Community Banking

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

The Dallas bank has begun encouraging larger borrowers to seek forgiveness of Paycheck Protection Program loans first as it holds out for the government to streamline the process for loans below $150,000.

The company will close eight locations, noting that customers have been quick to adopt digital channels during the coronavirus pandemic.

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.

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.