The Latest

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    Bank of Hope to buy SMBC commercial unit

    The Los Angeles-based lender will acquire $2.5 billion in commercial and commercial real estate loans and $2.7 billion in deposits, as well as eight branches in Southern California.

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    Courtesy of Monzo press kit
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    Monzo to close US operations, accounts

    The U.K.-based fintech will lay off roughly 50 employees and shift its focus toward Europe, where it gained a banking license in December. U.S. users reportedly can access their accounts through June.

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    CRobertson via Getty Images
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    Trustmark names next COO, CFO

    With current CFO Thomas Owens set to become operations chief, Joseph Bond will join the Jackson, Mississippi-based lender from Texas Capital Bancshares.

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    NC’s Fidelity Bank to get Atlanta foothold with $142.8M Affinity deal

    The acquisition, set to close in the third quarter, will create a $5.5 billion-asset institution and give Georgia’s Affinity Bank a landing spot after a previous tie-up with a credit union was terminated.

  • Eptura, BMO Bank, M&A due dilligence
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    BMO eyes top-5 commercial bank status with California push

    The lender is betting on its U.S. commercial bank’s unified model, increased banker headcount and product enhancements to fuel growth, an executive said.

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    JPMorgan aims to boost small-business lending in ‘American Dream’ plan

    The bank intends to hire 1,000 more small-business bankers, support home and healthcare affordability efforts, and focus on high-growth areas such as Alabama in a 10-year initiative.

  • A sign reads "Wells Fargo" outside of a Wells bank branch.
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    Michael M. Santiago / Staff via Getty Images
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    Anti-union push grows at Wells Fargo

    The length of time it’s taking the bank and union representatives to negotiate a contract is “likely a factor” in the decertification efforts, a union-involved employee said.

  • A sign reads "New York Community Bank" and "A division of Flagstar Bank, N.A., Member FDIC"
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    Spencer Platt / Staff via Getty Images
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    Flagstar ex-CEO DiNello to step down from board

    The executive, who ran New York Community Bank just ahead of its rescue, will not stand for reelection when his term ends in June.

  • Four people walk by a TD bank branch location
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    Joe Raedle / Staff via Getty Images
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    Bank customers, while embracing AI, call for human customer support

    Consumer comfort with AI tools has reached an "inflection point," TD Bank's Ted Paris said, but they still want human agents to keep an eye on AI recommendations.

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    U.S. Bank, Mastercard tapped for Amazon cards

    The retailer has chosen the Minneapolis-based bank for two new credit cards aimed at small-business owners.

  • Front view of the Bank of America Tower in Charlotte, North Carolina on June 18, 2022.
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    Bank of America to pay $72.5M to settle Epstein-related lawsuit

    The lender did not admit any wrongdoing as part of the settlement, which is pending approval by U.S. District Court Judge Jed Rakoff.

  • A brick US Bank branch captured at dusk with illuminated signage and lights around the building. The parking lot in front is empty, and there’s a blue USPS mailbox near the entrance.
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    Alamy
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    U.S. Bank names next COO

    Toby Clements, who will succeed the retiring Souheil Badran, “is a strong, engaging leader who has a clear desire to serve our clients and run our business effectively,” said the Minneapolis-based lender’s CEO, Gunjan Kedia.

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    EagleBank disavows activist investor’s board nominees

    The embattled Maryland lender did not include the proposed nominees in a notice to shareholders – and won’t unless Diligence Capital Management gets a court order, it said.

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    Kate Tornone/Banking Dive
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    Citizens’ Coughlin talks ‘overwhelming’ pace of AI change

    As the lender uses AI to reshape operations through its Reimagine the Bank program, “the nimbleness around it has been pretty intense,” President Brendan Coughlin said.

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    Mario Tama via Getty Images
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    Morgan Stanley gets Fed green light to realign German unit

    Allowing an exception to current rules would level the competitive playing field, the bank said. Three Fed governors dissented, noting the move could pose a risk to the Deposit Insurance Fund.

  • FDIC Chairman Travis Hill looks off during a Senate Banking Committee meeting.
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    Anna Moneymaker via Getty Images
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    FDIC cuts could drain institutional knowledge: OIG

    The agency “must maintain a sustained focus on strategic workforce planning to ensure its continued effectiveness and mission fulfillment,” wrote the OIG.

  • A bank branch building features the "Bank of America" name and logo in front of sunny skies.
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    Brandon Bell / Staff via Getty Images
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    Bank of America’s wealth management firms roll out AI tool

    AI-Powered Meeting Journey leans on Salesforce CRM data to gather materials, summarize meetings and provide natural language assistance to financial advisers.

  • FTC Chairman Andrew Ferguson speaks to Congress
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    Kevin Dietsch via Getty Images
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    Visa, Mastercard, PayPal, Stripe warned of debanking consequences

    Any act to “deplatform customers or deny them access” on political or religious grounds “could lead to an ... investigation and potential enforcement action,” the Federal Trade Commission asserted.

  • Pedestrians pass by a Bank of America branch.
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    Bank of America courts business clients in market-share push

    To drive new client relationships in 50-some markets, BofA is hiring bankers and cultivating local connections, said Sharon Miller, the lender’s president of business banking.

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    Former Kentucky bank manager charged with fraud, theft

    Reagan France made over 100 unauthorized withdrawals from customer accounts, court documents show. “She’s robbed our whole town,” one alleged victim told the local news.

  • The Office of the Comptroller of the Currency's seal hangs on a brick building.
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    VALT Bank gets conditional OCC charter

    The bank must raise $25 million prior to opening and maintain a 9% tier 1 leverage ratio for its first three years thereafter.

  • A screen shows a designer's view of a bank customer's home page, with a tool suggesting a design replacement.
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    U.S. Bank arms designers with AI tool

    The tool, developed in-house, is bolstering efficiency and quality, the Minneapolis-based bank’s head of experience design said.

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    Stephen Maturen via Getty Images
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    Minnesota bank bolsters C-suite with Climate First alums

    B2 Bank, owned by fintech entrepreneur Brian Barnes, named a new CEO, president and credit chief – all from Florida’s Climate First Bank – as the lender pursues a national digital banking strategy.

  • A Federal Reserve logo sign is shown affixed to panes of glass on a building's exterior.
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    Andrew Harnik / Staff via Getty Images
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    Fed OIG flags gaps slowing bank application process

    The central bank’s watchdog said M&A application processing has slowed and data gaps are inhibiting the Fed’s aim to boost efficiency and timeliness. The Fed has already made some recommended changes.

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    Activist investor takes its EagleBank fight public

    Diligence Capital Management has pushed the embattled lender to develop a performance improvement plan and replace three board members. Progress stalled after the bank’s CEO stepped down, the investor said.