Commercial: Page 4
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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 -
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 -
Explore the Trendline➔
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TrendlineArtificial intelligence
Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?
By Banking Dive staff -
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 -
Douglas Rissing via Getty Images
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 -
DenisTangneyJr via Getty Images
Mississippi banks merge in $1.2B deal
Renasant will enter Louisiana and strengthen its presence in Florida by acquiring its smaller rival, The First Bank.
By Caitlin Mullen • July 30, 2024 -
Mark Makela via Getty Images
Republic First acquirer Fulton hires Valley Bank alum as next CFO
The move caps a five-month search since Fulton’s previous CFO resigned unexpectedly. Betsy Chivinski, a 30-year veteran of the bank who was named interim CFO, is retiring.
By Dan Ennis • July 29, 2024 -
Sean Pavone via Getty Images
WesBanco to buy Ohio’s Premier Financial in $959M deal
The West Virginia acquirer is raising $200 million for the transaction, set to close in the first quarter of 2025. The deal would give WesBanco 73 added branches and create a $26.9 billion-asset bank.
By Dan Ennis • July 26, 2024 -
Spencer Platt / Staff via Getty Images
NYCB offloads mortgage servicing to Mr. Cooper for $1.4B
The move reflects the lender’s efforts to become a “relationship-focused regional bank,” CEO Joseph Otting said Thursday as the bank reported earnings. He suggested more divestitures could follow.
By Caitlin Mullen • July 25, 2024 -
ultramarine5 via Getty Images
Goldman vet tapped to lead Julius Baer
Stefan Bollinger, Goldman’s co-head of private wealth management for Europe, the Middle East and Africa, will take the helm of the Swiss bank by Feb. 1, 2025.
By Caitlin Mullen • July 23, 2024 -
Alex Wong / Staff via Getty Images
Truist execs pledge expense discipline
While the bank is “fully committed” to keeping expenses flat this year compared to last, Truist is spending to bolster its payments and middle market lending teams, CEO Bill Rogers said Monday.
By Caitlin Mullen • July 22, 2024 -
Michael M. Santiago via Getty Images
JPMorgan, UBS and others see effects of IT outage
Trading was delayed at JPMorgan and Nomura, media outlets reported. UBS saw problems related to legacy systems inherited from Credit Suisse. Charles Schwab warned users not to place duplicate trades.
By Dan Ennis • July 19, 2024 -
Courtesy HSBC
HSBC names CFO Elhedery as its next CEO
The Lebanon-born banker was seen as an early front-runner to succeed Noel Quinn. Elhedery took a sabbatical in 2022, reportedly learning Mandarin, and was named CFO when he returned.
By Dan Ennis • July 17, 2024 -
Webster Bank taps ex-First Republic CFO as new finance chief
Neal Holland served as CFO of First Republic for roughly seven months before JPMorgan acquired it. He also was MUFG Union’s CFO just ahead of its purchase by U.S. Bank.
By Rajashree Chakravarty • July 17, 2024 -
Win McNamee / Staff via Getty Images
BofA projects net interest income improvement later this year
Second-quarter results for the Charlotte, North Carolina-based lender are yet another sign banks are getting bit by higher-for-longer interest rates.
By Caitlin Mullen • July 16, 2024 -
Permission granted by O’Malley Hansen Communications
Missouri’s First Bank leans on ‘Goldilocks size’
The family-owned bank, which also serves customers in Illinois and California, is planning to enter the Texas market this year.
By Caitlin Mullen • July 15, 2024 -
Courtesy of Bank of America
BofA tackles digital banking’s transaction pain points
The latest CashPro platform update is designed to better address transaction-related inquiries — one of the top reasons business customers call and email the bank.
By Maura Webber Sadovi • July 15, 2024 -
Drew Angerer / Staff via Getty Images
Wells Fargo cites customer movement as net interest income drops
The bank looked for a boost from higher fees in investment banking as it aims to reduce its reliance on net interest income.
By Caitlin Mullen • July 12, 2024 -
Mario Tama via Getty Images
ColumnDive Deposits: It was Citi’s week and, arguably, everybody won
The bank shook off fresh penalties by reporting skyrocketing revenue in its banking unit. It’s no wonder Citi granted $41 million to its banking chief. But a rival for that job may be glad he left.
By Dan Ennis • July 12, 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 shakes up C-suite, splits personal and commercial banking
A spate of moves appears to elevate Neil McLaughlin as a contender to succeed Dave McKay as CEO, but that transition may not be soon. The bank did not disclose the future of its still-interim CFO.
By Dan Ennis • July 11, 2024
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