The Federal Home Loan Bank system, one of the few acceptable issuers of CU investments, launched a new long-term offering last week, 30-year global bonds. The 5.50% bonds, due July 15, 2036, were priced at 98.656 to yield 5.593%, or 47 basis points over comparable U.S. Treasuries. The FHLBs sold $1.5-billion of the new bonds, with 86% of the issue sold domestically and the rest internationally.
The company is leveraging its bank charter and strong customer acquisition, with app logins up nearly 50% from borrowers.
The Dallas-based regional bank's return on average assets exceeded its goal of 1.1% for the first time, coming in at 1.3% for the third quarter. The bank has been in transformation mode since 2021.
U.S. regulators have reached a rock-bottom settlement deal with a former Wells executive accused of wrongdoing in the phony-accounts scandal. The OCC had sought to recover $10 million from Claudia Russ Anderson, a onetime risk executive at the bank.
Fraser will succeed John Dugan, who's been Citi's chair for six years. The megabank also granted Fraser a one-time award of $25 million in restricted stock units, and more than 1 million stock options.
Farmers National Banc Corp. in Ohio plans to acquire in-state rival Middlefield Banc Corp. in a deal that will deepen the buyer's footprint in Columbus.
An apparent increase in large-scale borrower fraud and the hot environment for bank mergers were the key themes as banks discussed their third-quarter results.
