Corporate governance

Citigroup told employees in Texas they could take shelter in the firm’s offices as the state grapples with the effects of a snow and ice storm earlier this week.

A severe cold snap in the state has tested financial institutions unaccustomed to such weather-related disruption.

The company has agreed to pay $32 million for a bank with six branches and $256 million of assets.

The Houston-based lender is working with financial advisers to solicit interest from potential buyers, according to people familiar with the matter.

Comerica, Regions and Frost Bank closed hundreds of branches statewide while others ran them at reduced capacity or on power generators to help ease the strain on the state’s overwhelmed power grid.

Acquiring AmeriHome would provide the fee revenue the Phoenix company seeks to compensate for low interest rates and tepid commercial loan demand. The deal also would allow it to reinvest billions of dollars of excess liquidity.

The operating environment is dramatically different than it was pre-pandemic and presents all-new challenges for financial institutions. Tried-and-true strategies that led to high performance for many years are no longer going to be successful. Join Bonnie McGeer, Executive Editor of American Banker, and Claude Hanley, Partner at Capital Performance Group, as they highlight important trends and comb through data from top-performing banks across the country for insights that will help regional and community financial institutions thrive in 2021. Executives will learn what metrics will be most critical to focus on to maintain high performance going forward.

The Arizona company will pay $1 billion for the parent of AmeriHome Mortgage, which manages a $99 billion mortgage servicing portfolio.

The leadership at Boston Private Financial Holdings wanted to establish a wealth management partnership with SVB Financial Group — but ended up striking a deal to sell the company to SVB instead.

A planned combination with Premier Federal Credit Union in Greensboro, N.C., will expand the Charlotte-based credit union's reach in the Tar Heel State.