John Reosti is a reporter covering community banks in particular and the financial services industry in general. He also focuses on the Small Business Administration, the National Credit Union Administration Board and issues connected to the CECL accounting standard.
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Dream Chasers upped its bid for Carver, one of the nation's largest and highest-profile Black banks, by a quarter, to $3.25 per share, dismissing the growth strategy interim CEO Craig MacKay outlined in a recent shareholder letter.
November 22 -
The financial institutions in American Banker's Best Banks to Work For ranking are skilled in hiring new talent and ensuring those employees want to stay.
November 19 -
Gov. Jim Justice alleges that Carter Bancorp engineered a technical default on a multi-million lending relationship and has blocked his company's efforts to refinance with other lenders. The lawsuit extends a dispute that started after the death of the bank's founder in 2017.
November 16 -
A key gauge of activity that tracks startups most likely to create jobs declined in October, potentially signaling the start of a slowdown after the rapid increase in interest rates. It presents a red flag for community banks and credit unions that are major lenders to small businesses.
November 15 -
Since the end of the Small Business Administration's 2022 fiscal year, the average loan size in its flagship program has dropped more than six figures. The addition of three new nondepository lenders could further drive down this figure.
November 13 -
Small business clients are important to financial institutions and expected to drive growth. But to achieve that, banks must teach them to be stronger consumers.
November 13 -
Los Angeles-based Lendistry — in less than two years — became the largest Black-run 7(a) lender. Its CEO credits a concerted effort by the Small Business Administration to reach out to minority lenders and businesses, whose participation in the lending program is growing.
November 9 -
Months prior to its failure, Citizens Bank in Sac City had entered into a consent order with the Federal Deposit Insurance Corp. and the Iowa Division of Banking due to problems in its portfolio of commercial trucking loans.
November 6 -
This week the Small Business Administration followed through with a controversial policy change by granting access to its flagship 7(a) program to three additional nonbank lenders. These new participants vowed to ramp up their small-business lending efforts.
November 3 -
Citing the need to conserve capital, Blue Ridge Bankshares indefinitely extended a dividend suspension that it announced in July. The bank remains well-capitalized, but it saw its ratios shrink in the third quarter.
November 1
