Truist Foundation invests in commercial corridors in the Southeast

August 15, 2025 3:09 PM

In this week's banking news roundup: Truist Foundation will fund a multiyear economic development initiative to revitalize business corridors in the Southeast; First Horizon hired Wells Fargo's Shaun McDougall as head of consumer banking; Ally Financial commits over $150M to support workforce development; and more.

A multiyear economic development initiative funded by the Truist Foundation has invested $500,000 to help revitalize business corridors in five Southeastern cities.

Living Cities, a collaborative of foundations and financial institutions that raises and invests capital with an aim toward reducing the wealth gap, announced the grants, which were distributed through the Truist Foundation's Breaking Barriers to Business, or B3, program. The B3 program is part of the foundation's $22 million philanthropic effort called "Where It Starts."

Government agencies in Atlanta, Charlotte, Miami, Memphis and Nashville each received $100,000, which will be used to strengthen specific commercial corridors in those cities and invest directly in small-business owners and entrepreneurs, according to Living Cities.

Partnerships with banks such as the one Living Cities developed with Truist are essential, Joe Scantlebury, president and CEO of Living Cities, told American Banker.

"We know other institutions can do similar things," he said. —Allissa Kline

First Horizon hires consumer banking head from Wells Fargo

Memphis, Tennessee-based First Horizon Corp. has hired a former Wells Fargo executive as its head of consumer banking, a newly created role.

Shaun McDougall will lead the development and execution of a "comprehensive client experience" for consumers, First Horizon said in a press release.

The $82 billion-asset bank explained that it's committed to providing an integrated experience to consumers across all channels and touchpoints, and said that McDougall will lead its retail banking, digital banking and small-business banking teams.

"The bank's commitment to client experience and innovation aligns perfectly with my passion for building high-performing teams and delivering outstanding results," McDougall said in the release.

McDougall was previously a senior vice president in the Southeast within Wells Fargo's consumer banking division, according to his LinkedIn profile.

Earlier in his career, he did stints at HSBC, Citizens Financial Group and JPMorganChase. —Kevin Wack

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Ally pledges $150M in 2025 to boost workforce development

Ally Financial is committing more than $150 million this year to support workforce development, mostly through loans and investments that will help fulfill the company's obligations under the Community Reinvestment Act.

Ally said the financial pledge is aimed at advancing economic mobility through education and career opportunities.

"We recognize the future of work is evolving faster than ever, and the skills needed to succeed are rapidly changing, too," Kathie Patterson, chair of the Ally Charitable Foundation and the company's chief human resources and corporate citizenship officer, said in a press release.

Ally is pledging to provide more than $147 million in loans to financial intermediaries and equity investments in projects that will primarily benefit low- and moderate-income communities.

The Ally Charitable Foundation will also provide more than $1.6 million to 57 nonprofits in Detroit and Charlotte, North Carolina, which are the company's two main employment hubs.—Kevin Wack

Jamie Kelter Davis/Bloomberg

PNC names new chief risk officer

The Pittsburgh-based bank announced that it has promoted Amy Wierenga to take on the top risk position, effective Sept. 8.

Wierenga, who currently leads financial and model risk for the internal risk management division, joined PNC in 2024, after four years as chief risk officer at global asset manager GCM Grosvenor and more than a decade in risk leadership positions at BlueMountain Capital management. She will report to Chairman and CEO Bill Demchak.

Current chief risk officer Kieran Fallon will return to the legal department as deputy general counsel, after four years heading risk management. His new position marks a move from the executive committee, and he will report to general counsel Laura Long.

In a prepared statement, Demchak said that Fallon "guided us through industry and economic shifts, and helped us support clients' credit needs while maintaining the integrity of our risk profile." —Catherine Leffert

Passman, Aaron

St. Paul Federal Credit Union names new CEO

St. Paul Federal Credit Union named Chris Petersen its new CEO, effective Aug. 7, the $250 million-asset institution announced in a press release. Petersen started at the credit union over 26 years ago as a file clerk. He's since worked in nearly every corner of its operation, most recently as CFO and interim CEO.

"My journey has been grounded in one clear mission: serving you, our members," Petersen said in the release.

The credit union's shift in leadership coincides with a new phase of growth, featuring expanded business account services, a revamped online and mobile banking platform and a new partnership offering extended share insurance coverage.

St. Paul Federal Credit Union was established in 1953 by St. Paul electricians. Its charter expanded in 1987 to include family members, and in 2005, it opened its doors to the entire St. Paul community. A 2008 merger further broadened the credit union's base of coverage to U.S. federal employees and downtown Minneapolis. —Traci Parks

Scott Simpson named new head of America’s Credit Unions

Scott Simpson will succeed Jim Nussle as America's Credit Unions' next president and CEO. Simpson takes on his new role with more than two decades of leadership in credit union advocacy, public policy and organizational strategy. He currently serves as president and CEO of the California Credit Union League and Nevada's Credit Unions, and CEO of Utah's Credit Unions.

Jim Nussle announced plans to retire this past April. He's led America's Credit Unions since its formation in 2024, following the successful merger of the Credit Union National Association and the National Association of Federally-Insured Credit Unions.

Nussle will remain in his leadership role through October.

America's Credit Unions is the unified voice for not-for-profit credit unions, representing more than 95% of the industry's assets and their more than 144 million members nationwide. —Traci Parks

CIBC hires Scotiabank’s Mark Mulroney for global vice chair role

Canadian Imperial Bank of Commerce hired Bank of Nova Scotia's Mark Mulroney to be global vice chair in the office of its incoming chief executive officer. Mulroney, son of former Canadian Prime Minister Brian Mulroney, who died last year, has been vice chair in Scotiabank's global banking and markets unit. He'll start at CIBC on Nov. 17, according to an internal announcement sent Wednesday and confirmed by a representative for the bank.

Harry Culham, who became chief operating officer in April and will succeed Victor Dodig as CEO on Nov. 1, said in the memo that Mulroney will work closely with him "to help bring a highly connected CIBC enterprise to some of our bank's largest and most important clients."

Travis Machen, group head of Scotiabank's global banking and markets division, announced Mulroney's exit in a brief internal memo on Wednesday.

CIBC's hiring of Mulroney was reported earlier Wednesday by the Globe and Mail. —Christine Dobby and Crystal Tse, Bloomberg News