BATTLE CREEK, Mich. - (05/26/06) OMNI Community CU said it hasbegun offering commercial loans to Michigan businesses through itsCUSO, Commercial Alliance. The CUSO will extend business loans upto $5 million, including construction and permanent loans forowners, developers or investors, loans for machinery and equipment,as well as working capital lines of credit.
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.
