Retail: Page 45
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Permission granted by Rochelle State Bank
Georgia bank's new owners eye a digital makeover without losing the personal touch
ST Hldgs acquired Rochelle State Bank with the aim to bolster the single-branch institution's web portal and mobile options, while keeping the bank's close-knit model intact.
By Anna Hrushka • Sept. 9, 2021 -
Permission granted by Citizens Financial Group
Citizens Bank to acquire JMP Group in $149M, all-cash deal
The move, slated to close in the fourth quarter, is the latest in a busy year for Citizens, which bought 80 HSBC branches in May, as well as a New Jersey-based bank and an Oregon consulting firm.
By Robin Bradley • Sept. 9, 2021 -
Explore the Trendline➔
wildpixel via Getty Images
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 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo seeks more time to comply with scandal consent orders: report
The bank could face additional sanctions from regulators over the pace at which it is compensating victims of its consumer abuse violations, Bloomberg reported Tuesday.
By Anna Hrushka • Sept. 1, 2021 -
Permission granted by Citizens Bank of Edmond
Citizens Bank of Edmond to launch national digital bank with partner Moven
The platform is meant to target an underserved affinity group, Citizens CEO Jill Castilla said, adding she would share more details about the customer base in the next 60 days.
By Anna Hrushka • Aug. 31, 2021 -
Haugland Bowen, Katie. (2014). "Houston Skyline" [Photograph]. Retrieved from Flickr.
Cadence Bank to pay $8.5M to resolve DOJ, OCC redlining claims
The OCC said its examiners found just one of the bank's 11 Houston-area branches, between 2014 and 2016, was in a majority-nonwhite neighborhood and had no dedicated mortgage loan officer.
By Dan Ennis • Aug. 31, 2021 -
Bank regulators issue guidance on partnering with fintechs
Banks should evaluate fintechs' business experience and qualifications, financial condition, legal and regulatory compliance, risk management and controls, information security and operational resilience, regulators said Friday.
By Anna Hrushka • Aug. 30, 2021 -
Jeff Swensen via Getty Images
PNC increasing minimum hourly pay to $18
The $3-per-hour boost represents a 20% increase for legacy PNC employees, but is a bigger jump for BBVA USA staff joining PNC in October. Minimum hourly pay there is $11, according to The Associated Press.
By Robin Bradley • Aug. 30, 2021 -
Mark Wilson via Getty Images
Banks see nearly 40% uptick in overdraft fees year over year: S&P
The second-quarter $1.97 billion is well beyond the amount collected in 2020's comparable three-month span, when consumers spent markedly less in the pandemic's early days. But it falls far short of figures from 2019.
By Dan Ennis • Aug. 26, 2021 -
Courtesy of Gibson
Fintech veteran gears neobank toward musicians
Kasasa executive John Waupsh decided to launch Nerve after noticing musicians, struggling to access business accounts, often rely on personal checking accounts for business deposits and expenses.
By Anna Hrushka • Aug. 25, 2021 -
Zachary Drucker for The Gender Spectrum Collection
Optimism turns around for Black small-business owners in Bank of America survey
About 95% of Black business owners reported the pandemic added stress to normal business operations, but about 84% said they expect revenue to increase over the next 12 months.
By Robin Bradley • Aug. 25, 2021 -
Justin Sullivan via Getty Images
Santander Holdings USA to buy rest of US consumer unit for $2.5B
The deal, which includes the remaining 20% of the consumer unit's shares, values the division at $12.7 billion, and is expected to close in the fourth quarter of 2021.
By Anna Hrushka • Aug. 24, 2021 -
Tomas Kozak via Getty Images
Serial acquirer Seacoast to buy 2 Florida banks
The deals, expected to close in the first quarter of 2022, would add $600 million in assets to Seacoast and value Sarasota-based Sabal Palm Bank at $53.9 million and Business Bank of Florida at about $28.4 million.
By Dan Ennis • Aug. 24, 2021 -
SBA forgiveness portal accepts more than 340K submissions, but many lenders opt out
More than 1,230 lenders, representing over half of outstanding loan forgiveness applications, have opted in to the SBA's direct borrower forgiveness portal. But 4,237 have opted to use their own internal portals.
By Anna Hrushka • Aug. 23, 2021 -
"Royal Bank of Canada's global headquarters at 200 Bay Street in Toronto, Canada" by Francisco Diez is licensed under CC BY 2.0
Canada’s largest banks to require employee vaccinations before office return
Staff at TD, the Royal Bank of Canada, Bank of Montreal and the Canadian Imperial Bank of Commerce must demonstrate proof of vaccination by October. Scotiabank also will require vaccines for its workers but has not set a date.
By Robin Bradley • Aug. 23, 2021 -
Spencer Platt via Getty Images
Outgoing NY governor signs bill to limit overdraft practices at state-chartered banks
The new law, which takes effect Jan. 1, comes as lawmakers and regulators are paying more attention to overdraft fees and the revenue they generated for banks amid the pandemic.
By Anna Hrushka • Aug. 20, 2021 -
Permission granted by Aspiration Bank
Sustainable banking-focused Aspiration to go public via $2.3B SPAC deal
The neobank, whose financial backers include Leonardo DiCaprio and Cindy Crawford, said the deal will provide more than $400 million in cash, which will be used for marketing, product innovation and technology.
By Anna Hrushka • Aug. 19, 2021 -
Courtesy of CashApp - Square
How Square's Afterpay deal plays into its SMB, consumer banking goals
The $29 billion deal will bring the Australian firm's point-of-sale financing technology and large merchant portfolio under Square's umbrella, further enabling the fintech to continue its push into banking services.
By Anna Hrushka • Aug. 18, 2021 -
Drew Angerer via Getty Images
State Street to vacate NYC offices amid shift to hybrid work
The bank's pivot comes as firms across the country are reevaluating office-return timelines or adopting permanent hybrid solutions.
By Anna Hrushka • Aug. 16, 2021 -
Memphis-based Orion Federal Credit Union to buy Financial Federal Bank
The deal, which would nearly double the $1 billion-asset Orion Federal’s size, is the seventh such deal involving a credit union purchasing a bank to be announced this year.
By Anna Hrushka • Aug. 12, 2021 -
Capital One delays office return, requires vaccines for on-campus employees
CEO Richard Fairbank said the bank is allowing employees who are unvaccinated to work remotely throughout its reopening period, which it said will extend through at least the first quarter of 2022.
By Anna Hrushka • Aug. 12, 2021 -
Permission granted by Revolut
Revolut readies for US growth with marketing push, product expansions
Since launching quietly stateside last year, the fintech has rolled out a small-business banking product, applied for a bank charter, and has begun offering remittances between the U.S. and Mexico.
By Anna Hrushka • Aug. 11, 2021 -
Justin Sullivan via Getty Images
Citi requires vaccines for employees returning to offices
The bank is not extending the vaccine mandate to branch workers, according to the bank's head of HR, but will "strongly encourage them to get vaccinated and will require rapid testing and wearing of masks for all colleagues."
By Robin Bradley • Aug. 11, 2021 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo names Steven Black chairman, replacing Charles Noski
Noski stepped into the role amid heightened political scrutiny last year, stemming from the bank’s handling of its 2016 fake accounts scandal.
By Anna Hrushka • Aug. 10, 2021 -
Steve Jennings via Getty Images
Brex withdraws ILC, deposit insurance applications
The San Francisco-based fintech, which filed the applications in February, said it will "modify and strengthen" its applications and plans to resubmit at a later date.
By Anna Hrushka • Aug. 9, 2021 -
Permission granted by Citizens Financial Group
Citizens Financial to buy valuation consulting firm
Citizens, which plans to grow its customer base by 1 million next year, said its acquisition of Willamette would place it among the top valuation services providers in the country.
By Anna Hrushka • Aug. 6, 2021
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