Brent Grable will take on managing IT and operations at the Massachusetts bank. He formerly worked at Santander and State Street.

Shares in small banks have plummeted during this year's banking crisis. But deposits have largely stabilized and credit quality remains historically strong, bolstering the case for bargain buying and a sector rebound.

The de novo institution is offering treasury management and depository services to the fragmented nail-and-beauty segment. Management has hopes this will bolster its relationship banking and liquidity.

MVB Financial's agreement to buy Integrated Financial Holdings has fallen through, with both sides citing an uncertain economic outlook and potential regulatory challenges. It's the second M&A deal to be scrubbed in the past week.

A recent Bank of America survey found many small businesses forecasting increased revenues and planning to add workers, but a canvass by Biz2Credit indicated they'll struggle to secure credit.

In the wake of spiking interest rates and surging deposit costs, bankers are looking for ways to scale back their overall expense bases to protect their bottom lines.

The Federal Reserve claims to want to encourage the formation of de novo banks, but its treatment of Custodia Bank calls that commitment into question.

The Federal Reserve took action against a small bank in southern Illinois whose exposures to interest rate changes left it with negative equity last year. The enforcement action comes as regulators review their oversight practices following Silicon Valley Bank's failure.

The Philadelphia-based company will eliminate an undisclosed number of jobs as part of a plan to refocus on core business lines and markets, CEO Thomas Geisel said.

The fund, which aims to create a self-sustaining, nationwide secondary market for CDFI microloans, has made progress, but it remains far short of its goal, its managing director said.