Finance

The Fed may have stopped raising borrowing costs for now, but the biggest U.S. bank is still reaping benefits from higher interest rates.

Organizers of the Bank of St. George have filed an application with the FDIC and state regulators and plan a public stock offering.

Gail Jansen, who oversees member business lending at Kinecta Federal Credit Union, warned that increasing fees for Small Business Administration loans would hurt borrowers.

Small banks rise up against “onerous contracts and sometimes mediocre digital offerings”; Quarles warns banks to speed up preparations for Libor sunset.

Following its own economic downturn that required bailouts by Saudi Arabia, Kuwait and the United Arab Emirates, Bahrain’s governors hit on an economic recovery plan that includes turning the tiny nation into a global payments hub.

The startup now has five bank partners and equity financing from four investment entities.

The company warned that the move will likely reduce its first-quarter profit by $8 million.

With an implementation deadline less than a year away, bankers will be pressed to detail how a new accounting rule for loan losses will affect reserves, earnings and capital.

The bank agreed to modify loans to struggling U.S. borrowers as part of a 2017 settlement. Instead, it’s receiving credit for financing new mortgages that likely would have been made anyway.

A plan to join Deer Valley and Canyon State credit unions still needs approval from regulators and members of both institutions.

The Bedford, Ind.-based credit union distributed a $2.7 million dividend to members in recognition of a year that saw loan growth exceed 9%.

The San Jose, Calif.-based credit union decided to make the change because there were too many other financial institutions with a similar name.

The company plans to use the new capital to pursue growth opportunities.

The Houston-based institution said investments in financial technology have led to operational efficiencies that enabled it to return more than $263,000 to members.

The Montana company agreed to buy Heritage Bancorp for $241 million.

Today’s global citizens face risks that extend far beyond crumbling highways. Although reliable physical infrastructure is necessary for economic growth, immature and anemic payment infrastructures may present another serious threat to the global economy, writes Tomas Likar, head of business development and strategy at Hyperwallet.

The first quarter proved sluggish for overall merger activity. Here are notable deals announced in March.

The Delray Beach-based credit union entered into the deal as part of a broader expansion push along Florida's Treasure Coast.

Large investment houses see an opportunity to improve financial conditions for contract workers, accelerate evolution away from cash to digital payments, expand the smartphone as a commerce device and streamline user experience.

The Illinois company will pay about $10 million, and redeem $23.5 million in trust-preferred stock, as part of the deal.