Gabrielle Saulsbery

1 week ago | bankingdive.com | Gabrielle Saulsbery

Primis Financial will sell a portion of its stake in doctor-focused fintech Panacea Financial Holdings for $22 million, which it will use to fund a share repurchase program and accelerate growth, the Virginia bank announced last week. Primis signed a nonbinding term sheet with an undisclosed buyer 2½ months after the bank deconsolidated Panacea from its balance sheet in March.

1 week ago | bankingdive.com | Gabrielle Saulsbery

JPMorgan Chase will soon bring banking to the blockchain with the launch of its stablecoin-like token for institutional clients, JPMD. The USD deposit token, which will serve as a digital representation of commercial bank deposits, will soon debut on Base, Coinbase’s public Ethereum-based blockchain. The permissioned token will only be available to JPMorgan’s institutional clients, differentiating itself from publicly available stablecoins like PayPal’s PYUSD and Circle’s USDC.

1 week ago | bankingdive.com | Gabrielle Saulsbery

JPMorgan Chase named veteran banker Mark O’Donovan the next head of its international consumer bank Monday, according to an internal memo seen by Banking Dive. O’Donovan, who will replace Sanoke Viswanathan, will oversee Chase’s U.K. arm, its planned launch in Germany, future market expansion and the bank’s stake in Brazilian neobank C6. Additionally, he will oversee Nutmeg, JPMorgan’s European investment arm.

2 weeks ago | bankingdive.com | Gabrielle Saulsbery

The Federal Reserve imposed a lifetime ban Monday on an Arvest Bank employee who, while working there, stole $42,731.28 in customer funds for his personal benefit. Christopher Timos worked at Arvest in Springdale, Arkansas, for nearly five years beginning Nov. 2, 2020, and was terminated March 21, 2025. According to the Fed, Timos violated banking laws and regulations with the unauthorized use of customer funds between Dec. 1, 2023, and March 20, 2025.

2 weeks ago | bankingdive.com | Gabrielle Saulsbery

JPMorgan Chase seeks to dismiss part of a lawsuit it’s facing from Wells Fargo on the grounds that it was actually the victim in an underlying criminal conspiracy. Wells Fargo sued JPMorgan in March, accusing the country’s biggest bank of failing to conduct due diligence on a $481 million commercial real estate loan it originated for its customer, Chetrit Group, in 2019.