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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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 -
After focusing its de novo branching plans on the Carolinas in recent years, the Cincinnati-based bank is ready to shift its attention to Florida and — eventually — to Nashville and Atlanta.
December 7 -
Though the Phoenix-based Carvana has seen its share price plummet and sales weaken amid macroeconomic headwinds, Ally CEO Jeffrey Brown predicted the used-car retailer will "get through this" and remain an important source of business.
December 6 -
The New York bank's agreement to pay $204 million in stock for Salisbury Bancorp moves NBT into complementary markets in Connecticut and Massachusetts while boosting an already substantial wealth management operation.
December 5 -
With the final piece of its regulatory puzzle in place, Newtek, a business development company and the nation's No. 3 SBA 7(a) lender, plans to complete its acquisition of National Bank of New York City in January.
December 2
