Valley National Bank to buy Bank Leumi's US arm in $1.15B deal

The transaction, set to close early next year, enhances Valley's commercial presence in Chicago, Los Angeles and Silicon Valley, and marks the second spinoff this week of U.S. operations by a foreign bank.

By Dan Ennis • Sept. 23, 2021

U.S. Bank to buy MUFG Union Bank in $8B deal

The transaction would add $133 billion in assets, $58 billion in loans and $90 billion in deposits to U.S. Bank's balance sheet, vaulting the Minneapolis-based lender back into fifth place among largest retail banks in the U.S.

By Robin Bradley • Sept. 21, 2021

Explore the Trendline➔

M&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

Goldman Sachs debuts green demand deposit account

The product fits into two of Goldman's initiatives: its $750 billion ESG goal, and the desire to lean more heavily on transaction banking.

By Robin Bradley • Sept. 20, 2021

Climate-focused de novo's loan program aims to retool Florida condos

Shareholder Gloria Romero Roses is holding focus groups with building owners, property managers and condominium associations to assess the needs and challenges of the underwriting process.

By Anna Hrushka • Sept. 20, 2021

First Interstate to buy Great Western Bank in $2B, all-stock deal

The transaction would more than double First Interstate's branch footprint and give it entry to eight new states. The combined bank would have more than $32 billion in assets, $18.4 billion in loans and $27.1 billion in deposits.

By Robin Bradley • Sept. 17, 2021

Truist, Microsoft back FDIC fund to invest in minority-owned banks

"I like to joke that this isn't your grandmother's FDIC, and this fund certainly proves that we like to think out of the box," the agency's chair, Jelena McWilliams, said Thursday.

By Anna Hrushka • Sept. 16, 2021

Goldman Sachs to buy home-improvement lender GreenSky for $2.24B

The deal, set to close in this year's fourth quarter or the first quarter of 2022, will bring more than 10,000 merchants into the fold of Goldman's consumer-banking arm, Marcus.

By Robin Bradley • Sept. 15, 2021

How BankMobile pivoted its business model in the face of competition

"Our pillar of being able to have a profitable, sustainable model — and as fast as possible — wasn't happening," CEO Luvleen Sidhu said. "It's challenging when you have other challenger banks spending half a billion dollars on marketing."

By Anna Hrushka • Sept. 15, 2021

Goldman Sachs names new CFO as Scherr steps down

Denis Coleman will become deputy CFO effective immediately and succeed Scherr in January. Goldman is the fourth of the six largest U.S. banks to make a change at CFO this year.

By Robin Bradley • Sept. 14, 2021

Bank of America to scrap CMO role after top marketer leaves this year

The bank pushed ahead with a raft of executive moves last week. Bank of America is not the first big U.S. bank to do away with the chief marketing role. Wells Fargo said in May it would do the same.

By Robin Bradley • Sept. 13, 2021

Bank of America names new CFO, adds 3 women to senior management

The bank's chief administrative officer and general counsel are also retiring. The shuffle of more than a dozen leaders comes two weeks after two longtime Bank of America executives said they were retiring at year's end.

By Dan Ennis • Sept. 10, 2021

Georgia bank's new owners eye a digital makeover without losing the personal touch

ST Hldgs acquired Rochelle State Bank with the aim to bolster the single-branch institution's web portal and mobile options, while keeping the bank's close-knit model intact.

By Anna Hrushka • Sept. 9, 2021

Citizens Bank to acquire JMP Group in $149M, all-cash deal

The move, slated to close in the fourth quarter, is the latest in a busy year for Citizens, which bought 80 HSBC branches in May, as well as a New Jersey-based bank and an Oregon consulting firm.

By Robin Bradley • Sept. 9, 2021

Bank of America debuts overdraft alternative

If a customer overdraws on one Bank of America account, Balance Connect ferries money from another of the user's accounts with the bank for a $12-per-transaction fee.

By Robin Bradley • Sept. 8, 2021

JPMorgan to buy majority stake in Volkswagen's payments business

The deal is the latest in a series of investments the bank has made in the past year, following CEO Jamie Dimon's 2020 promise that it would be "much more aggressive with acquisitions across the board."

By Anna Hrushka • Sept. 8, 2021

CFPB proposes rule to boost data collection on small-business loans

The bureau laid out a list of 23 data points, including the race and gender of borrowers and reasons for loan denial. But some trade groups are taking issue with the proposal's scope.

By Robin Bradley • Sept. 7, 2021

Wells Fargo names new commercial banking CEO

Kyle Hranicky will succeed Perry Pelos, who is set to retire in April, the bank said. Hranicky will join Wells Fargo's operating committee, becoming the first inside promotion CEO Charlie Scharf has elevated to that level.

By Dan Ennis • Sept. 7, 2021

SBA 'threat' draws ire of PPP lenders, Republican lawmakers

Lenders that have not opted in to the agency's forgiveness portal could face audits, the SBA said in a letter.

By Anna Hrushka • Sept. 2, 2021

Wells Fargo seeks more time to comply with scandal consent orders: report

The bank could face additional sanctions from regulators over the pace at which it is compensating victims of its consumer abuse violations, Bloomberg reported Tuesday.

By Anna Hrushka • Sept. 1, 2021

Morgan Stanley bumps first-year pay to $110K to match Goldman Sachs

Tuesday's move marks the second time in a month the bank lifted salaries for first-year investment banking and global capital markets analysts.

By Robin Bradley • Sept. 1, 2021

Bank regulators issue guidance on partnering with fintechs

Banks should evaluate fintechs' business experience and qualifications, financial condition, legal and regulatory compliance, risk management and controls, information security and operational resilience, regulators said Friday.

By Anna Hrushka • Aug. 30, 2021

Santander Holdings USA to buy rest of US consumer unit for $2.5B

The deal, which includes the remaining 20% of the consumer unit's shares, values the division at $12.7 billion, and is expected to close in the fourth quarter of 2021.

By Anna Hrushka • Aug. 24, 2021

Serial acquirer Seacoast to buy 2 Florida banks

The deals, expected to close in the first quarter of 2022, would add $600 million in assets to Seacoast and value Sarasota-based Sabal Palm Bank at $53.9 million and Business Bank of Florida at about $28.4 million.

By Dan Ennis • Aug. 24, 2021

SBA forgiveness portal accepts more than 340K submissions, but many lenders opt out

More than 1,230 lenders, representing over half of outstanding loan forgiveness applications, have opted in to the SBA's direct borrower forgiveness portal. But 4,237 have opted to use their own internal portals.

By Anna Hrushka • Aug. 23, 2021

Canada’s largest banks to require employee vaccinations before office return

Staff at TD, the Royal Bank of Canada, Bank of Montreal and the Canadian Imperial Bank of Commerce must demonstrate proof of vaccination by October. Scotiabank also will require vaccines for its workers but has not set a date.

By Robin Bradley • Aug. 23, 2021