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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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 -
The San Francisco bank reported a near-record volume of loan originations, as well as stellar credit quality, in the third quarter. But investors sold off shares after the company's net interest margin fell.
October 14 -
Huntington Bancshares in Ohio has recruited its new managing director of commercial specialty banking as well as its new corporate treasurer from rival regional banks.
October 13 -
Sterling Bancorp is suing its founder and former CEO, Scott Seligman, to get him to repay dividends it alleges are tied to his influence over its problematic Advantage Loan program. The lawsuit claims Seligman was so controlling he even used a robot — nicknamed the "Scott Bot" — to surveil employees.
October 12 -
Walden Mutual in New Hampshire is targeting a mid-November opening after winning final approval for its deposit insurance application from the Federal Deposit Insurance Corp.
October 11
