The Wisconsin Department of Revenue said it has reached settlements with 87 banks that owe back taxes to the state, with at least 80 more agreements currently in the works. To date, the settlements stipulate payments totaling $24 million in back taxes. The settlements are part of Wisconsin's crackdown on banks using out-of-state subsidiaries set up as tax-shelters in Nevada and other states to avoid paying income tax in Wisconsin. Nevada has no corporate income tax; Wisconsin has a 7.9% tax. The Wisconsin Bankers Association estimates that 250 of the 320 banks doing business in Wisconsin have out-of-state subsidiaries.
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The top five banks and thrifts have combined total assets of nearly $13 trillion.
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The Connecticut bank —a regional traditionally regarded as a cautious lender — said nonperforming loans and leases rose 53% year-over-year. The uptick was in mostly the commercial-and-industrial loan space, although there was one nonperforming commercial real estate loan, executives said.
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The two regional banks are anticipating that borrower demand will increase in the back half of the year. High interest rates and economic uncertainty have been muting the appetite for borrowing.
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In a letter to Treasury Secretary Janet Yellen last week, the Massachusetts senator highlighted the growing use of cryptocurrencies by malicious organizations abroad and underscored the need for anti-money-laundering and counterterrorism provisions in future proposals.
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Brendon Falconer, finance chief of the Indiana company since 2019, faces felony child molestation charges. But CEO James Ryan says management is focused on the CapStar integration and organic growth.
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The banking-as-a-service middleware provider will be acquired by TabaPay. Other middleware providers may be forced to evolve or face the same fate.
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