Commercial

Lakeland Bank to pay $13M in DOJ redlining settlement

The settlement comes one day after Provident Bank said it would acquire Lakeland in a $1.3 billion all-stock transaction. Provident disclosed Tuesday it was aware of the pending settlement when agreeing to the deal.

By Gabrielle Saulsbery • Sept. 29, 2022

Digital banks, credit unions should factor into merger reviews: Fed’s Bowman

Potential combinations should hinge on risk analysis, not deposit market share, in an update to 1995 guidelines, the central bank governor said Wednesday.

By Dan Ennis • Sept. 29, 2022

Explore the Trendline➔

Marketing trends

Established and up-and-coming challengers show how they embrace new business silos such as cannabis, BaaS and the metaverse — or connect “ingredients” to stimulate growth.

By Banking Dive staff

NJ’s Provident, Lakeland to merge in $1.3B deal

The transaction, set to close in the second quarter of 2023, aims to give the Garden State a “super-community bank” at the $25 billion-asset level, filling a gap that opened when Citizens acquired Investors Bancorp.

By Dan Ennis • Sept. 27, 2022

PNC buys restaurant point-of-sale firm Linga

The Pittsburgh-based bank is boosting its payments footprint as banks from Banc of California to JPMorgan Chase are making similar large investments.

By Anna Hrushka • Sept. 27, 2022

Banc of California acquires Deepstack in payment processing play

The acquisition gives the bank access to predictable fee income and enables it to capture a larger share of revenue per transaction, Banc of California said.

By Anna Hrushka • Sept. 26, 2022

Diversity, inflation, payments fraud to take center stage at hearings

Democratic lawmakers are expected to grill big-bank CEOs this week on reports of consumer abuses, while Republicans will likely target executives they say have caved to social pressures.

By Anna Hrushka • Sept. 20, 2022

Goldman grows where it can — but may have just started its cull

The bank leans into an expansion in transaction banking and a new card partnership while cutting at least 25 bankers in Asia.

By Dan Ennis • Sept. 20, 2022

OCC frees Capital One from consent order tied to 2019 breach

The Office of the Comptroller of the Currency determined the bank had reached a level of “safety and soundness” no longer requiring extra oversight regarding a leak of 106 million customers’ data.

By Gabrielle Saulsbery • Sept. 19, 2022

Bank of America to offer paid sabbaticals starting next year

Employees who have served 15 years at the bank can take four weeks, with an extra week for 20-year vets, and a sixth for those with 30.

By Dan Ennis • Sept. 15, 2022

Texas bank settles with DOJ over PPP lending allegations

In the first False Claims Act settlement by a Paycheck Protection Program lender, Houston-based Prosperity Bank will pay more than $18,000 to resolve allegations it knowingly processed a PPP loan for an ineligible business.

By Gabrielle Saulsbery • Sept. 15, 2022

How big of a deal is Q2’s deposit decline?

Deposits had seen an unsustainable 35% jump since 2020, and banks were pushing their capital limits. The real tell of consumer health from FDIC data may be a 25% spike in early delinquencies.

By Dan Ennis • Sept. 15, 2022

Wells Fargo agrees to third-party racial-equity audit

CEO Charlie Scharf called the move “a critical next step” toward closing the wealth gap, and added that diversity, equity and inclusion are “imperative” at the bank.

By Gabrielle Saulsbery • Sept. 14, 2022

JPMorgan Chase raises specter of job cuts

The bank’s president, Daniel Pinto, said he sees a 50% Q3 drop in investment-banking fees — and mentioned reduced compensation as an alternative to layoffs.

By Dan Ennis • Sept. 14, 2022

BofA pledges $25M to support Black and Latino-led CDFIs

“This collaboration demonstrates that opportunities and impact are literally doubled when we work together,” said Marla Bilonick, chair of the National Alliance of Latino CDFI Executives.

By Gabrielle Saulsbery • Sept. 9, 2022

Citi wins appeal on $500M Revlon loan blunder

“Put simply, you don’t get to keep money sent to you by mistake unless you’re entitled to it anyway,” one judge wrote in his opinion.

By Anna Hrushka • Sept. 9, 2022

10 takeaways from Michael Barr’s first speech as Fed’s supervision czar

The regulator pushed a tiered set of capital requirements and stricter living wills for regional banks. He also clarified the central bank’s stance on climate risk.

By Dan Ennis • Sept. 8, 2022

UBS, Wealthfront abandon $1.4B merger agreement

UBS did not give a reason for the deal’s disintegration, but the Swiss bank gave Wealthfront $69.7 million in financing, and the companies are “continuing to explore ways to work together in a partnership.”

By Gabrielle Saulsbery • Sept. 6, 2022

Citi joins Wells Fargo in cutting mortgage-lending staff

Citi's layoffs will number fewer than 100, while Wells, in the past two weeks, notified 75 Iowa-based workers they would be let go.

By Dan Ennis • Sept. 6, 2022

Need to fill a C-suite void? Target banks that are being acquired

First Republic and other banks looking to fill high-ranking roles hired executives from MUFG Union Bank, People's United and other institutions at the non-surviving end of a merger.

By Dan Ennis • Sept. 1, 2022

Average overdraft fee falls nearly $4, to lowest level since 2009

ATM fees, however, jumped to a three-year high of $4.66 per transaction, according to a Bankrate study, which also found users needed record or near-record-high balances to avoid monthly service charges.

By Gabrielle Saulsbery • Sept. 1, 2022

BofA, BMO push to close racial property ownership gap

Bank of America launched a program offering a zero-down payment, zero-closing-cost mortgage solution to first-time homebuyers in nonwhite-majority areas, and another aimed at small businesses.

By Gabrielle Saulsbery • Aug. 31, 2022

Ford ILC application gets pushback from ICBA, consumer groups

In a joint letter to the FDIC, four groups called the car maker’s bid to use the charter to promote the electrification of its vehicle fleet disingenuous, while the ICBA said the ILC charter exploits a regulatory loophole.

By Anna Hrushka • Aug. 30, 2022

Citi to wind down its Russia retail presence

The bank expects to incur roughly $170 million in costs, mostly over the next 18 months, in a move expected to affect about 2,300 employees and 15 branches.

By Dan Ennis • Aug. 25, 2022

Truist acquires data governance platform from Zaloni

The platform’s founder and chief technology officer will be among 20 employees to transition to Truist as part of the deal, which highlights the bank’s continuing emphasis on nonbank and niche M&A.

By Anna Hrushka • Aug. 24, 2022

Credit Suisse emerges as missing piece in neobank’s crumbled merger

American Challenger sued the Swiss lender last month, accusing it of failing to conclude the sale of a $650 million commercial loan portfolio — a critical component in a tie-up with Patriot National Bank.

By Dan Ennis • Aug. 22, 2022