Finance

Zazu Limited, a Zambian fintech, has partnered with Mastercard to launch a mobile wallet that supports a prepaid account instantly issued from the app to any local consumer — with or without a bank account.

The company will pay $1.1 billion for Carolina Financial in Charleston, S.C., in a deal that will add nearly $5 billion in assets.

The Soboba Band of Luiseño Indians plans to form a holding company and raise $25 million for Legacy Bank.

The Wisconsin-based institution has returned more than $11.7 million to members over the past six years.

The State Bank Group and The Provident Bank are backing Neocova, which focuses on community banks.

Such credits, which reflect borrowers with financial challenges, increased significantly during the third quarter.

The issue, tied to how the company reconciles corporate accounts to its general ledger, is not expected to impact past financial statements.

The Louisiana company's willingness to combine with First Horizon without a big initial payday is fueling talk that other banks could be keen on selling at relatively inexpensive prices.

A group has filed paperwork with the FDIC to form Legacy Bank in Temecula.

Dealmaking through early November is slightly ahead of last year's clip thanks to a recent flurry of merger announcements. However, excluding BB&T-SunTrust, values and multiples are shrinking.

Tom Marano, a former Bear Stearns banker, was apparently well compensated following the housing crisis for heading up ResCap and Ditech, both of which went into bankruptcy.

Completing the deal before the new year would let the merged company avoid an earnings hit in complying with the Current Expected Credit Loss accounting standard and give it more flexibility on capital adjustments.

HMBradley will assign interest rates according to how much customers set aside from direct deposits each month.

Earlier this decade, a boom in low-cost prepaid cards undercut the firm's business model. Now the fiercest competition is coming from venture capital-backed startups that offer accounts with no overdraft fees.

The credit union retains a strong net worth position and saw a nearly 5% increase in members during the first three quarters of this year.

Scottsdale Community Bank's organizers took advantage of a state law letting them raise capital months before seeking deposit insurance.

The Honolulu-based credit union saw a nearly 7% increase in new members, thanks in part to an expanded branch presence in West Oahu.

The regulator’s inaugural event on equity and inclusion highlighted the personal and professional but also veered into addressing hurdles credit unions face regarding this issue.

A proposal to revise how the agency calculates the restrictions for less than well-capitalized banks relies on faulty methodology and ignores competition from fintechs and credit unions, according to the industry.

Square Cash generates a lot of revenue – and the road to Square’s success is the Cash P2P app, along with Seller tools, as its two curated ecosystems that are cross-selling their way to profitability.