BAKERSFIELD, Calif. – Regulators seized San Joaquin Bank and sold the remnants of the latest bank failure to Citizens Business Bank of nearby Ontario, Calif.
The $775 million institution is the 99th bank failure this year and 120th financial institution to fail, which includes 21 credit unions.
The FDIC estimates that the cost to the Bank Insurance Fund will be $103 million. So far, this year, 16 institutions (ten banks, six credit unions) have failed in California.
Brian Moynihan will continue to wear two hats, thanks to the support of almost 70% of Bank of America's shareholders.
The Justice Department retreated from its plan to appeal a judge's ruling blocking grand jury subpoenas in the Powell probe, opting instead for a softer legal maneuver that keeps the investigation's future uncertain.
The company is officially releasing a digital asset product that it first announced back in October.
The Canadian bank is using machine learning to analyze customers' payments and provide recommendations to salespeople.
CEO Robin Vince defended the custody bank's use of artificial intelligence Monday, saying that the deployment of AI allows firms to increase their investment capacity.
Plaintiffs say Team 313 stole Social Security numbers and IDs. Chime says no data left its systems. None of the suits has its own evidence.
