Practice and client management

Profits slumped last year and many investors are now voicing their displeasure with the compensation awarded to senior leaders. A nonbinding “say on pay” vote taken Tuesday passed narrowly, but Chairman Charles Noski indicated that the board will take the results into account when designing future pay packages.

Citigroup said a full review conducted after the lender mistakenly sent $900 million to a group of investment firms concluded the bank didn’t need to claw back any pay from executives.

The Missouri company announced the deal just five months after buying Seacoast Commerce in San Diego.

The merger would create a company with nearly 400 branches, 87 loan production offices and $87 billion of assets.

The proposed acquisition is the second deal in as two days to involve an Atlanta-based seller.

The Illinois companies agreed to merge in a transaction that is expected to close later this year.

Regulators recently eased field-of-membership rules to promote growth of federal credit unions. A handful of institutions are taking advantage of the changes to recruit more members, but some may find the process too cumbersome.

The company promoted Bob Fehlman to become its president and hired Jay Brogdon from Stephens Inc. to succeed Fehlman as chief financial officer.

The Georgia company agreed to pay $84 million for a bank with nine branches and $715 million of assets.

The deal would be Independent's sixth since 2015 and would continue a wave of consolidation among Boston-area banks.

Under the leadership of former Chief Risk Officer John D'Angelo, the new environmental, social and governance office will oversee the bank's sustainability and corporate social responsibility functions.

Now known as Alltrust Credit Union, the Fairhaven, Mass.-based institution serves more than 14,000 members across New England.

The Maryland company is closer to addressing claims it lacked sufficient controls under its previous management.

Clarity on credit quality has bankers ready to strike deals after a lengthy pause. A steady rise in stock prices has also given potential buyers the financial wherewithal to pursue acquisitions.

Cal Poly Federal Credit Union's recent merger into SchoolsFirst highlights the difficult choice many small institutions face: diversify your field of membership or risk going out of business.

Burns & McDonnell Credit Union holds just $27 million of assets and is seeking approval to merge into CommunityAmerica, which serves the KC metro region and is the largest credit union in Kansas and Missouri.

The Ohio company has opened just 32 of 120 new branches it plans in the region by 2022, but those offices are making a sizable contribution to growth.

The company plans to shutter five locations, or roughly 12% of its network, next month.

Rhonda Diefenderfer, who has led the Billings, Mont., credit unon for 20 years, will retire in May and be succeeded by the credit unions busines vice president of business lending.

The San Diego company will pay $55 million to Morgan Stanley for a business that has 200 custody relationships, $23 billion of custodial assets and $1.2 billion of deposits.