Matthew Mullet, who was named president of the bank in July 2024, will succeed Joseph Adams as CEO of the bank in September.

The deal bolsters the bank’s commercial payments business, which processed $17 trillion last year.

Mortgage fraud allegations against another Fed governor, Lisa Cook, returned the focus to the Trump team’s push to re-mold the central bank.

After investing to strengthen its risk management practices, the Pennsylvania bank now seeks to jump on the favorable ...