PASADENA, Calif. - (04/08/05) -- Wescom CU said this week it openedtwo more branches, bringing its total number of offices in southernCalifornia to 33, and 11 in Orange County. The new service centersare located in Anaheim Hills and Mission Viejo. Wescom CU has morethan $2.5 billion in assets and serves 235,000 members.
Noninterest income at the Minneapolis-based company jumped more than 10% during the third quarter, while asset quality improved and expenses held steady. "Our focus is very much on organic growth," said CEO Gunjan Kedia.
Federal Reserve Gov. Stephen Miran said Thursday that the central bank's forays into examining climate change and racial justice under the prior administration politicized the Fed. He also argued that Fed officials should limit their comments on economic policies such as tariffs.
Federal Reserve Governor Michael Barr said strong oversight mechanisms and consumer protections are needed for stablecoins to make them a more viable payment instrument.
The bank technology company has released Smart Basket, which uses emerging artificial intelligence to improve transaction routing, a strategy that's quickly becoming table stakes for fintechs and financial institutions that offer payments.
The Canadian bank plans to sell the branches, which are mostly in the Midwest and Great Plains, to First Citizens Bank in North Carolina. At the same time, it plans to build 150 branches over the next five years in markets with longer-term growth prospects.
Bank of New York Mellon recorded another quarter of higher-than-expected revenue and earnings. Revenue for the third quarter rose 9% year over year, while earnings per share beat Wall Street's forecast by 12 cents.
