For the third time since the start of the pandemic, the Richmond, Virginia, company will close branches to contain costs in what it calls a “challenging macroeconomic environment.”

Driver Management says CEO Vernon Hill’s aggressive deposit-gathering strategy is not paying off for shareholders and wants the company to merge with a bank that would deploy the deposits into higher-yielding loans.

Facing a lawsuit from a disgruntled investor, the Arkansas company has released additional information about how it arrived at the $919 million price it’s paying for Happy Bancshares.

The $85 million acquisition of Metro Phoenix Bank would more than double Alerus Financial’s loans and deposits in the nation’s fifth-largest city.

Business and regulatory pressures were already weighing on aging executives before the onset of the pandemic led many to delay retirement plans. Now as the crisis eases, an increasing number are finally stepping down.

Bankers say the Biden administration’s call for regulatory greater scrutiny of mergers and acquisitions is causing holdups and could slow dealmaking activity in 2022.

On Sep. 30, 2021. Dollars in thousands.

On Sep. 30, 2021. Dollars in thousands.

The transaction will enable possible acquisitions and provide cost savings of $500,000 a year by allowing the Virginia bank to redeem a block of higher-cost notes.

The prepaid card issuer Green Dot backed out of the deal for fear of inheriting a regulatory problem. Republic plans to pursue a separate legal challenge alleging breach of contract.