Bank capital actions and crypto compliance relief

Old Glory Bank raises $8 million following regulatory capital action. CEO Mike Ring said the injection from roughly 150 investors restored the bank’s adequately capitalized status. The FDIC had issued a corrective action directive after its Tier 1 leverage ratio fell to 2.69% as of June 30 and it failed to respond to a prior capital warning. The raise followed the Federal Reserve’s failure to approve its planned merger with a special purpose acquisition company; the reported restoration of capital status is the bank’s assertion.

Bank of Ann Arbor agrees to buy Huron Valley Bancorp for $52 million. The all-cash acquisition is expected to close before year-end 2026, deploying capital accumulated through earnings growth. Huron Valley Bancorp owns the $292 million-asset Huron Valley State Bank, which operates two Oakland County branches and plans a third in Northville. The combined company would have $3.8 billion in assets and 21 Southeast Michigan branches.

Great Southern Bancorp’s second-quarter earnings reflect non-recurring consolidation costs. Its July 16 filing reported preliminary second-quarter 2026 net income of $15.8 million, or $1.43 per diluted share, with consolidation expenses pressuring results. An October 6 report puts adjusted second-quarter net income at $17.4 million and schedules third-quarter earnings for October 21, providing the next reporting date against that expense-affected baseline.

FinCEN withdraws two proposed crypto recordkeeping and reporting rules. The Financial Crimes Enforcement Network withdrew a 2020 proposal covering certain convertible virtual currency and unhosted-wallet transactions and a 2023 proposal for enhanced crypto-mixing records and reports. It also withdrew its related finding that international crypto mixing was a class of transactions of primary money-laundering concern. FinCEN estimated the mixer reports would have required about 15,000 institutions to spend a combined 1.47 million hours annually. The withdrawals remove proposed obligations, not banks’ existing suspicious-activity reporting duties.