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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Professional Holding CEO Dan Sheehan is dismissive of off-the-shelf bank technology. “Whatever we’re getting in a box, the next hundred competitors are going to be able to get.”
November 23 -
Locality Bank in Fort Lauderdale and Gulf Coast Business Bank in Fort Myers would be the seventh and eighth banks to open in Florida since 2017 — the most of any state in that span. Organizers relish the chance to start from scratch, but some observers lament the drop-off in de novos from the pre-crisis era.
November 19 -
The National Credit Union Administration backed off measures that would have let credit unions sign up members in areas where they have ATMs and online services, but no branches. The move was seen as a partial victory for banks, though the matter could ultimately be decided by Congress.
November 18 -
Republicans on the House Small Business Committee question the wisdom of having the Small Business Administration depart from its traditional model of backing loans made by private-sector lenders. But agency Administrator Isabella Casillas Guzman says the plan is necessary to fill "large gaps" in credit availability to the smallest companies.
November 17 -
Patriot National Bancorp was exploring a digital pivot, and American Challenger Development Corp. had been seeking a bank charter in its quest to become open an all-digital bank. They decided it was quicker to join forces.
November 15 -
The Illinois company plans to combine Guaranty Federal Bancshares in Springfield with another bank it bought in the region.
November 9 -
The Pennsylvania community bank lacked the resources to go all-in on developing a diversity, equity and inclusion policy, so it turned to grad students at Georgetown University for help.
November 9 -
The Florida bank's agreement with the core provider FIS is expected to reduce annual expenses by $12 million. Analysts expect more banks to make similar moves.
November 5 -
The $323 million acquisition would give the Indiana bank a presence in affluent Oakland County and in Ann Arbor and Grand Rapids.
November 4 -
The White House's latest budget proposal slashes funding for a program that would allow the Small Business Administration to make direct 7(a) loans. Lenders say the idea is still misguided.
November 2
