Commercial: Page 11
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SouthState to acquire Independent Bank in $2B deal
The transaction, expected to close in the first quarter of 2025, is set to expand SouthState’s footprint in Texas and Colorado.
By Rajashree Chakravarty • May 21, 2024 -
Spencer Platt / Staff via Getty Images
Citi ATM fee waivers discriminate by race, lawsuit says
The plaintiffs allege Citi unlawfully granted fee waivers to people using out-of-network ATMs only if their accounts were held at nonwhite-owned banks, according to the suit filed Friday.
By Rajashree Chakravarty • May 20, 2024 -
Explore the Trendline➔
Natalie Meepian via Getty Images
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 -
Justin Sullivan via Getty Images
Citi ex-treasurer Verdeschi in line for Schwab’s CFO role
The move marks a landing spot for one of a number of longtime Citi veterans who've stepped aside during the bank's reorganization.
By Dan Ennis • May 17, 2024 -
Permission granted by Pima Federal Credit Union
Arizona credit union to acquire bank
Pima's acquisition of Republic Bank of Arizona, expected to close in the second half of the year, would give the Tucson-based credit union a foothold in the Phoenix area.
By Rajashree Chakravarty • May 17, 2024 -
Spencer Platt / Staff via Getty Images
NYCB’s COO resigns
Julie-Ann Signorille-Browne led the bank’s integration with Flagstar and, later, the integration of assets and liabilities NYCB bought from the failed Signature Bank.
By Dan Ennis • May 17, 2024 -
Zhanna Hapanovich
Alerus Financial to buy Minnesota bank in $116M deal
The combined company will have roughly $5.5 billion in assets after the transaction, which is expected to close in the fourth quarter.
By Rajashree Chakravarty • May 16, 2024 -
Joe Raedle / Staff via Getty Images
Fed, OCC to hold meeting July 19 on Capital One-Discover deal
At $35.3 billion, the acquisition is well above the size that typically sees a public hearing by regulators. Agencies are eyeing tougher merger scrutiny, but that idea has received partisan backlash.
By Lynne Marek • May 15, 2024 -
Spencer Platt / Staff via Getty Images
NYCB to sell $5B in mortgage loans to JPMorgan Chase
The transaction is set to finalize in the third quarter. NYCB has pledged to cut its commercial real estate exposure to about $30 billion as it revamps its balance sheet.
By Dan Ennis • May 15, 2024 -
Anna Moneymaker via Getty Images
CFG Bank launches accounts to boost Key Bridge relief efforts
A money market account through the bank is donating 0.05% of accrued interest to a nonprofit fund offering financial support for families affected by the bridge collapse.
By Gabrielle Saulsbery • May 14, 2024 -
Spencer Platt via Getty Images
JPMorgan objects to proxy adviser’s push for CEO, chair split
The bank said ISS’s recommendation “fails to match the empirical evidence of the last 18 years of leadership” by Jamie Dimon, who occupies both roles at JPMorgan.
By Rajashree Chakravarty • May 14, 2024 -
Joe Raedle via Getty Images
ColumnDive Deposits: May just might be succession strategy month
Banco Popular became the second bank in a week to name a president — a steppingstone to CEO if not a long-term plan. Look back, and JPMorgan and Morgan Stanley each launched multiyear races in May.
By Dan Ennis • May 14, 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 restructures its investment-banking unit
Putting a U.S.-based executive in charge of global investment banking may reflect how crucial the Canadian bank's "second home" is to its growth strategy.
By Dan Ennis • May 13, 2024 -
Chris Hondros via Getty Images
JPMorgan lures $28B adviser team from Merrill Lynch
The Gray-Polverini team that joined JPMorgan’s wealth management unit in Los Angeles generated nearly $10 million in annual revenue.
By Rajashree Chakravarty • May 13, 2024 -
Justin Sullivan / Staff via Getty Images
Pot banking bill advocates push for action this year
Proponents hope the SAFER Banking bill can be attached to a larger legislative vehicle, as stand-alone passage in the Senate seems increasingly unlikely.
By Caitlin Mullen • May 13, 2024 -
Carlos Alvarez via Getty Images
ColumnDive Deposits: Are we in a parallel 2020? Ask a Spanish bank
FDIC culture woes. The rise of women execs. Regulators' rush to issue final rules before an election. 2020 had all of that, too — along with a failed BBVA bid for Sabadell. But in 2024, it turned hostile.
By Dan Ennis • May 9, 2024 -
Permission granted by Aspiration
Aspiration spins off consumer financial brand
The standalone company, helmed by Tim Newell, will continue to operate under the Aspiration brand name and focus on offering climate-friendly products.
By Rajashree Chakravarty • May 8, 2024 -
Permission granted by Fifth Third
Fifth Third launches ‘reimagined’ eBus with SpringFour
The eBus will travel to underserved communities across the bank’s footprint and give consumers access to around 24,000 nonprofit resources through its collaboration with the social impact fintech.
By Rajashree Chakravarty • May 8, 2024 -
Justin Sullivan via Getty Images
Wells Fargo hires JPMorgan vet Rivas to boost investment bank
Fernando Rivas, who was among the lead negotiators in JPMorgan's First Republic acquisition, had been set to retire when he left JPMorgan in February.
By Caitlin Mullen • May 8, 2024 -
Pgiam via Getty Images
FirstSun, HomeStreet seek charter change for merger
FirstSun opted for a Texas state charter to skirt oversight by the OCC. Executives said that agency is slowing the banks’ tie-up over concerns with HomeStreet's CRE exposure.
By Dan Ennis • May 6, 2024 -
Oli Scarff via Getty Images
Oklahoma adds Barclays to anti-ESG list
The British bank joins JPMorgan Chase, BlackRock, Bank of America, Wells Fargo and State Street and eight other financial institutions on the list.
By Rajashree Chakravarty • May 6, 2024 -
Courtesy of U.S. Bank
U.S. Bank promotes Kedia to president
Elevating the bank’s vice chair of wealth, corporate, commercial and institutional banking likely positions Gunjan Kedia as the successor to CEO Andy Cecere, a Piper Sandler analyst said.
By Caitlin Mullen • May 6, 2024 -
Justin Sullivan / Staff via Getty Images
Wells Fargo says US authorities probing Zelle disputes
JPMorgan also said it was responding to civil and government authorities’ inquiries regarding handling Zelle customer disputes. The banks did not divulge further details.
By Rajashree Chakravarty • May 3, 2024 -
Mario Tama via Getty Images
ColumnDive Deposits: Citi’s climate portrait shows a big contrast
This week, Citi disclosed it is on pace to reach its 2030 sustainable finance goals, but Reuters also found a draft indicating the losses the bank would incur if the world goes net zero.
By Dan Ennis • May 3, 2024 -
Chris Hondros via Getty Images
Russian court cancels seizure of some JPMorgan funds
The court had ordered seizure of $439.5 million late last month in an ongoing sanctions dispute between JPMorgan and Russia-owned VTB Bank.
By Gabrielle Saulsbery • May 2, 2024 -
Spencer Platt via Getty Images
JPMorgan expects to pay $100M more in trading penalties
The penalty, which the lender said it will pay to a third, unnamed U.S. regulator, adds to the $348.2 million JPMorgan agreed to pay the OCC and the Fed in March.
By Rajashree Chakravarty • May 2, 2024
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