WASHINGTON - The Federal Reserve Board approved the application of First Interstate Bancorp of Los Angles on Sept. 22 to acquire two subsidiaries of Allegheny Financial Inc. of New York.
First Interstate will takeover Sacramento Savings Bank and Central Valley Security Co, both of Sacramento, Calif. As part of the agreement, First Interstate will increase its Community Reinvestment Act obligations in the California capital by making more loans and hiring a CRA loan officer for the community.
The Dallas-based regional bank tapped a client for its copilot capabilities, where employees can message a bot instead of a human to get tech assistance.
Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
Powered by younger, affluent cardholders, American Express saw a 6% increase in billed business during the first quarter, while weak growth still plagues its small-business segment.
For the better part of the past decade, the Federal Reserve Board in Washington has played a more active role in presidential searches by regional reserve banks. The shift seems to have made the system more diverse, but some argue it's at the expense of regional bank independence.
Beth Johnson, a self-described math geek, is driving the bank's ESG strategy and training its employees to keep pace with industry trends.
The Cleveland-based bank is projecting steady growth in net interest income even as credit losses remain manageable. But Chairman and CEO Chris Gorman also said that he thinks a recession is likely.
