Content classifications

Old Fort Banking in Tiffin, Ohio, has sold a controlling interest to its employees. The Old Fort Employees Stock Ownership and 401(k) plan bought a 45% stake in Gillmor Financial Services, the holding company for the $471 million-asset Old Fort.

DNB Financial in Downingtown, Pa., said its chairman and chief executive, William Latoff, has died. He was 67.

The rule, set for 2018 implementation, would force companies to record gains and losses from equity investments on their income statements. That should create volatility for 50 to 70 institutions, mostly mutuals, that have such investments.

Eagle Bancorp in Bethesda, Md., has hired four bankers to a develop a business line making Federal Housing Administration-insured loans for multifamily rental properties.

Opus Bank in Irvine, Calif., will cut about 10% of its workforce and cancel contracts for redundant systems and services.

Merchants Bancshares in South Burlington, Vt., has named an interim principal financial officer after its chief financial officer resigned.

Live Oak Bancshares in Wilmington, N.C., one of the largest 7(a) program lenders in the U.S. last year, has promoted Greg Thompson to chief operating officer.

Patriot National Bancorp in Stamford, Conn., said that its chief financial officer resigned this week and that it has hired a former Connecticut community bank executive to replace her.

Trona Valley Federal Credit Union in Green River, Wyo., has named a new chief executive after the planned retirement of its longtime chief.

The Financial Accounting Standards Board is giving a handful of community banks a chance to explain why a plan to change the accounting for loan losses will result in major hardship. The proposal would force banks to record a loan-loss provision once a loan is originated, rather than when a loss becomes probable.

Fintech maven and venture capitalist Peter Thiel has invested in Deposit Solutions, an open architecture platform for European retail savings deposits.

CUs announce new hires, promotions—and who’s crashing GAC.

For all the attention nonbank fintech firms get, they still have a long way to go before winning over key customer segments, such as business banking customers.

Bank of Oak Ridge in Oak Ridge, N.C., has a successor for its departing president and chief executive.

Mascoma Savings Bank in Lebanon, N.H., is looking for a new chief executive.

U.S. Bancorp has tapped two executives — including Most Powerful Women in Banking veteran Leslie Godridge — to co-head its wholesale banking division as vice chairs.

Deloitte has named Kenny Smith leader of its financial services industry group in the U.S., succeeding Robert Contri, who had held the role since 2011.

MainSource Financial Group in Greensburg, Ind., has named Karen Woods as chief risk officer and corporate counsel.

First Republic Bank in San Francisco has appointed Katherine August-deWilde to the newly created position of vice chair.

Ingo Money in Atlanta, Ga., has added former MasterCard president and chief executive H. Eugene Lockhart to its board of directors.