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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Cleveland-based Ancora Holdings Group is picking up where it left off in 2019, calling for the sale of Middlefield Bancorp in northeast Ohio. Only this time Ancora says it's willing to initiate a proxy contest if management stands in the way of a possible transaction.
April 18 -
The Detroit company’s first-quarter results were highlighted by a 14% increase in car-loan originations. While executives expect credit quality to start normalizing, they also say that demand for vehicles will remain robust, with an estimated 4 million-5 million consumers still waiting on the sidelines.
April 14 -
The banking company did not say what policy longtime CEO Alan Thian violated, nor has it named a permanent successor. Thian has led RBB since it was founded in 2008.
April 13 -
The past two weeks have seen a flurry of deals wherein Truist, Capital One and others pitch their brand alongside professional teams and their stadiums.
April 12 -
The Philadelphia bank, headed by Vernon Hill, is already fighting two lawsuits from activist shareholder groups. It also risks being delisted by NASDAQ for indefinitely postponing the meeting.
April 6 -
Institutions are hiring aggressively or buying up competitors to take part in an equipment finance boom as the economy continues to heal.
April 4 -
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 -
Following the departure of longtime chairman and CEO Dan Sheehan, the company has chosen Abel Iglesias, president of Professional’s bank subsidiary, as the new CEO. Meanwhile, director Herbert Martens has become nonexecutive chairman.
February 25 -
Buying BT Holdings in Texas will take the Louisiana bank close to the size where it would face increased regulatory scrutiny and a reduction in interchange revenue.
February 24 -
The Los Angeles bank did not explain what it is investigating. It announced record annual earnings of $56.9 million in January, but news of the investigation and the uncertainty around CEO Alan Thian sent its stock price downward by 15%.
February 22 -
The Small Business Administration had to stop 504 lending for several weeks in September after it reached its fiscal 2021 funding cap. Bankers worry that it will shut down again this year — as early as June.
February 18
