Kevin Wack is American Banker's national editor, and is based in southern California. He was formerly the publication's consumer finance reporter and its Capitol Hill correspondent. Earlier, he worked on financial policy in Washington. He has also reported for the Associated Press and worked as the investigative reporter for the Portland Press Herald in Maine.
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Billy Beale joined the small Virginia bank in May, several months after its fintech partnership strategy landed it in hot water with regulators. "There's still a lot of just blocking and tackling that we've got to do to get the bank to work the way it's supposed to," he says.
By Kevin WackOctober 16 -
Blue Ridge Bank in Virginia changed course after its rapid growth in the fintech partnership business landed it in hot water. But the path back to a traditional community banking model is also proving to be bumpy.
By Kevin WackOctober 10 -
The Royal Bank of Canada has made a series of transactions that should boost the profitability of its struggling U.S. subsidiary. Debt securities that had been owned by City National have lost value as a result of rising long-term bond yields.
By Kevin WackOctober 2 -
The Mer Rouge State Bank in Louisiana and Mission National Bank in San Francisco are among 184 banks to receive $70 million of grants from the Bank Enterprise Award Program, its largest awards ever.
By Kevin WackSeptember 21 -
Carrie Tolstedt, the company's former retail banking chief, was sentenced to three years of probation, including six months of home confinement. A federal judge detailed why she denied the stiffer sentence sought by federal prosecutors, who wanted to send a message about the consequences of white-collar crime.
By Kevin WackSeptember 15 -
Greg Carmichael, the former CEO of Fifth Third, will join the Los Angeles bank as its executive chair. The move comes a few weeks after City National, which is a unit of Royal Bank of Canada, reported a quarterly loss.
By Kevin WackSeptember 14 -
The Canadian bank is deemphasizing American office loans amid rising loss provisions. The decision could lead to decelerating growth in the U.S. market.
By Kevin WackSeptember 1 -
Following reports that the Los Angeles bank was considering strategic options, its deposits fell by $1.7 billion in two days, according to a securities filing. The disclosures shed new light on PacWest's predicament before its merger agreement with Banc of California.
By Kevin WackAugust 30 -
The company's U.S. banking unit, which focuses on wealth management, reported a $38 million quarterly loss. Executives said they're cutting staff in an effort to right the ship, but analysts questioned whether the expense cuts are aggressive enough.
By Kevin WackAugust 24 -
The job cuts come amid caution about the industry's growth potential in the second half of the year. Some 45,000 positions have been lost in banking and related industries over the last two-plus years.
By Kevin WackAugust 21