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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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 -
As more consumers shop and bank online, Texas Capital and its rivals are competing for market share with concepts such as an American Airlines savings account that offers miles instead of interest and one that pays a 0.70% annual percentage yield, beating the national average of 0.06%.
February 15 -
The Pennsylvania bank expects to generate $1 billion in loans this year from new lines of business focused on broker-dealers, insurance companies and more.
February 10 -
One group seeks a change in leadership, the other a sale of the Philadelphia community bank, which is led by Vernon Hill. Both are ratcheting up their campaigns against the board.
February 8 -
The Independent Bankers Association of Texas has developed a social network for users nationwide to share their experiences with technology upgrades, as an alternative to hiring an expensive consultant.
February 7 -
The group is urging the board of directors to oust Hill, the chairman and CEO, and replace him with Greg Braca, the former CEO of TD Bank’s U.S. operation. In December, another investor launched its own campaign to drive change at the Philadelphia bank.
February 2 -
Maria Tedesco, the bank's president, added the role of chief operating officer with a mission of unifying workflows from the back office to front end. This frees up CEO John Asbury to augment Atlantic Union’s fintech investments and scout for potential acquisitions.
February 1 -
Six weeks after receiving a $237.5 million investment from the Treasury Department, the community development financial institution has struck a deal for Premier Bank of Arkansas.
January 31 -
The Massachusetts bank is purchasing a fellow Bay State institution's pot banking operation and says one of its first steps will be encouraging dispensaries to accept credit and debit cards.
January 27 -
A few months ago bankers were more hopeful than confident about an end to depressed demand for business credit. Now CEOs at Huntington, Fifth Third, Mercantile Bank and other companies are touting strong fourth-quarter loan growth, burgeoning pipelines and local job creation as reasons for optimism.
January 23
