Succession planning

SouthState Corp. plans to purchase Independent Bank Group in a $2 billion deal, marking an end to the latter bank's long run of buying companies. Chairman and CEO David Brooks pointed to a challenging interest rate environment and heightened regulatory scrutiny as reasons he decided to sell.

Shareholders at America's largest bank voted against requiring an independent board chair, though the proposal drew more support than similar measures did recently at other megabanks. The vote came just one day after Dimon signaled that his departure as CEO may be on the horizon.

Getting appointees confirmed by the Senate can be a time-consuming and painstaking process in ideal circumstances, and doing it in an election year amid a scandal is far from ideal. Even so, the White House and Senate Democrats should be motivated to move fast.

One year after it bought First Republic Bank, the largest U.S. bank by assets is launching J.P. Morgan Private Client, a new tier in its affluent-consumer services that brings together JPMorgan's brand with First Republic's concierge model.

The Puerto Rico-based company's board of directors has given an additional title to COO Javier Ferrer, naming him president as of May 9. His career path closely resembles that of his boss, CEO Ignacio Alvarez.

The Minneapolis-based company has promoted Kedia to president, a role that CEO Andy Cecere and his predecessor both held before being named to the top job.

Ryan Bailey's responsibilities include refreshing Cambridge Savings Bank's digital-only brand Ivy Bank. The institution believes his prior stint at USAA has prepared him for the challenge.

The CEO of FirstBank in Colorado will retire at the end of the month, KeyCorp's chief accounting officer will depart, Fiserv pursues deal to buy Shift4 and more in the weekly banking news roundup.

In this month's roundup of top banking news: The potential impact of Capital One's purchase of Discover, Citi's use of generative AI for its developers, the downfall of Heartland Tri-State Bank and more.

Bharat Masrani has spent a decade as the Canadian bank's top executive and is pushing 70. But as the bank undergoes a U.S. Justice Department probe, it's unclear when he'll step down or who's next in line.

The Salt Lake City company has promoted Paul Burdiss, its chief financial officer, to succeed A. Scott Anderson as president and CEO of its banking unit. It also named a new CFO and a new general counsel.

The world's largest credit union said that Dietrich Kuhlmann, a retired rear admiral and currently the institution's chief operating officer, would succeed retiring CEO Mary McDuffie on March 1.

The Pittsburgh company says its new president, Michael Lyons, will report to William Demchak, who will continue as chairman and chief executive. Lyons is positioned to become PNC's next CEO someday, observers said.

Several of the company's top leaders, including Jennifer Piepszak, have been given new duties in CEO Jamie Dimon's latest management reorganization. Piepszak and JPMorgan President Daniel Pinto are among those viewed as potential successors to long-serving Dimon.

John Watt, 65, will step down in May after more than seven years as president and CEO of NBT Bancorp in Norwich, New York. The plethora of internal candidates to succeed him made the decision a no-brainer, Watt says.

Three-fourths of Gorman's bonus will be paid in deferred stock over three years, the New York-based firm said in a regulatory filing.

Douglas Timmerman, the company's president of dealer financial services, will step in when Jeffrey Brown departs at the end of January. Ally continues its hunt for a permanent CEO.

The appointment of Lynne Biggio Herndon as chief credit officer marks the final step in the Phoenix-based bank's leadership reorganization.

Lincoln Savings Bank has tapped Sean Willett, chief administrative officer at Financial Institutions, as its next leader after a six-month search.

Morais, who leads the auto lender's consumer and commercial banking divisions, is preparing to leave as Ally Financial conducts a search for its next chief executive officer. She had been seen as a potential candidate to replace outgoing CEO Jeffrey Brown.