Retail: Page 43
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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 -
Courtesy of https://www.varomoney.com/press/
Varo's latest $510M funding round validates bank charter decision, exec says
The bank, now reportedly valued at $2.5 billion, plans to use the new funding on account growth, brand building, its product roadmap and operational and risk management infrastructure.
By Anna Hrushka • Sept. 17, 2021 -
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 -
JPMorgan's UK digital bank set to launch
Named simply Chase, the platform will initially offer current accounts with a rewards program but is set to expand into savings, personal lending and investment, and mortgages.
By Dan Ennis • 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 -
Chris Hondros via Getty Images
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 -
Anna Hrushka/Banking Dive
Why PayPal Ventures' Peggy Mangot thinks vertical neobanks are poised for growth
While mass-market neobanks continue to turn heads with user numbers and funding rounds, affinity neobanks are poised to experience their own market expansion soon, the executive told the Finovate Fall conference.
By Anna Hrushka • Sept. 14, 2021 -
Capital One beta-tests BNPL option, marking turnabout
The McLean, Virginia-based bank barred customers last December from using its credit cards to clear buy-now-pay-later debt.
By Dan Ennis • Sept. 14, 2021 -
David McNew via Getty Images
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 -
Drew Angerer via Getty Images
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 -
Permission granted by Rochelle State Bank
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 -
Permission granted by Citizens Financial Group
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 -
Courtesy of Wells Fargo multimedia resources
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 -
Permission granted by Citizens Bank of Edmond
Citizens Bank of Edmond to launch national digital bank with partner Moven
The platform is meant to target an underserved affinity group, Citizens CEO Jill Castilla said, adding she would share more details about the customer base in the next 60 days.
By Anna Hrushka • Aug. 31, 2021 -
Haugland Bowen, Katie. (2014). "Houston Skyline" [Photograph]. Retrieved from Flickr.
Cadence Bank to pay $8.5M to resolve DOJ, OCC redlining claims
The OCC said its examiners found just one of the bank's 11 Houston-area branches, between 2014 and 2016, was in a majority-nonwhite neighborhood and had no dedicated mortgage loan officer.
By Dan Ennis • Aug. 31, 2021 -
Fotolia
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 -
Jeff Swensen via Getty Images
PNC increasing minimum hourly pay to $18
The $3-per-hour boost represents a 20% increase for legacy PNC employees, but is a bigger jump for BBVA USA staff joining PNC in October. Minimum hourly pay there is $11, according to The Associated Press.
By Robin Bradley • Aug. 30, 2021 -
Mark Wilson via Getty Images
Banks see nearly 40% uptick in overdraft fees year over year: S&P
The second-quarter $1.97 billion is well beyond the amount collected in 2020's comparable three-month span, when consumers spent markedly less in the pandemic's early days. But it falls far short of figures from 2019.
By Dan Ennis • Aug. 26, 2021 -
Courtesy of Gibson
Fintech veteran gears neobank toward musicians
Kasasa executive John Waupsh decided to launch Nerve after noticing musicians, struggling to access business accounts, often rely on personal checking accounts for business deposits and expenses.
By Anna Hrushka • Aug. 25, 2021 -
Zachary Drucker for The Gender Spectrum Collection
Optimism turns around for Black small-business owners in Bank of America survey
About 95% of Black business owners reported the pandemic added stress to normal business operations, but about 84% said they expect revenue to increase over the next 12 months.
By Robin Bradley • Aug. 25, 2021 -
Justin Sullivan via Getty Images
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 -
"Royal Bank of Canada's global headquarters at 200 Bay Street in Toronto, Canada" by Francisco Diez is licensed under CC BY 2.0
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 -
Spencer Platt via Getty Images
Outgoing NY governor signs bill to limit overdraft practices at state-chartered banks
The new law, which takes effect Jan. 1, comes as lawmakers and regulators are paying more attention to overdraft fees and the revenue they generated for banks amid the pandemic.
By Anna Hrushka • Aug. 20, 2021 -
Permission granted by Aspiration Bank
Sustainable banking-focused Aspiration to go public via $2.3B SPAC deal
The neobank, whose financial backers include Leonardo DiCaprio and Cindy Crawford, said the deal will provide more than $400 million in cash, which will be used for marketing, product innovation and technology.
By Anna Hrushka • Aug. 19, 2021
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