Bankers say the federal tax exemption for credit unions costs U.S. taxpayers $2 billion each year. But eliminating it would prevent the not-for-profit financial institutions from channeling their savings into higher rates and lower fees that stimulate commerce — and generate additional tax income.

The Illinois companies agreed to merge in a transaction that is expected to close later this year.

Citigroup could fetch as much as $6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead with plans to fine-tune its global branch network, people familiar with the plan said.

The company promoted Bob Fehlman to become its president and hired Jay Brogdon from Stephens Inc. to succeed Fehlman as chief financial officer.

Ken Meyer, who will speak at American Banker's Digital Banking AI & Automation conference next week, says banks should be able to quickly catch up with big technology companies and financial services upstarts in the adoption of artificial intelligence without alienating customers or running afoul of regulators.

The Georgia company agreed to pay $84 million for a bank with nine branches and $715 million of assets.

The deal would be Independent's sixth since 2015 and would continue a wave of consolidation among Boston-area banks.

The Ohio regional took advantage of an unexpected boost in interest income in the first quarter to upgrade its digital platform and recruit bankers in wealth management, capital markets and Small Business Administration lending.

The Maryland company is closer to addressing claims it lacked sufficient controls under its previous management.

Clarity on credit quality has bankers ready to strike deals after a lengthy pause. A steady rise in stock prices has also given potential buyers the financial wherewithal to pursue acquisitions.

The Ohio company has opened just 32 of 120 new branches it plans in the region by 2022, but those offices are making a sizable contribution to growth.

Queensborough National Bank and Trust in Georgia is one of several banks aiming to recruit tech-savvy interns through a network of universities and fintech companies.

The company plans to shutter five locations, or roughly 12% of its network, next month.

Rhodium BA Holdings said it has proposed paying a higher price to disrupt the banking company's proposed sale to DLP Real Estate Capital.

Wells Fargo wants to use the real-time payments network being developed by the Federal Reserve for 24/7 liquidity management. The online-only First Internet Bank aims to use it to help customers manage their bills and cash flow.

Year to date through Dec. 31, 2020. Dollars in thousands.

Funds affiliated with HPS Investment Partners plan to buy Marlin Business Services for $282 million.

Trabian Technology, which builds digital products and mobile applications, is the latest in a series of technology-related purchases by MVB.

The company paid Driver Opportunity Partners nearly $10 million for the shareholder's stock and to resolve a longstanding legal battle.

The Maryland company recently raised $345 million to form the subsidiary and fund growth opportunities for its bank.