according to state officials.

Plaza Bank in Seattle has promoted its chief lending officer to become CEO. The $65 million-asset bank said in a press release Monday that Michael Anderson also succeeded Michael Clabby as president on Nov. 23.

Union Bankshares in Richmond, Va., has sold $150 million in subordinated notes. The $8.2 billion-asset company said in a press release Monday that the notes will initially bear an annual fixed interest rate of 5%.

Pinnacle Bank in Gilroy, Calif., is looking to raise about $3 million through a rights offering.

Community Bank System in DeWitt, N.Y., has agreed to buy Northeast Retirement Services in Woburn, Mass.

Fentura Financial in Fenton, Mich., is the latest banking company to outline plans to sell common stock.

The Music City is booming because of entertainment and health care. Still, banks are monitoring growth in areas such as real estate development for signs of stress.

American Express has added a new mobile payment service to the growing list of "Pays" available to consumers in Canada.

Opus Bank in Irvine, Calif., continues to bolster its credit ranks following a surprising third-quarter loss.

The Office of the Comptroller of the Currency will start granting limited-purpose bank charters to fintech companies, but intends to maintain high standards for new entrants.