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The Friday Express: Bank of Orrick chair sells stake; 2 Illinois CUs merging

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The Friday Express: Bank of Orrick chair sells stake; 2 Illinois CUs merging

* The Financial Stability Oversight Council said cybersecurity remains the top risk to the financial industry's stability.

* William Scott Clark and his family own a 63.8% stake in Missouri-based Bank of Orrick. They are selling their entire stake to Justine Hurry as Clark retires as chairman and two other members of his family step down from the board.

* New Hampshire-based Savings Bank of Walpole intends to become New Hampshire Mutual Bancorp's third bank. Savings Bank of Walpole President and CEO Gregg Tewksbury will replace New Hampshire Mutual President and CEO Samuel Laverack, who is retiring on June 30, 2018.

* ESSA Bank & Trust is negotiating to settle a lawsuit over repossessed motor vehicles. The bank may pay $1.3 million as part of the settlement.

* Randolph Bancorp is laying off around 8% of its employees before the year ends. It expects a $600,000 pretax severance-related charge in the fourth quarter.

* In Illinois, Dekalb County CU is merging with and into Vibrant CU.

* Guggenheim Partners works to assuage investors concerned about its future amid an ongoing probe by U.S. regulators and bad press on CEO Mark Walter, Reuters reports.

* Canadian investment company Routemaster Capital intends to invest around $1.4 million to acquire a 49% interest in blockchain and cryptocurrency company Pinedale Springs.

* Centene issued its 2018 guidance, expecting earnings per share to range from $4.63 to $4.97. This compares to its EPS guidance of between $4.04 and $4.18 in 2017.

* USI Insurance Services sued Lockton-Dunning Series for poaching a private risk management team from Wells Fargo Insurance Services USA prior to USI completing its acquisition of the then-Wells Fargo unit.

The Daily Dose: Express Edition is updated as of 6:30 a.m. ET. Some external links may require a subscription.