Gary Cohn, former head of the Trump administration’s National Economic Council and onetime top executive at Goldman Sachs, says technological changes will continue to make it harder for smaller financial institutions to compete and force many to be sold.

First City Bank of Florida had suffered “longstanding capital and asset quality issues” that were unrelated to the pandemic, the FDIC said.

The Illinois company will shutter 17 locations, or about 15% of its branches, early next year.

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

On Jun. 30, 2020. Dollars in thousands.

The South Carolina company has agreed to buy the parent of Security Federal Bank.

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.

Television executive Ryan Glover, rap star Killer Mike and civil rights icon Andrew Young have launched a digital bank for Black and Hispanic consumers called Greenwood Financial.

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

Deferrals may be hiding credit issues, leading lenders to track deposit flows, property maintenance and other factors to gauge the true health of their portfolios.

SaveBetter.com from Deposit Solutions lets consumers shop for different savings products through one portal and provides national exposure for participating banks, which include Ponce Bank in New York and Central Bank of Kansas City.

Many consumers are taking to the highways and the water for safe getaways during the pandemic — powering one of the few bright spots in lending. However, bankers warn that boomlets usually come with distinctive credit risks.

The proposed Multi-Bank shares an address with the Fort Lauderdale, Fla., office of Multi-Bank Securities.

The company, which recently completed an audit, set aside funds to cover issues tied with a lending program it discontinued last year. The move cleared the way for Sterling to file an overdue annual report with the Securities and Exchange Commission.

Many community banks need brokered deposits to help fund loans, so policymakers must strike the right balance between promoting liquidity and guarding against reckless lending.

The industry says the 2017 cut in the corporate rate helped position lenders to support the economy when the pandemic hit. But a plan proposed by Democratic nominee Joe Biden could strain banks' capital investment and hiring, observers say.

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.

The flood of liquidity that accompanied the pandemic recession isn’t likely to subside anytime soon. Banks will have to employ a mix of securities buying, hedging and other balance-sheet-management tricks to prop up margins longer than initially imagined.

Low rates and intense competition might lead some banks to ease underwriting standards in 2021, when the economy may not yet have recovered.

The Georgia company will add nearly $200 million in assets as part of the acquisition.