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 pilot program, which Small Business Administration head Isabella Casillas Guzman called a key tool for prioritizing more equitable access to capital, is getting a two-year extension along with a boost to its maximum loan size.
March 30 -
Burke & Herbert, which is based in Alexandria and has been in operation since 1852, has joined a long list of banks planting their flags in Richmond, where the overall deposit market has grown 32% in just five years.
March 23 -
Lynn Fuller, a onetime CEO of the Iowa company, called his ouster “retaliation” for publicly criticizing Heartland’s strategy. He had planned to step down as chairman in May.
March 18 -
The Vernon Hill-led bank is being buffeted by a board rebellion, a lawsuit and a burgeoning proxy fight all tied to the complaints of two investor groups that say their returns are subpar if not in the negative.
March 16 -
The bank announced the departure of two longtime directors and the addition of four new board members. CEO Jerry Plush is becoming chairman as part of the shake-up.
March 14 -
Lynn Fuller, whose family has held leadership roles at the Iowa bank for nearly 60 years, blasted a plan to consolidate the company’s 11 banking charters and advocated for the sale of the organization.
March 9 -
The Columbus, Ohio, bank plans to cut the price to consumers who spend more than they have from $36 to $15. In another change designed to help customers who live paycheck to paycheck, it will start offering instant access to check deposits.
March 8 -
Newtek, the No. 2 originator of Small Business Administration 7(a) loans, is buying a single-branch bank in New York. The news sent its stock price tumbling as shareholders revolted, but CEO Barry Sloane is staying the course.
March 8 -
Most loans to mortuaries are backed by the Small Business Administration, so they are capped at $5 million. The Delaware lender is teaming with an industry insurer to offer much larger loans to funeral home owners seeking to acquire rivals or refinance operations.
March 2 -
The Boston-area mutual has agreed to acquire Patriot Community Bank, a single-branch lender based in Woburn, Massachusetts.
February 25
