MIDWEST
Park National Corp., Newark, Ohio, promoted David L. Trautman to
Mr. Trautman succeeds Carlos E. Watkins, who was named vice chairman.
In addition, Park National Bank promoted Steven Wells to vice president.
The challenger bank in the third quarter launched Cash Coach, an AI-powered customer insights engine that helps consumers optimize earned interest in deposit accounts and minimize interest charges on credit cards. SoFi plans to roll out a "more comprehensive" SoFi Coach that incorporates all areas of financial services as part of its strategy to rival banks.
Park National Corp's $317 million, all-stock deal for First Citizens Bancshares would give the buyer a presence in markets that are expected to grow faster than its legacy Ohio footprint.
FirstSun Capital Bancorp plans to buy First Foundation in an effort to accelerate its Southern California growth. The $785 million transaction follows FirstSun's failed takeover of Seattle-based HomeStreet.
The acquisition of the prime-focused U.S. fintech is expected to boost Barclays' return on tangible equity and digital capabilities starting in 2027.
The payment company launched new tools for merchants and entered artificial intelligence collaborations with OpenAI and Mastercard ahead of the company's second quarter earnings, which beat analyst expectations.
A proposal from the Office of the Comptroller of the Currency would roll back Biden-era recovery planning rules for banks between $100 billion and $250 billion in assets, leaving those banks with broad discretion to determine their own recovery protocols.
