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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The Mississippi bank would take a big hit to capital and income but avoid the risk of a bigger payout from a guilty verdict in litigation against banks that did business with Allen Stanford's disgraced financial empire.
January 3 -
Northeast Bank in Portland is putting capital earned from the Paycheck Protection Program to use, purchasing $1.1 billion of loans and launching a small-dollar Small Business Administration lending program.
December 30 -
The Amesbury-based bank reported solid growth and profitability throughout Dave Mansfield's 9-year tenure. The decision followed news of losses tied to the bank's move into digital-asset lending, though the bank has yet to file a 10-Q for the third quarter.
December 27 -
Some lenders to companies owned by women, minorities and veterans say they'd prefer that the Small Business Administration strengthen its Community Advantage program rather than bring them into the agency's flagship loan-guarantee program.
December 22 -
Though housing is experiencing severe rate-related stress, mortgage banking remains central to the Denver-based bank's business model. The Texas market has held up better than much of the rest of the country, company executives say.
December 20 -
A group of shareholders in the Dubuque, -Iowa-based bank, including a former chairman and CEO, have agreed to quit advocating for a sale of the $19.7 billion-asset company
December 16 -
The Small Business Administration must be prepared to effectively oversee any new lenders it allows in its flagship 7(a) loan guarantee program to guard against fraud and other risks, Democrats and Republicans on the Senate Small Business Committee warned.
December 14 -
Micron's planned semiconductor chip factory near Syracuse along with IBM's expansion project in the Hudson Valley could inject as much as $120 billion into markets inside the footprint of the combined NBT Bancorp and Salisbury Bancorp. NBT CEO John Watt calls the economic investments a "transformational opportunity" for the region.
December 13 -
Kearny Financial is partially restructuring its balance sheet in response to a problem that many banks are facing. The bank's actions should result in a sizeable income boost once they're fully phased in, an analyst said.
December 9 -
Citing a congressional report, SBA says it will investigate PPP operations at several fintechs, community banks and other participants. The review raises questions about plans to open up the agency's flagship loan-guarantee program to more nonbanks.
December 8
