Commercial: Page 3
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VersaBank completes purchase of tiny Minnesota bank
The purchase gives the Canadian lender a bank charter and access to federal deposit insurance as it strives to grow its primary point-of-sale lending product.
By Gabrielle Saulsbery • Sept. 4, 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 Rajashree Chakravarty • Sept. 3, 2024 -
Explore the Trendline➔
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TrendlineArtificial intelligence
A Federal Reserve official warned about the AI “arms race” banks face against cyber threats. But what about their race against each other?
By Banking Dive staff -
The image by Tyler Lahti is licensed under CC BY-SA 4.0
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 Caitlin Mullen • Sept. 3, 2024 -
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Sponsored by Shield ComplianceNew market data highlights cannabis growth potential and banking opportunities
Cannabis market growth is creating financial opportunities for industry participants, including the banking sector.
By Tony Repanich, President and CEO of Shield Compliance • Sept. 3, 2024 -
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Republic First acquirer Fulton Bank to cut 111 NJ employees
“With the recent Republic Bank transaction, we brought in more than 300 team members, many with redundant roles to our existing corporate staff,” a bank spokesperson said Friday.
By Rajashree Chakravarty • Aug. 30, 2024 -
Courtesy of U.S. Bank
U.S. Bank works to simplify SMB banking, payments
To stand out from competitors, the Minneapolis-based lender has also expanded its SBA loan program over the last year, said Shruti Patel, chief product officer for business banking.
By Caitlin Mullen • Aug. 29, 2024 -
Matt Cardy via Getty Images
HSBC wealth chief, COO exit as new CEO takes reins
Nuno Matos, CEO of wealth and personal banking, had been previously considered to succeed Noel Quinn as CEO. HSBC COO John Hinshaw and HR head Elaine Arden are also leaving the bank.
By Rajashree Chakravarty • Aug. 29, 2024 -
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 Rajashree Chakravarty • 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 Dan Ennis • Aug. 27, 2024 -
Permission granted by Smriti Shakargaye
Five Star Bank bets on its California roots in Bay Area move
The Sacramento-area lender found San Francisco a tough market to crack. But when East Coast banks swooped in and former First Republic customers grew disenchanted, Five Star hatched a strategy.
By Caitlin Mullen • Aug. 27, 2024 -
Justin Sullivan via Getty Images
Citi fired whistleblower for underperformance, bank says
“Citi was compelled to replace [Kathleen Martin] as Data Transformation Chair — the role ... was too important for Citi to tolerate [her] underperformance,” the bank said Thursday.
By Rajashree Chakravarty • Aug. 26, 2024 -
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Wells Fargo sheds majority of CRE mortgage servicing unit
The bank’s sale of most of its CRE loan servicing business to Trimont is expected to close in early 2025.
By Caitlin Mullen • Aug. 20, 2024 -
Courtesy of USAA
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 Caitlin Mullen • Aug. 20, 2024 -
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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 Caitlin Mullen • 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 Gabrielle Saulsbery • Aug. 19, 2024 -
Shutterstock.com/Hero Images on Offset
Sponsored by FinastraOpen finance is creating an agile, inclusive lending infrastructure for everyone
Here’s what financial institutions need to know when it comes to harnessing the power of open finance to create more inclusive trade, as well as sustainable corporate lending.
By Michael Kinney, CRO, Retail Lending at Finastra • Aug. 19, 2024 -
Matthew Lloyd via Getty Images
StanChart unveils account linking clients’ rates to their ESG performance
The corporate banking product will be piloted in the bank’s Hong Kong and Singapore markets before a further rollout “in due course.”
By Lamar Johnson • Aug. 14, 2024 -
Courtesy of KeyBank
Scotiabank to take nearly 15% stake in KeyBank for $2.8B
The Canadian lender will purchase roughly 163 million shares of KeyCorp’s common stock in two tranches, with the final purchase to be completed in the first quarter of 2025 after the Federal Reserve’s approval.
By Rajashree Chakravarty • Aug. 12, 2024 -
Permission granted by Cross River Bank
Cross River names 3 new board members to bolster growth
The board additions come more than a year after the FDIC issued a consent order over Cross River's “unsafe and unsound” practices related to fair lending laws and regulations.
By Rajashree Chakravarty • Aug. 7, 2024 -
Justin Sullivan via Getty Images
Broker sues Citi, alleging sexual harassment by a trader
Christine O’Reilly's supervisor instructed her to “play the game” to help ICAP maintain its relationship with Citi, according to a lawsuit filed Monday.
By Rajashree Chakravarty • Aug. 6, 2024 -
Justin Sullivan via Getty Images
Judge approves plan to end SVB ex-parent’s bankruptcy
The 185-page ruling Friday did not resolve the legal battle between SVB Financial Group and the FDIC over $1.9 billion in seized funds. That case will play out in a California court.
By Rajashree Chakravarty • Aug. 5, 2024 -
Kate Tornone/Banking Dive
TD, Citizens chase middle-market opportunity
To serve midsize business clients, the Canadian lender is bolstering its presence in the southeast, while the Providence, Rhode Island-based bank has its eye on California.
By Caitlin Mullen • Aug. 5, 2024 -
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OpinionThird-party compliance certification can get cannabis cash safely into banks
Even if the SAFER Banking Act passes, the infrastructure exists within the cannabis industry for third parties to do the kind of accrediting the Joint Commission does for the healthcare field, says attorney F. Miles Adler.
By F. Miles Adler • Aug. 1, 2024 -
Courtesy of Fifth Third
Fifth Third’s Newline to expand Stripe’s embedded financial services
“Maybe we’re just a little too Midwest humble about it, but Newline isn’t new to this,” Newline GM Tom Bianco said. Working with Stripe, he said, reinforces that it is, and has been, “a real force.”
By Gabrielle Saulsbery • July 31, 2024 -
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Indiana’s German American Bank to acquire Ohio’s Heartland
The $330.2 million deal, set to close in the first quarter of 2025, would give German American entry to Ohio for the first time.
By Caitlin Mullen • July 31, 2024
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