Zions Bancorp. announced a takeover deal this week and
Zions said it has an agreement to buy FP Bancorp of Escondido, Calif.,
FP's subsidiary, First Pacific National Bank, would be merged into
At Sept. 30, First Pacific had $359 million of assets in eight offices
The transaction, which is expected to close in the second quarter, is
Zions, with more than $9 billion of assets, has offices in Arizona,
The top five banks and thrifts have combined total assets of nearly $13 trillion.
The Connecticut bank —a regional traditionally regarded as a cautious lender — said nonperforming loans and leases rose 53% year over year. The uptick was in mostly the commercial-and-industrial loan space, although there was one nonperforming commercial real estate loan, executives said.
The two regional banks are anticipating that borrower demand will increase in the back half of the year. High interest rates and economic uncertainty have been muting the appetite for borrowing.
In a letter to Treasury Secretary Janet Yellen last week, the Massachusetts senator highlighted the growing use of cryptocurrencies by malicious organizations abroad and underscored the need for anti-money-laundering and counterterrorism provisions in future proposals.
Brendon Falconer, finance chief of the Indiana company since 2019, faces felony child molestation charges. But CEO James Ryan says management is focused on the CapStar integration and organic growth.
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.
