BOSTON Fleet Financial Group Inc. said Tuesday that one of its subsidiaries has acquired the commercial origination and servicing operations of American Residential Holding Corp. for an undisclosed amount.
Fleet Management and Recovery Corp., with $1.4 billion in assets, purchased $300 million in commercial mortgage loan servicing assets and more than $40 million in nonperforming assets under management.
American Residential was acquired by Chase Manhattan Mortgage Corp. in September.
The top five banks and thrifts have combined total assets of nearly $13 trillion.
The banking-as-a-service middleware provider will be acquired by TabaPay. Other middleware providers may be forced to evolve or face the same fate.
Institutions and their investors are facing pressure from climate activists, cautiously awaiting interest rate cuts and adjusting to new Federal Reserve and FDIC policies.
A new Citizens Bank survey suggests rising check-fraud incidents are driving middle-market companies to accelerate plans to fully adopt digital payments. But 70% of all businesses will continue to rely on checks for years to come, according to recent data from the Association for Financial Professionals.
After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
The Federal Reserve's Office of the Inspector General says the Fed has yet to fulfill 65 recommendations, and also identified 18 outstanding issues at the Consumer Financial Protection Bureau.
