Corporate governance

Chairman and CEO Phillip Green said the decision to lay off 68 employees was "really the last thing" the San Antonio company wanted to do as it wrestles with low interest rates and challenges tied to the coronavirus pandemic.

California Polytechnic State University is said to be seeking a new banking partner, a move that could leave the university-based credit union without a home.

Bank of New York Mellon, State Street and Northern Trust have even more reason to slash costs than commercial banks because their options to boost revenue are more limited. Problem is, they also have fewer cost-cutting options.

The U.S. unit of Toronto-Dominion Bank merged its corporate and specialty team with its commercial banking group, putting the fast-growing operations under the same leadership.

Stephen Steinour, the head of Huntington Bancshares, approached TCF Financial about a merger three days after the latter's CEO abruptly retired. An agreement was sealed in about six weeks.

After rising losses in 2020, First Credit Union of Scranton is seeking members' approval to merge into Penn East FCU.

The new name is the first major change since Dennis Zember became the company's CEO last year.

The credit union expects to open at least eight branches across the country in the months ahead, about half of what it normally adds to its brick-and-mortar network in an average year.

The banker, who led the 2013 recapitalization that created Byline, will replace a longtime colleague who will continue to run the company's bank.

Broadway Financial had hit a plateau and was in search of a successor to its longtime CEO Wayne-Kent Bradshaw. After the Los Angeles company rejected two buyout offers, Bradshaw reconnected with an old friend at CFBanc in Washington.