Retail: Page 11
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Ex-Heartland Tri-State CEO pleads guilty to embezzling $47M in crypto
Shan Hanes also stole money from his church and a local investment club, according to court documents. Both have since disbanded. He faces 30 years in prison.
By Gabrielle Saulsbery • May 29, 2024 -
Joe Raedle / Staff via Getty Images
TD CEO: Spending on AML remediation could extend into 2025
TD’s Bharat Masrani declined to say whether the Canadian lender expects closure this year on investigations into the bank’s AML program, citing ongoing conversations with regulators and the DOJ.
By Caitlin Mullen • May 23, 2024 -
Explore the Trendline➔
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TrendlineThe Banking Dive Outlook on 2022
Some narratives in 2022, such as office returns, will seem like a logical progression from the year before. Others, such as the regulatory sphere and shift toward smaller M&A, may mark a big shift from the previous 12 months.
By Banking Dive staff -
SouthState to acquire Independent Bank in $2B deal
The transaction, expected to close in the first quarter of 2025, is set to expand SouthState’s footprint in Texas and Colorado.
By Rajashree Chakravarty • May 21, 2024 -
Permission granted by Block
Sorry, Cash App. Gen Z still wants bank branches.
Young consumers are open to using the peer-to-peer payments app as their primary bank, but many say they won’t switch because they value having a physical branch.
By James Pothen • May 21, 2024 -
Spencer Platt / Staff via Getty Images
NYCB’s COO resigns
Julie-Ann Signorille-Browne led the bank’s integration with Flagstar and, later, the integration of assets and liabilities NYCB bought from the failed Signature Bank.
By Dan Ennis • May 17, 2024 -
Zhanna Hapanovich
Alerus Financial to buy Minnesota bank in $116M deal
The combined company will have roughly $5.5 billion in assets after the transaction, which is expected to close in the fourth quarter.
By Rajashree Chakravarty • May 16, 2024 -
Joe Raedle / Staff via Getty Images
Fed, OCC to hold meeting July 19 on Capital One-Discover deal
At $35.3 billion, the acquisition is well above the size that typically sees a public hearing by regulators. Agencies are eyeing tougher merger scrutiny, but that idea has received partisan backlash.
By Lynne Marek • May 15, 2024 -
Anna Moneymaker via Getty Images
CFG Bank launches accounts to boost Key Bridge relief efforts
A money market account through the bank is donating 0.05% of accrued interest to a nonprofit fund offering financial support for families affected by the bridge collapse.
By Gabrielle Saulsbery • May 14, 2024 -
United Bank to buy Piedmont in $267M deal
The acquisition is United’s first under CEO Richard Adams Jr., and would help the bank broach the Atlanta area — and Georgia altogether — for the first time.
By Gabrielle Saulsbery • May 13, 2024 -
Permission granted by Fifth Third
Fifth Third launches ‘reimagined’ eBus with SpringFour
The eBus will travel to underserved communities across the bank’s footprint and give consumers access to around 24,000 nonprofit resources through its collaboration with the social impact fintech.
By Rajashree Chakravarty • May 8, 2024 -
Chip Somodevilla via Getty Images
Chime dinged by CFPB for delayed customer refunds
“When Chime discovered the issue, we worked with our vendor to resolve the error and issued refunds to impacted consumers,” a Chime spokesman said, adding that most issues occurred in 2020 and 2021.
By Gabrielle Saulsbery • May 7, 2024 -
Pgiam via Getty Images
FirstSun, HomeStreet seek charter change for merger
FirstSun opted for a Texas state charter to skirt oversight by the OCC. Executives said that agency is slowing the banks’ tie-up over concerns with HomeStreet's CRE exposure.
By Dan Ennis • May 6, 2024 -
Courtesy of U.S. Bank
U.S. Bank promotes Kedia to president
Elevating the bank’s vice chair of wealth, corporate, commercial and institutional banking likely positions Gunjan Kedia as the successor to CEO Andy Cecere, a Piper Sandler analyst said.
By Caitlin Mullen • May 6, 2024 -
Drew Angerer / Staff via Getty Images
TD faces DOJ probe over fentanyl-tied money laundering: report
Criminals allegedly laundered millions of dollars of fentanyl proceeds through TD branches in New York and New Jersey, according to The Wall Street Journal.
By Gabrielle Saulsbery • May 3, 2024 -
Drew Angerer / Staff via Getty Images
Wells Fargo shareholders reject union-busting audit
Workers at a handful of the bank’s 4,000 branches have made a splash in recent months by voting to unionize.
By Gabrielle Saulsbery • May 1, 2024 -
Spencer Platt / Staff via Getty Images
NYCB posts $335M loss, but shares jump on turnaround plan
CEO Joseph Otting said the lender has “identified an opportunity” to sell $5 billion in assets but declined to share details until a deal is final.
By Caitlin Mullen • May 1, 2024 -
Michael Lawrence via Getty Images
Morgan Stanley’s $20M bonuses draw proxy adviser’s fire
Glass Lewis recommended shareholders reject a pay package that gave one-time $20 million awards to the bank's newly minted CEO and his two fellow candidates to succeed James Gorman.
By Dan Ennis • April 30, 2024 -
Spencer Platt / Staff via Getty Images
NYCB postpones annual meeting by 2 weeks
The bank, at the time of the delay, had yet to say when it would report first-quarter results. Those are coming Wednesday.
By Caitlin Mullen • April 30, 2024 -
TriggerPhoto via Getty Images
UMB to buy Heartland Financial for $2B
The deal will mark UMB’s largest acquisition in its 111-year history, increasing total assets by more than 40% to $64.5 billion.
By Gabrielle Saulsbery • April 29, 2024 -
Mark Makela via Getty Images
Republic First is seized, assets sold to Fulton Bank
The first bank failure of 2024 punctuates the discord that has brewed at Republic First for more than two years. Fulton, meanwhile, will double its Philadelphia presence through the deal.
By Dan Ennis • April 26, 2024 -
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DOJ examines Capital One-Discover deal’s competitive angle
The Fed and the OCC extended their comment periods on the proposed acquisition until May 31. Capital One doesn’t “take any signaling” from the regulators’ decision, CEO Richard Fairbank said.
By Caitlin Mullen • April 26, 2024 -
Permission granted by First Internet Bank
First Internet Bank CEO talks M&A, BaaS work
After its acquisition of First Century Bank fell through in 2022, First Internet built its own banking-as-a-service team, CEO David Becker said. It now counts startup Ramp as a client.
By Caitlin Mullen • April 24, 2024 -
Drew Angerer via Getty Images
ColumnDive Deposits: Moynihan, Pick are loosening up earnings calls, with words
Seven comments from executives and officials show varying degrees of unexpected boldness during banks’ most straight-laced period.
By Dan Ennis • April 24, 2024 -
Scott Olson via Getty Images
Fintech One offers BNPL at Walmart stores: report
The move presents competition for BNPL provider Affirm, which has partnered with the retail giant since 2019.
By Caitlin Mullen • April 23, 2024 -
Michael M. Santiago / Staff via Getty Images
Goldman sells Marcus Invest accounts to Betterment
When accounts transition in June, Goldman's three-year robo-advisory experiment will end, and the bank will shed another piece of its once-nascent consumer-banking business.
By Dan Ennis • April 23, 2024
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