Finance

The bank, formed in 2019 when investors bought and recapitalized Sound Bank, will use the funds to hire lenders and improve its overall infrastructure.

The California company said the issue involves a line of credit it funded earlier this year and that it is working with law enforcement authorities on the matter.

Several large and midsize banks are investing millions of dollars in Black-run banks, while four community banks have started a fund to make interest-free commercial loans in underserved communities.

Hildene Capital, which is pressuring CIB Marine to issue subordinated debt to redeem preferred stock, has nominated two individuals to stand for election to the company's board.

The fintech that gave life to the mobile point of sale market is seeing that business overshadowed by the ever-rising popularity of cryptocurrency.

The fintech that gave life to the mobile point of sale market is seeing that business overshadowed by the ever-rising popularity of cryptocurrency.

The Fortune 500 conglomerate has had discussions about merging Thrivent Credit Union, which operates independently of the company, into the bank if the charter is approved.

Banks lowered their loss provisions at the end of 2020, a sign they feel better about this year than last year, according to data from the FDIC. But loan balances fell for the second straight quarter and the annual loan growth rate was the lowest in seven years.

Prepaid customers’ COVID relief spending boosted the bank’s bottom line in 2020, but executives don't count on a repeat performance.

Prepaid customers’ COVID relief spending boosted the bank’s bottom line in 2020, but executives don't count on a repeat performance.

The decision provides more clarity to noteholders in the state about when the six-year statute of limitations to bring a foreclosure action begins.

M&T had long coveted the Connecticut regional but couldn't make a deal work. Their merger is the latest example of regional banks joining forces to compete in an industry undergoing rapid transformation.

New data from the state regulator shows gains across several key metrics even as allowances for loan losses surged and the loan-to-savings ratio fell by more than 10 points.

With the SEC probing Ripple, MoneyGram sidelines its partner to nurture online operations, which hit a milestone by surpassing in-store Walmart remittances in December.

Rapid changes in payments and regulations have blown open the door to new ideas, creating frontiers for fintech investors. Javier Perez hopes three decades of experience will help him have an early read on startups.

Net income and loan volumes at the Michigan-based credit union were both down in 2020 but noninterest income shot up 41% thanks in part to participation in the Paycheck Protection Program.

While its net income declined annually for the second consecutive year, CEO Hugh Frater touted Fannie Mae’s resiliency in a record year for providing mortgage liquidity.

Harris Simmons of Zions Bancorp. warned that excess deposits could suppress loan demand and pose an inflation threat, while Darren King of M&T tried to reassure investors that deposits will be less volatile than some fear once the economy improves.

Marcus Martin will be responsible for expanding sustainable investing options for the Minneapolis company's corporate and commercial customers.

The tech giant says it will benefit heavily from its 2019 purchase of Worldpay as it seeks to provide digital payment services to merchants.