Banking Dive

Alexandria, Virginia-based Burke & Herbert Financial Services Corp. has agreed to buy Camp Hill, Pennsylvania-based LinkBancorp, parent company of LinkBank, for $354.2 million in stock, the companies said Thursday. The deal would create a bank with $11 billion in assets, $9.1 billion in deposits and $8 billion in loans. It would give Burke & Herbert entry into Pennsylvania and a 100-branch footprint across six states. The transaction is expected to close in the second quarter of 2026.

HSBC tapped Jason Henderson, its interim CEO for the U.S., to lead the bank’s operations in the country permanently, the lender said Tuesday. “Throughout his near 20 years at HSBC, Henderson has demonstrated a deep understanding of our clients and the market,” Michael Roberts, the British lender’s CEO of corporate and institutional banking, said in a statement.

Days after HoldCo Asset Management called for his firing, KeyBank CEO Chris Gorman sought to illustrate that the activist investor and the executive are on the same page as to what the regional bank should be focused on. “I think we and that particular investor are pretty closely aligned on the most important themes,” Gorman said Tuesday at the Goldman Sachs Financial Services Conference.

Kraken will acquire tokenization infrastructure company Backed Finance for an undisclosed sum, the cryptocurrency exchange announced Tuesday. The acquisition comes weeks after Kraken confidentially filed for its initial public offering with the Securities and Exchange Commission, and after an $800 million capital raise that boosted its valuation to $20 billion. The deal is set to accelerate global adoption of Backed’s xStocks tokenized equities.

The Federal Deposit Insurance Corp. accused Capital One of paying $99.4 million less than necessary to replenish the Deposit Insurance Fund following the 2023 failures of Silicon Valley Bank and Signature Bank, according to court documents filed Monday. The FDIC’s lawsuit countered legal action taken in September against the regulator by the bank, which alleged the FDIC imposed an “outsized and improperly calculated” special assessment fee on Capital One.

Robinhood CFO Jason Warnick is stepping down after about seven years in the seat, transitioning in Q1 to the role of a strategic advisor to the company through Sept. 1 of next year, the company announced as part of its earnings release Wednesday. The online brokerage that caters to retail investors, noting Warnick shared his plans to retire from the company on Oct.

President Donald Trump will nominate Jonathan McKernan to serve as the Treasury Department’s undersecretary of domestic finance and rescind McKernan’s nomination to lead the Consumer Financial Protection Bureau, according to the White House. The Treasury Department announced the intended appointment Friday, noting McKernan has been an adviser at Treasury while awaiting Senate confirmation to lead the CFPB.

Zelle, the peer-to-peer payment service owned by seven large banks, was unavailable for many users Friday due to a technical problem. “This situation involves an independent third-party that provides services to particular financial institutions,” Zelle’s parent, Early Warning Services, said in an emailed statement.