Finance

The deal for Michigan-based Flagstar Bancorp, announced in April, was originally expected to be completed by the end of the year. The New York bank’s CEO expressed optimism that it will still get regulatory approval.

The credit card issuer benefited from consumer loan growth in the third quarter, but investors seemed spooked by increases in its marketing and technology costs.

These venture capital firms are investing in young companies that could help small financial institutions meet their growing technology needs.

Maxwell, a startup that operates an online platform catering to mortgage loan officers and smaller lenders, raised $28.5 million in equity funding from investors led by the venture firm Fin VC and Wells Fargo Strategic Capital.

Businesses trying to meet a surge in demand for consumer goods are knocking on community banks' doors to finance expansions.

During third-quarter earnings calls, Bill Demchak of PNC raised concerns about stablecoins, while Jane Fraser of Citigroup pledged that there will be accountability for fixing her company's regulatory troubles and Jamie Dimon of JPMorgan Chase sounded downbeat about the Biden-era regulatory environment.

The Alabama company agreed to buy two nonbank lenders earlier this year. It’s still on the lookout for possible deals, potentially in corporate finance or wealth management, its chief financial officer told American Banker.

Steve Squeri said installment lenders primarily cater to debit card users and that even American Express's own BNPL product does not compete with the company's credit and charge cards.

Investment banking fees helped propel the Cleveland bank's noninterest income, which has been a focus for the last decade and continues to rise as a percentage of total revenue.

The auto lender’s acquisition of Fair Square Financial would diversify its consumer product lineup. The pandemic derailed its last effort to buy a card company.

Roger Hochschild predicts consumers will keep using their Discover cards in the months ahead, particularly when shopping online.

The Buffalo, New York, bank dipped relatively close to the minimum common Tier 1 equity ratio in stress tests run by the Fed. The results “suggested that there might be more capital-friendly ways to participate” in the commercial real estate industry, its chief financial officer said.

The Tennessee company, which reported 1% linked-quarter loan growth, has sought to “protect the integrity of the balance sheet” and has a strong pipeline of commitments.

Though the Providence, Rhode Island, bank is in the midst of three deals, CEO Bruce Van Saun said it remains on the lookout for other nonbank purchases that could help boost fee income and generate cross-selling opportunities.

The Dallas company plans to move aggressively to recruit customers and employees of rival banks involved in mergers that are shaking up the banking landscape in two of its key markets.

At Fifth Third, Synovus and Zions, third-quarter loan growth and improved outlooks indicate that businesses are finally more open to borrowing. Industrywide data further suggests “a much hoped-for rebound” has begun, according to analysts at Piper Sandler.

Strong growth in loans to private equity and venture capital firms fueled a 74% increase in third-quarter profits — and helped the New York bank hit a new milestone.

The company created through the combination of BB&T and SunTrust Banks expects to hit two final milestones in the first quarter of 2022. The bank is now turning its focus to performance, CEO Bill Rogers said.

The lender will take a $21.6 million charge related to damage a customer sustained from Hurricane Ida, leading analysts to predict a major drag on earnings. So far, there is little indication that other banks have been similarly affected.

Bill Demchak, whose company plans to allow crypto trading through a mobile app, nonetheless expressed concern that digital currencies pegged to the dollar could affect central banks’ ability to control the money supply.