Retail: Page 12

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    NY credit union-bank tie-up pushes 2024 to brink of M&A record

    Rochester-based ESL's proposed acquisition of Generations Bancorp is the 16th announced whole-bank purchase by a credit union this year, tying it with 2022.

    By • Sept. 24, 2024
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    Bank of America on pace to open 165 branches by 2026

    The lender’s expansion will include roughly 40 branch openings this year, including its first location in Louisville, Kentucky.

    By • Sept. 23, 2024
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    Trendline

    Top 5 stories from Banking Dive

    Since the approval of Capital One’s acquisition of Discover, banks have increasingly waded into new deals. Beyond that, they’ve doubled down on strategy, from organic growth to branch placement to app design.

    By Banking Dive staff
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    Hawaii bank rebuffs investor group’s acquisition offer

    Territorial Bank is in the middle of an acquisition process by California’s Hope Bancorp. A recent offer by Blue Hill Advisors was unsolicited.

    By • Sept. 23, 2024
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    First Bank CEO: Small banks will need more deposits before lending can take off

    If smaller banks aren’t able to attract more deposits, they may have to get comfortable with slower loan growth, the CEO of New Jersey’s First Bank suggested.

    By • Sept. 20, 2024
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    OceanFirst to pay $15M in DOJ redlining settlement

    The bank failed to provide mortgage lending services to predominantly nonwhite neighborhoods in three New Jersey counties, the agency said. The OCC downgraded the bank’s CRA rating in 2021.

    By • Sept. 19, 2024
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    TD CEO Bharat Masrani to retire in April

    Raymond Chun, TD’s head of Canadian personal banking, will become the lender’s next CEO, as the bank works to resolve issues within its U.S. anti-money laundering program.

    By • Sept. 19, 2024
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    Kevin Dietsch / Staff via Getty Images
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    DOJ joins OCC, FDIC in updating bank merger guidelines

    Regulators’ revamped guidelines increase the agencies’ discretion, which is likely to stoke industry uncertainty and, perhaps, extend the timeline to approval, analysts say.

    By • Sept. 18, 2024
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    KeyBank CFO eyes opportunities through Scotia deal

    The two banks are exploring potential partnership opportunities – and their geographic footprints might allow a jumping-off point, KeyBank CFO Clark Khayat said last week at a conference.

    By • Sept. 16, 2024
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    EverBank to buy Michigan’s Sterling Bank for $261M

    The deal includes 25 branches, $900 million in loans and $2 billion in deposits; but not Sterling’s sole Michigan branch or its $372.9 million portfolio of residential tenant-in-common mortgage loans.

    By • Sept. 16, 2024
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    Courtesy of U.S. Bank
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    U.S. Bank reaches its proving ground

    The super-regional is at an “inflection point” after recent acquisitions and tech updates, CEO Andy Cecere said at the bank’s investor day. One analyst, however, is calling for “a new set of eyes at the top.”

    By • Sept. 13, 2024
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    9 crucial reactions to the capital requirements preview

    BofA and JPMorgan execs talk death, despair and a lack of specifics, while lawmakers and regulators appear to fall along party lines in the snowballing fight over the Basel endgame.

    By • Sept. 11, 2024
  • PNC CEO Bill Demchak holds his glasses and looks on during a Congressional hearing, as people sit behind him in the background.
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    Alex Wong / Staff via Getty Images
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    PNC’s Demchak wants to lean in to open banking for growth

    The Pittsburgh-based lender’s CEO is wary of larger rivals building branches in every city but said he won’t pay “silly” M&A prices for a “busted” franchise. 

    By • Sept. 10, 2024
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    Huntington wants to open 55 branches in Carolinas over 5 years

    The Columbus, Ohio-based bank aims to add 350 employees and expand on a commercial-banking effort it launched in the two states last year.

    By • Sept. 9, 2024
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    Old National names CFO amid predecessor’s child molestation case

    Brendon Falconer, who was put on administrative leave, left the bank Aug. 31 with a $2.6 million payout. John Moran, the now-permanent CFO, has filled the post on an interim basis since April.

    By • Sept. 5, 2024
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    Goldman to cut hundreds of jobs: reports

    The staff reduction, tied to annual performance reviews, could affect between 1,300 and 1,800 employees, or 3% to 4% of the bank’s workforce, The Wall Street Journal reported Friday. 

    By • Sept. 3, 2024
  • Truist plaza is shown, with a sign reading "Truist" and the company's logo in the foreground, and the skyscraper in the background.
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    The image by Tyler Lahti is licensed under CC BY-SA 4.0
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    Truist approves $4.5M bonuses for CFO, top consumer banker

    The stock awards were given “to support the retention of key leadership critical to taking full advantage of the business opportunities” created by the sale of Truist’s insurance arm, the bank said.

    By • Sept. 3, 2024
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    "Truist Plaza" by Tyler Lahti is licensed under CC BY-SA 2.0
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    Truist’s premier banking head exits

    Allison Robinson, a two-decade veteran of the bank, has served as head of branch and premier banking since last November.

    By • Aug. 28, 2024
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    Win McNamee / Staff via Getty Images
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    First Merchants exits Illinois retail banking with Old Second deal

    Muncie, Indiana-based First Merchants is selling five Chicago-area branches to Aurora, Illinois-based Old Second, but will maintain a loan production office in the Windy City.

    By • Aug. 28, 2024
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    Busey, CrossFirst to merge in $916.8M deal

    The transaction, set to close in the first half of 2025, will give Busey access to six new states and lucrative markets such as Denver, Dallas and Phoenix.

    By • Aug. 27, 2024
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    Edward Jones links with U.S. Bank after Citi reverses course

    Citi last August launched a partnership with Edward Jones that was expected to offer checking and savings services. But Citi disbanded the program within months, during its reorganization.

    By • Aug. 21, 2024
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    The image by Wichita Regional Chamber of Commerce is licensed under CC BY 2.0
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    Former Kansas bank CEO gets 24 years in prison

    Shan Hanes pleaded guilty in May to one count of embezzlement as a bank officer after taking $47.1 million from Heartland Tri-State Bank as part of a crypto scheme.

    By • Aug. 21, 2024
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    USAA CEO to retire in 2025

    The company’s board is evaluating internal and external candidates to succeed Wayne Peacock, USAA’s first non-military chief executive.

    By • Aug. 20, 2024
  • Two wooden blocks on a computer keyboard that spell out "M&A"
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    Regional bank M&A ramps up

    This year’s U.S. bank deal count has outpaced that of last year’s, although cumulative deal value is far lower, according to Dealogic data.

    By • Aug. 19, 2024
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    Credit union to buy New Mexico bank

    Albuquerque-based U.S. Eagle’s proposed acquisition of Southwest Capital Bank marks the 14th whole-bank purchase of 2024 by a credit union and the second in the past week.

    By • Aug. 19, 2024
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    Failed bank CEO’s associate gets 25 years for role in collapse

    Robert Kowalski, an attorney and housing developer, must pay $7.2 million to the FDIC over the 2017 fall of Washington Federal, plus more than $400,000 in back taxes to the IRS.

    By • Aug. 15, 2024