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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Already the nation's largest Small Business Administration lender by dollar volume, the Wilmington-based bank plans to add more than 200 employees and spend $25 million on a new building.
September 16 -
Richard Green is the third member of his family to run Firstrust Bank in Pennsylvania, but at 70, he is ready to step aside. His son Jeff is 27 and is — ironically — still too green for the role.
September 14 -
South End Capital, a division of Stearns Bank in Minnesota, is touting a nationwide Small Business Administration small-dollar loan product that can provide funding within days, perhaps hours. It's one of several recent small-dollar SBA lending initiatives now being offered by banks.
September 9 -
Bank of America says August was its best month ever for Small Business Administration lending and that it's optimistic a new program supporting women and minority commercial real estate borrowers could boost production even more.
September 9 -
Banks make up just 10% of the client base for Eltropy, which hopes to increase that number through two tech acquisitions that add video banking and artificial intelligence capabilities.
September 6 -
Amid flooding and a lack of drinking water, Regions Financial announced a slate of fee waivers and loan deferrals, alongside a donation to a local United Way. Cadence Bank is supplying fresh water to ensure it can keep its doors open.
September 2 -
Sumitomo Mitsui Banking Corp.'s new consumer-focused digital bank will be born out of its Manufacturers Bank subsidiary — a relatively small commercial bank with nine branches and no consumer business to speak of.
August 30 -
Sumitomo Mitsui Banking Corp.'s planned subsidiary will focus on consumers, marking a major departure for a company that has focused almost exclusively on commercial lending.
August 24 -
HV Bancorp is gaining access to $100 million in fresh funding by agreeing to sell loan participations to MakerDAO, creator of the Dai cryptocurrency.
August 23 -
Eagle Bancorp in Bethesda has agreed to pay $22.9 million to regulators to settle claims it failed to report loans totaling $99 million made to founder Ron Paul, who will pay more than $500,000 in fines in addition to being barred from the industry.
August 17
