John Reosti

Community banks will have access to allocated funds and at least two days of exclusive portal access when the Small Business Administration relaunches the Paycheck Protection Program.

Brian Argrett, whose City First Bank is being sold to Los Angeles-based Broadway Financial, would take the helm of the combined company at a time of increased national interest in reinvigorating minority-owned financial institutions.

Speculation is swirling that the Boston company will go on a buying spree after raising $1.8 billion, though some investors are advising caution. This tension makes CEO Bob Rivers one of our community bankers to watch in 2021.

The new legislation includes a provision sparing lenders from having to pay such fees on Paycheck Protection Program loans, except in cases where they agree in advance with borrower representatives to do so.

The company is also looking to hire more senior lenders as it expands in markets around Los Angeles and San Diego.

The legislation allows the Small Business Administration to waive fees and raise the guarantee for 7(a) and 504 loans, which could encourage more small businesses to apply for loans as the economy recovers.

At least two items on the industry's Paycheck Protection Program wish list were delivered: provisions allowing many existing borrowers to obtain new funding and streamlined forgiveness for loans of $150,000 or less.

Starting in 2022, hundreds of newly eligible institutions will be able to raise funds from investors. Bankers argued that the change will further blur the line between the two industries.

First Technology FCU, led by a former banker, stands ready to raise fresh capital by issuing subordinated debt. But first it must wait for a rule change from the National Credit Union Administration that's drawing fierce opposition from the banking industry.

The Columbus, Ohio, company says it has delivered on M&A promises before, and many observers say its deal for rival TCF Financial is an opportunistic move in its bid to build a Midwestern powerhouse. But others questioned whether Huntington's cost-cutting and profit expectations are too optimistic.

The $62.7 million merger of Linkbancorp and Gratz Bank would create a company with over $800 million of assets and nine branches stretching from Harrisburg to the Philadelphia suburbs.

The architects of two major loan deals featuring Black banks, one involving multiple lenders and a pro sports franchise and another backed by Citigroup, say more transactions like these are in the works.

A program that lets firms bundle Small Business Administration loans is on hold while Congress spars over a new budget. The impasse is causing headaches for banks that rely on loan sales for fee income.

The end date for the Paycheck Protection Program Loan Facility was moved from Dec. 31 to March 31, giving lenders more time to line up the liquidity needed to buy and sell portfolios.

The Massachusetts company, which had a big second-quarter loss after writing down the goodwill tied to past acquisitions, will sell eight branches to Investors Bancorp and shutter 16.

Though there is some optimism about an economic recovery, two-thirds of respondents said they expect revenue to be flat of down next year and just 13% plan to be in hiring mode.

Elizabeth Magennis recently served as the New Jersey company's chief lending officer. ConnectOne also hired Michael O'Malley, a former OnDeck Capital executive, as chief risk officer.

The California company agreed to acquire WestRiver Group in a move that will expand its debt fund business.

Lenders are worried that the Small Business Administration could use borrower responses to deny forgiveness for many Paycheck Protection Program loans that exceed $2 million.

As COVID-19 infections break records nationwide, some banks are once again closing lobbies. But many others are maintaining the status quo after instituting a host of safety protocols that didn’t exist in the spring.