Jackie Stewart is the executive editor of American Banker Magazine. Previously, she covered breaking news, community banks and mergers and acquisitions for American Banker before being named as the managing editor of the Credit Union Journal. After graduating from Northwestern University in 2006, Jackie taught for two years in the Bronx, N.Y., through Teach for America.
The Salt Lake City company has long lagged in mortgages, and now is the time to get more aggressive as big rivals pull back and small competitors struggle with qualified-mortgage rules, CEO Harris Simmons says.
Analysts hammered Regions and Synovus for a rising cost base amid weak economic conditions, while Signature Bank in New York was given a pass since its revenues are growing faster than its expenses.
Receiving Wide Coverage ...Naming Names: British authorities have identified almost two dozen individuals at banks as possible co-conspirators in a probe into the manipulation of the London Interbank Offered Rate. The Serious Fraud Office notified the individuals last week that they had been included in court papers related to a case against Tom Hayes, a former trader at UBS and Citigroup. High Court justice Jeremy Cooke also lifted an order from last week that barred the Wall Street Journal from reporting the names of the individuals. Cooke found that there was "no basis" for the restriction, according to the Journal. Under British law, judges can restrict what the media reports if it might prejudice a defendant or potential jurors, according the New York Times. None of individuals have been "formally accused of wrongdoing," the Financial Times reported. Hayes and two others were supposed to plead not guilty to charges on Monday but that has been delayed until December.
Third-quarter earnings at Zions (ZION) more than tripled from a year earlier after the company bought back a series of preferred stock.
The New York firm has historically avoided investing in acquisition-minded banks, preferring low-key institutions with good leaders and plans for making solid loans.
PNC, U.S. Bancorp and KeyCorp all reported loan growth of at least 5% in the third quarter as they focused heavily on strengthening customer relationships and reaped the benefits of expansion into new markets or business lines. Still, revenue and other challenges remain.
Fraud against the elderly is expected to rise as the nation's baby boomers near retirement. Bankers and regulators are keen on trying to get ahead of the issue.
KeyCorp (KEY) reported higher third-quarter profit after recording a gain from the sale of its investment management and broker-dealer units.
Bertha Garza, who has used her role at IBC Bank in Brownsville, Texas, to help spread financial literacy, was given American Banker's Community Impact Award, presented for the first time at our annual gala celebrating the industry's most powerful women.
Republic Bancorp's deal to buy the bank operations of H&R Block collapsed because of regulators' apparent concerns about the mixing of banking and tax-refund processing. The deal would have helped restore a business already bruised by conflicts with regulators.
A wave of management changes at Korean-American banks highlights the difficulties of filling key posts in a niche banking industry.
WSFS Financial in Wilmington, Del., holds the picture contest to engage customers and employees while highlighting improvements to its mobile banking.
Fee waivers on overdrafts, forbearance are just some options banks are offering to federal employees who could soon miss a paycheck or two.
The threat of Basel III-related dividend restrictions could make it harder for the more than 2,000 banks with S corporation tax status to attract investors. S Corp banks were already on the decline.
A host of regulatory issues, including new mortgage rules set to take effect in January, assures that Andy Harmening has a busy year ahead of him as the new chairman of the Consumer Bankers Association.
Customer complaints, compliance and risk management all continue to make it difficult for community banks to embrace sites such as Facebook and Twitter.
The Museum of American Finance is dedicating its largest exhibit ever to an examination of the Federal Reserve System's history, culture and role in the U.S. over the past 100 years.
Community banks should do some serious soul searching about their mortgage operations as they approach the CFPB's January implementation deadline.
More community banks are establishing credit card loyalty programs in their quest for revenue growth. The programs can work provided they are easy to understand, pay a lot of cash and tie rewards points to local services.
Douglas Manditch, chairman and chief executive at Empire National Bank, believes community banks are being squeezed by "overzealous" regulation and are feeling pressure to sell.