Retail: Page 44
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Liberty Bank's Tri-State acquisition to form largest Black-owned bank in US
The deal, which will form an institution with more than $1 billion in assets, will allow Liberty Bank to expand its loan limit for qualified borrowers from about $1.2 million to $5 million, the bank said.
By Anna Hrushka • Oct. 7, 2021 -
Republic Bank sues Green Dot for calling off $165M deal
The prepaid card company said it was unable to get the Fed's approval or non-objection to the acquisition of Republic's tax refund processing unit. But it's not the only transaction held up by an unresponsive Fed.
By Dan Ennis • Oct. 6, 2021 -
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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 -
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Bank of America, BMO Harris boost their minimum wages
Bank of America's nudge to $21 per hour pushes it toward its goal of $25 by 2025. BMO's bump — to $18 hourly from $15 — parrots a move PNC Bank announced in August.
By Robin Bradley • Oct. 6, 2021 -
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Bank of America's Life Plan reaches more than 5M users
The bank said the digital feature is driving more interaction with bank staff and led to 1 million follow-up appointments — both in-person and virtually.
By Anna Hrushka • Oct. 6, 2021 -
US Postal Service not equipped to handle banking, industry trade groups say
"The USPS already has its hands full with its current mission and lacks the bandwidth needed to run such a large and complex operation," NAFCU President and CEO Dan Berger said.
By Anna Hrushka • Oct. 5, 2021 -
Emma Cosgrove/Banking Dive
Postal banking pilot brings check cashing, bill pay in 4 areas
The program, launched in September, aims to bring financial services to low- to moderate-income people and is set to expand after the holiday season.
By Robin Bradley • Oct. 4, 2021 -
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Google abandons plans to offer Plex checking accounts
The tech giant's decision to scrap its Plex checking accounts comes after a series of project delays and the March departure of Caesar Sengupta, the Google Pay executive who headed the project.
By Anna Hrushka • Oct. 4, 2021 -
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First Citizens, CIT extend timeline for $2.2B merger over Fed delay
The FDIC and a North Carolina regulator have approved the deal, the banks said, adding that they're waiting on the central bank. If the deal is not completed by March 1, either bank may back out, American Banker reported.
By Dan Ennis • Oct. 1, 2021 -
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Overdraft alternativesRegions unveils overdraft alternative
The Birmingham, Alabama-based bank's new checking account charges $5 monthly to provide overdraft protection without transfer fees.
By Robin Bradley • Oct. 1, 2021 -
Why becoming a bank is paying off for LendingClub
With its 2020 deal to acquire Radius Bank, LendingClub gained a banking charter — and also a means to cut costs, grow revenue and position itself to offer tailored products.
By Suman Bhattacharyya • Sept. 30, 2021 -
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Bank of America poaches Citi's consumer-banking CMO
In taking a role as BofA's head of consumer and small-business products, Mary Hines Droesch becomes at least the second Citi marketing executive since July to leave for a Wall Street competitor.
By Robin Bradley • Sept. 29, 2021 -
SC National Guard. (2018). "180925-Z-XH297-1108" [Photograph]. Retrieved from Flickr.
New York Fed researchers design climate stress test for banks
The paper defines what it calls CRISK — the expected capital shortfall of a financial institution in a climate stress scenario — a measure that rose significantly in 2020.
By Robin Bradley • Sept. 27, 2021 -
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Bank of Marin CEO calls it a career after 2 extra years
The bank on Friday named 14-year veteran Tim Myers as its next CEO. It hired a firm in 2019 to find Russ Colombo's successor. Then COVID-19 hit, and Colombo said he'd stay "as long as the bank needs."
By Dan Ennis • Sept. 27, 2021 -
:Weatherman1126. (2007). "Logo of The Goldman Sachs Group, Inc." [Image]. Retrieved from Wikipedia Commons.
Ex-Marcus chief Talwar to leave Goldman Sachs in October
Omer Ismail took over day-to-day oversight of Goldman's consumer bank late last year, but he left to join Walmart's fintech startup, sparking an unexpected return to duty for Talwar.
By Dan Ennis • Sept. 24, 2021 -
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JPMorgan Chase buys college financial planning platform Frank
The deal opens the bank to 5 million students Frank serves. It also cashes in on JPMorgan CEO Jamie Dimon's 2020 pledge to be "much more aggressive with acquisitions across the board."
By Robin Bradley • Sept. 22, 2021 -
Permission granted by U.S. Bank
U.S. Bank to buy MUFG Union Bank in $8B deal
The transaction would add $133 billion in assets, $58 billion in loans and $90 billion in deposits to U.S. Bank's balance sheet, vaulting the Minneapolis-based lender back into fifth place among largest retail banks in the U.S.
By Robin Bradley • Sept. 21, 2021 -
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First Interstate to buy Great Western Bank in $2B, all-stock deal
The transaction would more than double First Interstate's branch footprint and give it entry to eight new states. The combined bank would have more than $32 billion in assets, $18.4 billion in loans and $27.1 billion in deposits.
By Robin Bradley • Sept. 17, 2021 -
Courtesy of https://www.varomoney.com/press/
Varo's latest $510M funding round validates bank charter decision, exec says
The bank, now reportedly valued at $2.5 billion, plans to use the new funding on account growth, brand building, its product roadmap and operational and risk management infrastructure.
By Anna Hrushka • Sept. 17, 2021 -
JPMorgan's UK digital bank set to launch
Named simply Chase, the platform will initially offer current accounts with a rewards program but is set to expand into savings, personal lending and investment, and mortgages.
By Dan Ennis • Sept. 17, 2021 -
Truist, Microsoft back FDIC fund to invest in minority-owned banks
"I like to joke that this isn't your grandmother's FDIC, and this fund certainly proves that we like to think out of the box," the agency's chair, Jelena McWilliams, said Thursday.
By Anna Hrushka • Sept. 16, 2021 -
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Goldman Sachs names new CFO as Scherr steps down
Denis Coleman will become deputy CFO effective immediately and succeed Scherr in January. Goldman is the fourth of the six largest U.S. banks to make a change at CFO this year.
By Robin Bradley • Sept. 14, 2021 -
Anna Hrushka/Banking Dive
Why PayPal Ventures' Peggy Mangot thinks vertical neobanks are poised for growth
While mass-market neobanks continue to turn heads with user numbers and funding rounds, affinity neobanks are poised to experience their own market expansion soon, the executive told the Finovate Fall conference.
By Anna Hrushka • Sept. 14, 2021 -
Capital One beta-tests BNPL option, marking turnabout
The McLean, Virginia-based bank barred customers last December from using its credit cards to clear buy-now-pay-later debt.
By Dan Ennis • Sept. 14, 2021 -
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Bank of America to scrap CMO role after top marketer leaves this year
The bank pushed ahead with a raft of executive moves last week. Bank of America is not the first big U.S. bank to do away with the chief marketing role. Wells Fargo said in May it would do the same.
By Robin Bradley • Sept. 13, 2021 -
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Bank of America names new CFO, adds 3 women to senior management
The bank's chief administrative officer and general counsel are also retiring. The shuffle of more than a dozen leaders comes two weeks after two longtime Bank of America executives said they were retiring at year's end.
By Dan Ennis • Sept. 10, 2021
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