Commercial: Page 56
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Florida-based digital de novo gets FDIC approval
Locality's goal is to fill the gaps in community banking, said CTO Corey LeBlanc, adding the bank looks at problem solving through a "first-principle lens."
By Anna Hrushka • Nov. 16, 2021 -
Connecticut bank, fintech propose merger eyeing digital national lender
Stamford-based Patriot National Bank will pay $119 million to buy American Challenger Development Corp., a company that had been pursuing a de novo charter, in a deal announced Monday.
By Robin Bradley • Nov. 15, 2021 -
Explore the Trendline➔
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TrendlineArtificial intelligence
Banks’ focus on AI has shifted from a “cool-toys” mentality to one that sees the technology as a foundational pillar underlying finance and society itself.
By Banking Dive staff -
Permission granted by BankMobile
BM Technologies to buy Seattle community bank to 'accelerate earnings power'
The $23 million deal, set to close in the second half of 2022, will allow BM Technologies to supplement fee-based income with net interest income, CEO Luvleen Sidhu said.
By Anna Hrushka • Nov. 15, 2021 -
Dubai bank to pay $100M to NYDFS to settle Sudan sanction violations
The regulator alleges Mashreqbank instructed its employees to omit certain details from SWIFT messages with other banks that could have linked roughly $6.5 billion in payments to the African nation.
By Robin Bradley • Nov. 10, 2021 -
First Horizon poaches its next CFO from Truist
First Horizon's CEO said Hope Dmuchowski's merger experience gives her a "unique understanding." Dmuchowski had worked at BB&T before the 2019 Truist merger. First Horizon last year merged with IberiaBank.
By Dan Ennis • Nov. 10, 2021 -
Haugland Bowen, Katie. (2014). "Houston Skyline" [Photograph]. Retrieved from Flickr.
Allegiance, CBTX eye merger to form $11B-asset bank
The all-stock deal between the two largest community banks in Houston is expected to close in the second quarter of 2022, the banks said Monday.
By Robin Bradley • Nov. 9, 2021 -
Michael Nagle via Getty Images
Hiring tech talent a 'major priority' for Chase, CIO says
As competition heats up in the hiring space, some large banks are leveraging flexibility in the form of hybrid work schedules and larger salaries.
By Robin Bradley • Nov. 8, 2021 -
Stefani Reynolds / Stringer via Getty Images
Trade group calls for Congress to ease restrictions on hiring ex-offenders
The Bank Policy Institute wants Congress to clarify which people and jobs are covered under Section 19 of the Federal Deposit Insurance Act, which requires that ex-offenders receive FDIC approval to work at a bank.
By Anna Hrushka • Nov. 8, 2021 -
Chip Somodevilla via Getty Images
Toomey cautions against proposal to regulate stablecoin issuers as banks
"I think we have to really think long and hard before we put some onerous regulatory regime on a new technology," the Republican senator from Pennsylvania said.
By Anna Hrushka • Nov. 5, 2021 -
Permission granted by Jiko
Digital bank Jiko accelerates banking-as-a-service strategy
The Jiko app is still available for consumers to download, and the company plans to keep enhancing its features, but its main use will serve as a "showroom" for Jiko's technology, CEO Stephane Lintner said.
By Anna Hrushka • Nov. 4, 2021 -
Permission granted by First Internet Bank
First Internet Bank to expand into payments with $80M First Century purchase
First Internet CEO David Becker said the deal solidifies the bank's position as a "growth-oriented financial services company," and First Century’s payments business will be a key source of revenue going forward.
By Anna Hrushka • Nov. 3, 2021 -
Chris Hondros via Getty Images
JPMorgan Chase, Bank of America, TD reign in small-business satisfaction: J.D. Power
The nation's largest bank stood atop the West region for the ninth straight year — albeit in a tie with Bank of the West — the researcher found.
By Robin Bradley • Nov. 1, 2021 -
Justin Sullivan via Getty Images
Citi makes COVID-19 vaccine mandatory for 65,000 US employees
In a LinkedIn post, the bank's HR chief cited compliance with a White House executive order. Employees who submit proof of vaccination by Dec. 8 will receive $200. Others have until Jan. 14 to get the jab, the bank said.
By Robin Bradley • Oct. 29, 2021 -
Christopher Furlong via Getty Images
Valley Bank unveils payments app for cannabis businesses
Valley Bank is partnering with a large processor to offer the service, which is similar to using a reloadable Starbucks wallet gift card, Chief Digital Product Officer Stuart Cook said.
By Anna Hrushka • Oct. 27, 2021 -
Permission granted by Citigroup
Citi agrees to undergo racial audit
The bank joins institutions such as BlackRock and Morgan Stanley in agreeing to such a probe. Shareholders held off on the prospect of a racial audit in April, with the motion gaining 38% approval.
By Robin Bradley • Oct. 25, 2021 -
Courtesy of Ally Financial
Ally to return to credit cards with $750M deal to buy Fair Square Financial
The deal is expected to close in early 2022. The Detroit lender abandoned credit cards in 2019 in favor of point-of-sale lending, then reneged on plans to merge with subprime card lender CardWorks last year.
By Robin Bradley • Oct. 22, 2021 -
Permission granted by Vast Bank
Vast Bank's new platform aims for the 'crypto curious'
"Banks for centuries have been safe keepers and custodians of what people value," said CEO Brad Scrivner. "And in today's world, that's now digital assets."
By Anna Hrushka • Oct. 21, 2021 -
Permission granted by Office of the Comptroller of the Currency
Biden's OCC pick faces a delicate balance among moderates
Sen. Jon Tester, D-MT, said he would "hold off" expressing support "until after I meet with her." One attorney said the OCC pick should "balance mitigating risk with encouraging innovation."
By Anna Hrushka • Oct. 20, 2021 -
Chris Hondros via Getty Images
Goldman Sachs, AmEx debut cloud-based payments service for corporate clients
The investment bank is partnering with the world's largest card issuer for businesses in an effort to make payments easier and more efficient for institutional clients.
By Robin Bradley • Oct. 20, 2021 -
Capital One to acquire healthcare investment bank TripleTree
Capital One's latest move puts the $423 billion-asset bank in the company of several other lenders, including KeyBank and JPMorgan, which have made recent investments in the healthcare space.
By Anna Hrushka • Oct. 18, 2021 -
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Sponsored by West MonroeSmall businesses' trust in banks rose during COVID-19 — here's how they can keep it
Banks earned the trust of small businesses amid the pandemic. We asked them how banks can keep it. Here's what they said
Oct. 18, 2021 -
Truist nets $1.6B profit, marks major conversion milestone in Q3
"We're committed to having a business that has positive operating leverage and has industry leading efficiency," new CEO Bill Rogers said Friday. "I feel more confident about that today than I did the day we announced the merger."
By Anna Hrushka • Oct. 15, 2021 -
Jeff Swensen via Getty Images
PNC sees double-digit boon in revenue, deposits and loans
The bump comes during the first full quarter during which BBVA USA assets were included. The bank converted systems and branches in seven states this month to the PNC brand.
By Robin Bradley • Oct. 15, 2021 -
Permission granted by Citigroup
Citi's profit climbs 48% for Q3 as it releases $1.6B in reserves
The bank's global consumer banking revenue fell by 13% as it shed its Australia operations, but investment banking revenue saw a 39% jump.
By Robin Bradley • Oct. 14, 2021 -
Drew Angerer via Getty Images
Bank of America sees 58% Q3 profit jump
The Charlotte, North Carolina-based lender reported a 23% jump in investment-banking fees, record consumer deposits, and a $1.1 billion release of loan-loss reserves Thursday.
By Dan Ennis • Oct. 14, 2021
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