Retail: Page 52
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Permission granted by Eastern Bank
Eastern cements Boston footprint with $642M Century Bank acquisition
Set to close in the fourth quarter, the deal to create a $22.4 billion-asset entity would mark Eastern's first bank purchase since its October 2020 IPO.
By Dan Ennis • April 8, 2021 -
California bill would create free banking services for state's residents
The effort comes as the FDIC launches a campaign in the Atlanta and Houston markets to get more Black and Hispanic households to open bank accounts.
By Anna Hrushka • April 7, 2021 -
Explore the Trendline➔
Permission granted by Frost Bank
TrendlineTop 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 -
Anna Hrushka/Banking Dive
Chance for early feedback spurs banks to join FedNow pilot program
More than 110 organizations are participating in the real-time payment effort, which is still slated for a 2023 debut.
By Anna Hrushka • April 6, 2021 -
Permission granted by SoFi
SoFi to offer auto loan refinancing through MotoRefi partnership
The deal with the Arlington, Virginia-based startup represents the latest product expansion by SoFi as it continues its push to become more than a student loan fintech.
By Anna Hrushka • April 5, 2021 -
Permission granted by Spiral
New challenger bank Spiral aims to make charitable giving easier
"Just like what Amazon did to consumption with the click of a button, that's what we're trying to do to charitable giving," said Spiral's CEO and co-founder, Shawn Melamed.
By Anna Hrushka • April 1, 2021 -
Courtesy of Walgreens
Walgreens to launch digital bank accounts this year
The accounts will be available to customers online and at 9,000 Walgreens locations in the second half of 2021. The pharmacy chain is the second nonbank in a week to announce a digital banking partnership with MetaBank.
By Anna Hrushka • March 31, 2021 -
FTC bans mobile banking app Beam, its founder
The company, which promised interest rates as high as 7%, must pay back an estimated $2.6 million in account holders' funds as part of a settlement announced Monday, in which Beam did not admit wrongdoing.
By Dan Ennis • March 30, 2021 -
Courtesy of KeyBank
KeyBank's digital bank for doctors gets national launch
The bank expects to add checking and retail investments to the platform this year, and to expand digital banking services to a market that includes pharmacists, physician assistants, nurses and therapists.
By Anna Hrushka • March 30, 2021 -
Permission granted by H&R Block
H&R Block eyes digital banking market
The tax preparer's brand awareness and physical presence could give it an advantage over fintechs in a competitive field where digital players vie for consumer and small-business accounts.
By Anna Hrushka • March 29, 2021 -
Permission granted by Greenwood Financial
Greenwood raises $40M in funding with investments from 6 major banks
Led by Truist Ventures, the digital bank's funding round includes investments from JPMorgan Chase, Bank of America, Wells Fargo and PNC, in addition to payments giants Mastercard and Visa.
By Anna Hrushka • March 25, 2021 -
Valadi, Sam. (2012). "Empire State - New York City" [Photograph]. Retrieved from Flickr.
Goldman cleared of bias claims in NYDFS's Apple Card probe
The regulator found no evidence of disparate impact in the bank's credit decisions but said the case should serve as a reminder that credit-scoring models and anti-discrimination laws need a refresh.
By Dan Ennis • March 24, 2021 -
Permission granted by Revolut
Revolut applies for California charter, launches Revolut Business
The challenger bank is showing it's expanding its target to include small and medium-sized U.S. businesses, in addition to the consumer accounts that fellow digital players Chime and Varo Bank are chasing.
By Anna Hrushka • March 22, 2021 -
Digital bank for immigrants opens meet-up space in Miami
It's not typical for a digital bank to open a physical location in an effort to connect with customers, but Majority's CEO said it's important to have a presence in the communities they serve.
By Anna Hrushka • March 18, 2021 -
ColumnCrypto, ESG and office returns: Banks show when they would — and would not — rather be first
As Morgan Stanley and BNY Mellon look to one-up each other on digital assets, JPMorgan and Bank of America find themselves in opposing camps over how they will host summer internships.
By Dan Ennis • March 18, 2021 -
Bank branches will be extinct by 2034, fintech study finds
Figures released by Self Financial hinge on the acceleration of closures from 2012 to 2018. Particularly, the rate of closure doubled from 0.81% per year between 2012 and 2015 to 1.6% between 2015 and 2018.
By Dan Ennis • March 17, 2021 -
How U.S. Bank tripled its digital account openings
"It was taking customers 10 minutes to get through this application, and that's just way too long," said Jonathan Burns, the bank's senior vice president and head of digital sales experience.
By Anna Hrushka • March 17, 2021 -
Permission granted by Current
Early prep for stimulus payments pays off for digital banks, customers
"Digital banks are nimbly making strides, and incumbents are fully captivated," said Lane Martin, a partner at the consulting firm Capco.
By Anna Hrushka • March 16, 2021 -
Evgenii. (2017). "Philadelphia" [Photograph]. Retrieved from Flickr.
WSFS adds to Philly footprint with $976.4M Bryn Mawr Trust buy
Acquiring Bryn Mawr would nearly double WSFS's wealth-management portfolio. But the deal, set to close in the fourth quarter, would spur WSFS to shutter about 30% of the combined entity's 130 locations.
By Dan Ennis • March 11, 2021 -
Permission granted by Cheese
Challenger Cheese aims to fill banking gap in US's Asian, immigrant communities
The platform supports social causes by allowing users to donate to Asian and immigrant-owned businesses, at-risk communities and charitable organizations with each purchase.
By Anna Hrushka • March 10, 2021 -
Permission granted by SoFi
SoFi to buy community bank in $22.3M deal to speed charter
Sacramento, California-based Golden Pacific Bancorp and its three branches would operate as a division of SoFi Bank once the transaction closes by year's end, pending regulator approval, SoFi said.
By Dan Ennis • March 9, 2021 -
Adeline Kon/Banking Dive
Deep DiveIn serving the Amish, Lancaster County bankers find 'make-a-difference' work
Banking some of Pennsylvania's most conservative people means forging creative solutions around mobile banking, photo IDs, flood insurance and even picnic-table business deals.
By Anna Hrushka • March 4, 2021 -
Permission granted by Citigroup
Citi marks a quiet transition as Fraser takes the reins
The Wall Street bank's first woman CEO announced an ESG initiative on her first day, but risk-management fixes and potential reorganization stand as a tougher test.
By Dan Ennis • March 2, 2021 -
Deep Dive
Can banks win in the booming buy-now-pay-later space?
While BNPL represents a relatively small niche of the payments ecosystem, banks should take note of what the growth of that silo says about the next generation of consumers, one consultant said.
By Anna Hrushka • March 2, 2021 -
Courtesy of TIAA Bank
JPMorgan Chase's consumer banking chief leaving to head TIAA
When she joins TIAA on May 1, Thasunda Brown Duckett will become the third Black woman to head a Fortune 500 company full-time.
By Anna Hrushka • Feb. 26, 2021 -
ColumnRight-sizing takes a different shape depending on the bank
TD announced it is closing 82 U.S. branches. Merrill Lynch wants to double its Florida presence. Regions Bank eschews large-scale M&A. And JPMorgan is seeking acquisition targets with "urgency."
By Dan Ennis • Feb. 26, 2021
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