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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 Rajashree Chakravarty • Sept. 24, 2024 -
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Las Vegas’ Lexicon Bank bets on growth with nonprofits
As a de novo, the lender experienced quick growth through PPP loan processing. Now, it aims to build on its business with nonprofits, CEO Stacy Watkins said.
By Caitlin Mullen • Sept. 24, 2024 -
Explore the Trendline➔
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TrendlineM&A
President Donald Trump’s reelection was predicted to yield loosened regulation. But tariff volatility and economic uncertainty has thrown a wrench into an expected boom in mergers and acquisitions.
By Banking Dive staff -
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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 Rajashree Chakravarty • Sept. 23, 2024 -
Permission granted by Michael Milazzo
Western Alliance sharpens California middle-market focus
After last year’s turmoil, the regional lender is adding bankers to serve aerospace and agriculture clients in the state, said Julian Parra, a BofA veteran hired to grow the bank’s business with middle-market clients.
By Caitlin Mullen • 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 Caitlin Mullen • Sept. 20, 2024 -
Anna Hrushka/Banking Dive
NY’s Five Star Bank pivots away from BaaS
The bank cited regulators’ changing expectations. Banking-as-a-service accounts for 2% of Five Star’s deposits and less than 1% of its loans and two of its 12 clients have already begun offboarding, it said.
By Dan Ennis • Sept. 20, 2024 -
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JPMorgan creates role to oversee junior bankers’ ‘wellbeing’: memo
Ryland McClendon’s appointment comes amid a spike in concern over the workload and expectations of associates and analysts after a 35-year-old Bank of America banker died in May.
By Rajashree Chakravarty • Sept. 19, 2024 -
Matt Sampson Photography/ iStock / Getty Images Plus via Getty Images
Silvergate exec cites ‘supervisory pressure’ in bankruptcy filing
The crypto-heavy bank's parent company has no remaining lines of business and followed its subsidiary into Chapter 11 on Tuesday.
By Gabrielle Saulsbery • Sept. 19, 2024 -
Spencer Platt / Staff via Getty Images
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 Caitlin Mullen • Sept. 19, 2024 -
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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 Caitlin Mullen • Sept. 18, 2024 -
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Carver Bank taps JPMorgan, Citizens vet as new CEO
Donald Felix, a 25-year banking veteran, will succeed Craig MacKay, who became interim CEO of the Black-owned bank last year when the company weathered a “hostile takeover” attempt from an investor.
By Rajashree Chakravarty • Sept. 17, 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 Caitlin Mullen • Sept. 16, 2024 -
Spencer Platt / Staff via Getty Images
Citi tech chief to share data responsibility with COO: memo
Anand Selva will co-lead the data program with Tim Ryan. Japan Mehta, the outgoing data chief, will transition Ashutosh Nawani into the new role of head of enterprise data office and data transformation, the memo said.
By Rajashree Chakravarty • 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 Gabrielle Saulsbery • Sept. 16, 2024 -
Courtesy of U.S. Bank
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 Caitlin Mullen • Sept. 13, 2024 -
"Royal Bank of Canada's global headquarters at 200 Bay Street in Toronto, Canada" by Francisco Diez is licensed under CC BY 2.0
RBC names interim CFO Gibson as permanent
The move presumably puts more distance between the bank and Gibson’s predecessor, Nadine Ahn, who has sued the bank for wrongful dismissal and damages.
By Rajashree Chakravarty • Sept. 12, 2024 -
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BofA, JPMorgan, others urged to stop financing livestock production
An open letter singles out the nation's largest banks for their support of food giants like JBS, saying lending activities undermine the sector’s environmental commitments.
By Sarah Zimmerman • Sept. 12, 2024 -
Douglas Rissing via Getty Images
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 Dan Ennis • Sept. 11, 2024 -
Spencer Platt / Staff via Getty Images
Citi’s chief accounting officer exits
Johnbull Okpara is leaving the bank after nearly four years to pursue another opportunity, according to an SEC filing Tuesday. Robert Walsh was named interim CAO.
By Rajashree Chakravarty • Sept. 11, 2024 -
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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 Caitlin Mullen • Sept. 10, 2024 -
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NBT to merge with in-state lender in $236M deal
The deal, set to close in the second quarter of 2025, will extend NBT’s footprint into western New York by adding 18 Evans Bank branches.
By Rajashree Chakravarty • Sept. 10, 2024 -
Permission granted by Huntington Bank
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 Caitlin Mullen • Sept. 9, 2024 -
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ConnectOne to expand in NY with $284M deal
The New Jersey-based bank aims to create a premier middle-market bank focused on the greater New York metro area following its merger with The First of Long Island Corp.
By Rajashree Chakravarty • Sept. 6, 2024 -
Spencer Platt via Getty Images
Many regionals lack clear strategy for private credit threat: analyst
Private credit firms are no longer just extending loans banks won’t, Deloitte’s Richard Rosenthal said.
By Caitlin Mullen • Sept. 6, 2024 -
Getty Images/Staff via Getty Images
REV Credit Union to buy West Virginia bank
The South Carolina-based credit union’s proposed acquisition of First Neighborhood Bank is the 15th announced whole-bank purchase by a credit union this year — one off 2022’s record of 16.
By Rajashree Chakravarty • Sept. 5, 2024
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