Corporate governance

The Charlotte, N.C., company has shuttered 400 branches in the past year and intends to close nearly 500 more by early 2022. It’s also eliminating office space and reducing headcount as it aims to keep quarterly expenses under $3 billion.

PNC Financial Services Group Chief Executive Bill Demchak said he wants to position the bank to perform in a sector in which smaller firms are disappearing amid a wave of consolidation.

The company will gain seven branches, including one in Richmond, Va., after it acquires Sevier County, which is based in eastern Tennessee.

Net income was boosted by a $1.6 billion release of loan-loss reserves.

The Michigan-based institution has positioned itself for additional growth by making it easier to qualify for membership.

The Wisconsin company is paying $248 million for Mackinac, which has $1.5 billion of assets and $1.3 billion of deposits.

The Mississippi company has never done a deal this large. But buying Houston-based Cadence would take it into high-growth markets and reduce both companies' concentrations in sectors such as energy, dining and hospitality.

Katz Investment agreed to buy Camp Grove Bancorp in March 2019. The Federal Reserve approved the buyer's application to form a bank holding company earlier this year.

Bank of Montreal agreed to sell its Europe, Middle East and Africa asset management unit to Ameriprise Financial for 615 million pounds ($847 million), marking CEO Darryl White’s biggest move yet to trim the bank’s portfolio of noncore businesses.

BancorpSouth would have $44 billion of assets after it buys Houston-based Cadence. The company will be rebranded, while the bank will retain the Cadence name.

Banking trade groups have called for congressional hearings following the Jacksonville, Fla.-based credit union's agreement to purchase the $1.6 billion-asset Heritage Southeast Bank, the largest deal of its kind to date.

The California company has not established a time or pricing for the IPO.

The deal will see the $16 million-asset Georgetown FCU join the $258 million-asset PAHO/WHO. The combined institution will serve more than 7,500 members.

Dozens of European and U.S. banks are considering throwing their weight behind the White House’s Earth Day summit under plans being drawn up by former Bank of England Gov. Mark Carney.

With its deal for Century Bancorp, Eastern will significantly boost its deposit share in greater Boston while gaining an entrée into several new business lines, including cannabis banking.

Regulators have approved the credit union's request to add 477 underserved census tracts to its field of membership, allowing it to reach roughly 2.5 million consumers.

The announcement comes about six months after Boston-based Eastern raised $1.7 billion through an initial public offering.

In his annual message to investors, the JPMorgan Chase CEO said Big Tech and fintechs are "here to stay" and vowed to be aggressive in taking on these new challengers. He also predicted that the economy would take off this year, but said capital rules prevented banks from doing more to help blunt the impact of the pandemic recession.

HoldCo Asset Management is trying to convince shareholders ahead of an April 27 vote that the deal's $900 million price is too low, while Boston Private's board characterized its negotiations as "carefully designed and calibrated."

Longstanding familiarity with each other and years of informal talks helped the companies negotiate their $7.6 billion merger in just two months.