John Reosti

Wells Fargo, JPMorgan Chase and others cut back on 7(a) lending to focus on originating Paycheck Protection Program loans. Smaller banks such as Live Oak and Byline gained market share by targeting niche industries and originating bigger loans.

The company is looking to tap into a surge of homebuying tied to historically low interest rates.

Jane Allerman-Rey, the mutual's chief operating officer, will take on the new role in January.

Professional Holding has opened an office close to Boston to make loans to aspiring CEOs — often recent business school graduates — who are looking to buy their first businesses.

The Hawaii bank has paid employees who carpool, bike or walk to work. About a third of the workforce bought into the program before the pandemic, and it's expected to continue once life returns to normal.

Deposits have piled up, curtailing overdrafts and other fees. The trend could force lenders to find other ways to make money — or start cutting to the bone.

The Cleveland company will exit indirect auto lending and close branches so it can devote more resources to mortgages, student loans and other relationship-driven, digital-friendly businesses.

Agility Bank, one of two women-led groups seeking charters, is looking to open next spring.

The Ohio company's new effort will commit $25 million in 7(a) loans, along with fee waivers and financial education.

Southern Bancorp in Arkansas, which raised $35 million in capital from private investors, is out to prove that community development financial institutions can deliver attractive returns and fulfill their missions to help the underserved.

The family-owned bank from the South and the New York commercial lender each would fill a clear need for the other. First Citizens would gain business lending expertise and an online deposit-gathering platform, and CIT would get the cheap deposits it coveted.

The credit union regulator has held back in allowing the use of derivatives but has released a proposal that would remove red tape for some larger institutions.

The New York bank, which is conducting a search for its next leader, also said it expects to report strong third-quarter earnings.

The San Francisco bank reported record loan originations thanks to explosive growth in single-family home loans, and profits beat analysts' expectations.

Lenders welcomed the move as a helpful first step but are still urging policymakers to develop a broader, simpler process for expediting the approvals of loans extended to troubled small businesses under the Paycheck Protection Program.

Organizers of Scottsdale Community Bank must raise $16 million. The goal is to hit that goal and open by early 2021.

The Small Business Administration has been covering six months of principal, interest and fees for loans that existed on Sept. 27. There are concerns the moves are masking weaknesses in lenders' 7(a) portfolios.

Lenders are disappointed with a low proposed cutoff for blanket forgiveness, but they said the proposal, which waives applications for some loans, is a good first step.

Michael Rechin will step down at the end of this year. The Indiana company tapped CFO Mark Hardwick as its next CEO, while Michael Stewart, its chief banking officer, will become president.

Banks' restaurant and hotel clients in many oceanside communities are seeing an uptick in business as travelers opt for short hops over long hauls during the coronavirus crisis. But activity could slow as colder weather approaches.