The Columbus, Ohio-based bank said its all-stock bid for Penns Woods Bancorp would expand its footprint and give it $1.7 billion of deposits and $1.9 billion of loans.

Months of painful restructuring may be paying off as the Charlottesville, Virginia-based company reported a modest third-quarter profit after more than a year of losses.

The combination would create a Northeast regional bank with nearly $24 billion of assets. It would rank as the eighth-largest bank in the Boston metropolitan area by deposit market share.

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.