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Just weeks ago, prospects seemed strong for bank stocks to regain ground after a volatile 2023. But renewed credit concerns stemming from issues at New York Community Bancorp, and the increasing odds that interest rates will remain high for months, have dampened that outlook.
February 7 -
Bankers during recent earnings reports predicted lower deposit costs as 2024 wears on. But with inflation still elevated and the jobs market strong, the Federal Reserve probably won't begin lowering rates — and thus easing the drag on lenders' profits — until May at the earliest.
February 5 -
The embattled bank said it reviewed and then turned down a $3.25-per-share bid from Dream Chasers Capital. Carver called the offer "unrealistically low" given the bank's "intrinsic value."
February 1 -
The Seattle-based buyer now expects to finalize the deal in February, gaining entrance to California and eclipsing $30 billion of assets. The acquisition had initially been slated to close in mid-2023.
January 31 -
The deal involving Southern California Bancorp and California BanCorp, expected to close in the third quarter, would form a $4.6 billion-asset lender with a footprint spanning San Diego, Greater Los Angeles and the San Francisco Bay Area.
January 30 -
The Oklahoma-based regional bank expects 6%-7% loan growth in the year ahead. Executives are also projecting that net interest income will start to improve after the metric hits a trough early this year.
January 24 -
The Indiana bank is "on offense by continuing to invest in new client-facing and key support talent and being ready and opportunistic for acquisitions," CEO Jim Ryan says.
January 23 -
The Alabama bank's executives said commercial borrowers remain cautious amid high rates and economic uncertainty. During the fourth quarter, flat lending and higher deposit costs weighed down the company's net interest income.
January 19 -
Fourth-quarter net income at the Buffalo, New York, bank fell 37% because of higher funding costs and a special deposit insurance assessment. But lower interest rates and a stronger economy are expected to strengthen profits this year and into 2025, its CFO says.
January 18 -
As part of a settlement with the Justice Department, Patriot Bank must invest more than $1 million of the total in a loan subsidy fund for minority homeowners and take other corrective steps in its everyday business. The bank denied any wrongdoing.
January 17
