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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Bank of America, JPMorgan Chase and other institutions — including more than two-thirds of honorees that made the Best Banks to Work For — show no let-up in their commitment to add transitioning service personnel. In fact, they're expanding their reach to include military spouses.
November 15 -
Spencer Savings in New Jersey is taking investor Larry Seidman to court, alleging he's conspiring with other customers to convert the bank to stock ownership. Seidman says it's a farce: "I'm in a conspiracy with people I don't know."
November 11 -
A proposed rule would end a 40-year moratorium on participation in the Small Business Administration's flagship 7(a) program by nondepository lenders. However, staffing constraints would limit the number of new licenses to just three at the start.
November 8 -
The $7.1 billion-asset bank has established a partnership with the nonprofit HoneyBee that harks to its early days serving underbanked Korean business owners in Los Angeles in the early 1980s.
November 3 -
High-net-worth clients with large policies borrow, on average, $500,000 to $800,000 to pay their premiums. Peapack-Gladstone predicts the product, which it launched this month, will be one of its top business lines within six years.
October 28 -
The Indiana company reported strong growth in profits and loan income, and it hopes its addition of more than two dozen wealth management and commercial banking specialists will help beef up what one analyst called "softer than expected" noninterest income.
October 25 -
The addition of investment bank Capstone Partners and the wider geographic footprint that resulted from the acquisition of TCF Financial helped drive a 58% increase in net income during the third quarter.
October 21 -
The Florida company is making progress after recent moves into Atlanta and Dallas, CEO Rajinder Singh said. Growth in Atlanta is meeting expectations, and the company is weighing lending options in Dallas, where it currently focuses on deposit-gathering.
October 20 -
Executives at the Dallas company said they feel positive about the remainder of the year, though declining deposits could create issues going forward.
October 19 -
Since 1982, the Small Business Administration's 7(a) program has been restricted almost entirely to banks and credit unions. A proposed rule would open it to fintech lenders.
October 18
