The bank said it redeployed proceeds from the sale into high-yielding investments. It also said it would end an employee pension plan to curb expenses.

A close result was complicated by an hour-long adjournment of the New York-based company's annual meeting that angered dissident investors and left them mulling legal action.

Orange Bank and Trust in Middletown says it will operate as a boutique commercial bank, focusing on small business, nonprofits and the borough's sizzling housing construction market.

Banks that don't focus on credit cards for this market may find larger banks and fintechs are eating their lunch.

The bank has hired an advisory firm to assess a potential sale, a capital raise or a strategic partnership after a prior merger fell through.

A slower rate of price increases would boost the likelihood of an interest-rate cut that could expand loan demand and lower banks' deposit costs. A higher pace of inflation, however, could derail those catalysts.

The Honolulu-based bank is taking a $19.7 million pretax loss to rid its balance sheet of low-yielding investments. It joined a parade of banks that have made similar moves.

Banking South Korean companies has become a major pillar of the Los Angeles-based Hanmi's balance sheet, with a portfolio of loans approaching $1 billion.

The cash-and-stock bid for Enterprise Bancorp is expected to close in the second half of 2025. In connection with the deal, Independent plans to raise about $250 million in subordinated debt.

Net closings rose to the highest quarterly level in nearly three years. As M&A rebounds, banks are also trimming their physical footprints as customer demand for digital services overshadow in-person transactions.