COLUMBUS, Ohio -- Banc One Corp. said it has completed its acquisition of Capital Bancorp, a one-bank holding company based in Salt Lake City.
Terms of the acquisition were not disclosed.
Capital Bancorp operated Capital City Bank, which had assets of about $115 million and seven offices in Salt Lake County. Capital City Bank is now part of Bank One Utah.
Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
The Federal Reserve chair's comments coincide with the spring meeting of the International Monetary Fund and the World Bank Group in Washington. They also come as groups like the Basel Committee on Banking Supervision are being scrutinized.
The Federal Home Loan Bank System stepped up advances by 37% or more to Silicon Valley, Signature and First Republic banks ahead of their failures, the GAO says in a post-mortem on last year's banking crisis. The findings add to the debate about whether the system should be a lender of last resort.
Rep. Andy Barr, R-Ky., is running to lead his caucus in the House Financial Services Committee and says he has the skills to meld traditional and insurgent wings of the party.
Bellwether Community Credit Union's partnership with the New York ad tech firm Prizeout is working to build out gift card programs and generate added sources of non-interest income.
Morgan Stanley CEO Ted Pick downplayed the importance of government investigations into potential money laundering issues involving wealth management clients. "We've been focused on our client on-boarding and monitoring processes for a good while," he said.
