U.S. Trust Corp. said Monday that it has agreed to
Terms of the deal were not disclosed. Its value is between $50 million
North Carolina Trust, with offices in Charlotte and Raleigh, would give
The bank did not want to start from scratch there, said vice chairman
North Carolina Trust's accounts typically exceed $3 million. It sought a
U.S. Trust manages more than $79 billion of assets.
Berkshire Capital Corp. of New York advised North Carolina Trust.
The first-quarter increase stemmed from higher interest rates, partial charge-offs and certain problem loans, many involving commercial real estate, executives at the Dallas bank say. Further CRE deterioration is anticipated.
The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.
The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
Charge-offs and nonperforming loans rose at the Georgia bank in the first quarter. But it blamed the problem on one large client and said the matter has been resolved.
Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.
Tests of models from OpenAI, Google and others found their advice tends to disadvantage names commonly associated with racial minorities and women.
