John Reosti

The Small Business Administration is still writing rules for the Paycheck Protection Program two months after its relaunch. Lenders fear they may not have enough time to review those rules before the program’s March 31 expiration date.

Turnaround times on loans in the 504 program are stretching out for weeks as the Small Business Administration grapples with a spike in applications and responsibilities tied to the Paycheck Protection Program.

Several large and midsize banks are investing millions of dollars in Black-run banks, while four community banks have started a fund to make interest-free commercial loans in underserved communities.

It would ignore technical glitches plaguing the entire Paycheck Protection Program and could end up delaying loans to larger borrowers who also need relief, bank executives and their trade groups say.

The Small Business Administration wants to vet Paycheck Protection Program loans of $2 million or more, but lenders have grown tired of waiting for months with no updates.

Todd Harper, chairman of the National Credit Union Administration, said new assessments are likely needed because of an influx of deposits, but industry groups and other board members say the agency should wait to see if the reserve ratio recovers on its own.

A survey commissioned by Bank of America found that Black entrepreneurs are more hopeful about revenue opportunities than other small-business owners, though many are still struggling to bring in the capital needed to expand.

Acquiring AmeriHome would provide the fee revenue the Phoenix company seeks to compensate for low interest rates and tepid commercial loan demand. The deal also would allow it to reinvest billions of dollars of excess liquidity.

Banks have diverted resources from traditional Small Business Administration lending to make Paycheck Protection Program loans, but many are taking steps to rev up 7(a) and 504 lending once the PPP winds down.

The majority of Paycheck Protection Program loans are being approved for borrowers in industries that have yet to regain their footing.

Bankers have claimed that the Small Business Administration's procedures to counter fraud and improper lending have ensnared legitimate Paycheck Protection Program applications.

Protego Trust Bank in Seattle will focus on providing custody services for investors that hold digital assets. The OCC decision comes weeks after the agency granted permission to a South Dakota trust company to offer crypto-related services.

To avoid taxes on the divestiture of a commercial lending unit, Woodforest National Bank backed an Alabama redevelopment project through a government program that promotes investment in underserved communities.

A group led by Stephen Gordon has received conditional approval from the Federal Deposit Insurance Corp. to open Genesis Bank.

Long hours by bankers and the streamlined resolution of Paycheck Protection Program loans helped lenders collect more fees than anticipated in the fourth quarter. It was a rare bright spot at a time when revenue is being pinched.

The Indiana company, which had relied on internal processes that focused on large loans, has bought a suite of software tools to begin looking at relationships based on underlying risk.

Barry Orr, who formed FirstBank & Trust of Texas in the 1990s, continued to run the bank after selling it to Heartland Financial USA in 2018.

Acquisitions of wealth management, insurance, fintech and other firms are expected to pick up as banks seek new sources of fee income and look to improve digital capabilities.

Flush with capital from issuing subordinated debt, Peapack-Gladstone is exploring acquisitions in Florida and New York in an effort to generate more fee revenue.

The Columbus, Ohio, company plans to close nearly 200 branches in the state — including more than 90 in Meijer grocery stores — after it acquires TCF Financial. It also intends to significantly boost its technology spending to improve its digital capabilities.