The $417 million agreement would give Richmond, Virginia-based Atlantic Union Bankshares "the critical mass" it needs in its home state and neighboring North Carolina, according to CEO John Asbury. He and his counterpart Jeff Haley at American National Bankshares in Danville, Virginia, describe each other as longtime pals.

The deal is expected to close late in 2023 or early next year and be immediately accretive to the combined company's earnings.

The recent conversion marked one of the final steps in the $8 billion acquisition, first announced in 2021. U.S. Bank still anticipates up to $900 million in cost savings and a breadth of opportunities to expand revenue from the transaction.

After the Tennessee bank's canceled sale to TD Bank, it launched a marketing campaign that attracted tens of thousands of new customers. The next step is expanding these relationships, executives said during the company's second-quarter earnings call.

JPMorgan Chase's revenue soared to a record in the second quarter, boosted by the Federal Reserve's interest rate hikes and its acquisition of First Republic Bank.

The business is deposit-taking and offers revolving credit cards as well as loans for small-ticket items. The potential sale could serve as a benchmark for other lenders considering selling their own consumer finance businesses. 

Tom Drake is joining Wells from Barclays as a managing director in its mergers-and-acquisitions group focusing on health care services and medical-technology deals. Chris Norman, most recently at Citigroup, is joining as a managing director in M&A focusing on technology in San Francisco.

The company said long-time chief executive Chuck Sulerzyski would retire in 2024 and be succeeded by Tyler Wilcox, Peoples' executive vice president of community banking.

The Montreal-based bank reportedly hired JPMorgan Chase to consider its options.

The highest tier of vice presidents made 13% less, and all but the most junior associates saw their total compensation fall, according to a survey of about 250 U.K. bankers by global recruitment consultancy Dartmouth Partners.