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 Seattle bank is a victim of the short selling that has rocked the banking industry this year and its stock price doesn't reflect its fundamentals, CEO Mark Mason argues.
May 22 -
After the departure of a key Small Business Administration official, lawmakers from both parties are calling on the SBA's chief to delay rules that could open the agency's biggest lending program to more nonbanks — or even consider reversing the changes.
May 18 -
The Philadelphia bank's CEO says it will wait for a more favorable time to pursue a planned $125 million capital raise, while the leader of an activist group blasted the decision and announced the renewal of proxy and legal fights.
May 16 -
The de novo institution is offering treasury management and depository services to the fragmented nail-and-beauty segment. Management has hopes this will bolster its relationship banking and liquidity.
May 11 -
A recent Bank of America survey found many small businesses forecasting increased revenues and planning to add workers, but a canvass by Biz2Credit indicated they'll struggle to secure credit.
May 9 -
The Philadelphia-based company will eliminate an undisclosed number of jobs as part of a plan to refocus on core business lines and markets, CEO Thomas Geisel said.
May 5 -
The fund, which aims to create a self-sustaining, nationwide secondary market for CDFI microloans, has made progress, but it remains far short of its goal, its managing director said.
May 5 -
At the embattled Republic First Bancorp, elevated legal, professional and audit fees also contributed to a nearly $10 million in first-quarter loss but CEO Thomas Geisel reports signs of progress moving past "legacy headwinds."
May 2 -
BayFirst Financial, which says it lost $1.6 million when a planned Small Business Administration loan sale to Signature fell through, plans to file a claim for the lost revenue with the Federal Deposit Insurance Corp.
April 28 -
The Richmond, Virginia-based bank has created a $5 million legal reserve fund with an eye toward resolving a long-running regulatory inquiry by the CFPB
April 27 -
Rep. Roger Williams, chairman of the House Small Business Committee, says Small Business Administration is considering allowing borrowers to self-certify eligibility for loans, a step some believe could lead to more fraud. The agency declined to say whether that is one of the changes it's considering.
April 25 -
Although the Columbus, Ohio-based regional emerged from the recent crisis relatively unscathed, management was still taking steps to shore up its balance sheet, including forgoing stock buybacks to strengthen a key capital metric.
April 20 -
During its first-quarter earnings call, the Detroit-based company's CEO said it is seeking to "protect the house" by dialing back the pace of car-loan originations and seeking to attract more super-prime borrowers.
April 19 -
After seeing deposit increase over the second half of March, CFO Dermot McDonogh restated the New York custody giant's guidance for a 20% year-over-year jump in spread income, hinting the company might actually overshoot its target.
April 18 -
The Boston-based custody bank reported a 9% decline in fee income from a year earlier and a shift away from non-interest-bearing deposits that cost it millions in net interest income. As a result, earnings per share fell 12 cents short of analysts' expectations.
April 17 -
A 40-year-old limit of just 14 nondepository 7(a) lenders is set to expire May 12 despite concerns by lawmakers and opposition from banks and credit unions.
April 16 -
Despite growing concerns about fraud, bankers and credit union lenders say PPP provided a crucial source of capital, backstopping the economy as it faced an unprecedented challenge from the pandemic.
April 11 -
In its first three months as a bank, the Boca Raton, Florida-based NewtekOne doubled the size of its deposit base by relying almost exclusively on certificates.
April 6 -
Peapack-Gladstone Financial CEO Doug Kennedy is betting that giving his workforce the same hospitality training hotel employees receive will lead to better customer service and a healthier bottom line.
March 31 -
Rep. Nydia Velazquez, D-N.Y., the House Small Business Committee's ranking Democrat, said she'd like to see the Small Business Administration delay opening its flagship loan guarantee program to more nondepository lenders until it sorted out growing concerns about Paycheck Protection Program fraud.
March 27
