John Reosti

TAB Bank's debit account, which rewards users with partial stock shares, is boosting the company's appeal among consumers who are younger, tech-savvy and underbanked.

Burke & Herbert Financial Services in Alexandria, Virginia, plans to list its shares on the Nasdaq stock market — not to raise funds, but to boost its profile with investors.

Bank of America, JPMorgan Chase and other institutions — including more than two-thirds of honorees that made the Best Banks to Work For — show no let-up in their commitment to add transitioning service personnel. In fact, they're expanding their reach to include military spouses.

Spencer Savings in New Jersey is taking investor Larry Seidman to court, alleging he's conspiring with other customers to convert the bank to stock ownership. Seidman says it's a farce: "I'm in a conspiracy with people I don't know."

A proposed rule would end a 40-year moratorium on participation in the Small Business Administration's flagship 7(a) program by nondepository lenders. However, staffing constraints would limit the number of new licenses to just three at the start.

The $7.1 billion-asset bank has established a partnership with the nonprofit HoneyBee that harks to its early days serving underbanked Korean business owners in Los Angeles in the early 1980s.

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.

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.

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.

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.

Executives at the Dallas company said they feel positive about the remainder of the year, though declining deposits could create issues going forward.

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.

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.

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.

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.

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.

After resolving a longstanding consent order from the Office of the Comptroller of the Currency and a shareholder lawsuit, Sterling Bank's CEO — an experienced turnaround artist — says the bank is largely done fixing the fallout from its fraud-ridden Advantage Loan program.

The same day Provident Financial Services announced it had agreed to buy Lakeland for $1.3 billion, the seller disclosed an ongoing fair-lending investigation by the Justice Department. Provident said it has "not heard anything" that would give it pause.

Following an outcry, the Philadelphia company said its chairman and CEO, Harry Madonna — who would receive a $1 million windfall if the bank is sold — won't be part of the strategic review committee set up to evaluate any bids.

Vermont State Employees Credit Union is attracting new cannabis clients so rapidly that it had to press the pause button to add staff. Another New England lender, Needham Bank, is building its own pot banking business through acquisition.