John Reosti

John D. "Jerry" Hawke had already established himself as a preeminent banking lawyer when he took the helm of the Office of the Comptroller of the Currency in 1998. Hawke, who died Monday, ran the agency for six years and issued a controversial regulation shielding national banks from state regulatory oversight.

The new name, Navy Federal Investment Services, reflects a wider range of products than the previous handle, Navy Federal Brokerage Services.

The bank, which donated a total of $1.6 million in 2020 and 2021, endowed the new organization with $4 million.

The community bank leverage ratio is set to revert to its prepandemic level of 9% on Jan. 1. Bankers say the move is premature and are supporting a bill that would keep the ratio at or below 8.5% through 2024.

The community bank said it would will not renew their employment contracts, which terminate March 20, but that it intends to keep them as executives.

The $50 million subordinated debt issuance is large for a credit union and likely the first of its kind to receive an investment-grade rating. It comes days before a National Credit Union Administration rule will take effect to enable a wider range of credit unions to raise capital through debt offerings.

To strengthen ties with entrepreneurs, Citizens Bank of Edmond in Oklahoma and the de novo Genesis Bank in California offer co-working, education and other resources.

Technology that Biz2Credit used to help certified public accountants obtain Paycheck Protection Program loans for their clients is being updated to offer term loans to small-business owners.

The $6.7 billion-asset Byline Bancorp plans to invest most of the savings into digital banking.

Driver Management says CEO Vernon Hill’s aggressive deposit-gathering strategy is not paying off for shareholders and wants the company to merge with a bank that would deploy the deposits into higher-yielding loans.