Capital

The Connecticut bank said its newly minted president, Steven Sugarman, successfully led a private placement and signed a long-term employment agreement that makes him a potential CEO. David Lowery, current chief executive of Patriot, plans to step down in April.

An order permitting CSBH LLC in Powhattan, Virginia, to acquire a controlling stake in Industry Bancshares promises to give the Texas company a fresh start in one of the country's most attractive banking markets.

The $4 trillion-asset bank posted its highest-ever annual profit but also said its CEO succession plan is still in the works.

The Stamford, Connecticut-based bank hired Steven Sugarman to be its president. The former bank CEO, who now heads one of the country's largest mission-based lenders, will help drive an effort to close a capital gap.

Banks such as TD, Wells Fargo and Bank of America drew attention this year for money-laundering issues. That's one of several top regulatory news items in 2024.

The Louisiana-based bank reduced its dividend to a penny, the second reduction it has made this year as it tries to bring down expenses and generate more capital.

The New York bank's planned $125 million public offering comes less than a week after Valley National raised more than $400 million with a similar transaction.

Consumer Financial Protection Bureau Director Rohit Chopra said regulators urgently need to implement the Basel III endgame bank capital proposal, suggesting his opposition to the revised rule centers on the process of re-proposal rather than more substantive opposition to suggested revisions.

Advocates for depositor-owned banks hope Warsaw Federal's $5 million capital raise will serve as a template for institutions in need of more capital than retained earnings can provide.

Fortuna Bank in Columbus would be the third U.S. bank specifically formed to be women-owned, according to its organizers. Supporters say it's another win toward obtaining gender-equitable capital access.