Finance

A deceleration in mortgage balances ends CIBC's three-year streak of outpacing Canada's other large lenders on mortgage growth. Royal Bank of Canada said this week that mortgage balances were 5.9% higher than a year earlier.

The industry’s profit was $60.2 billion, a more than 7% increase from the previous record set in the first quarter and a 25% leap from a year earlier, the agency said in its quarterly report on the industry's health.

The company will enter the Iowa cities of Des Moines and Dubuque as part of the $170 million acquisition.

Upgrade, a marketplace lender founded by Laplanche just a few months after he was ousted from LendingClub, has secured more than $100 million in equity capital and says it is poised to offer more consumer credit products.

The Illinois company will become one of the area's top 10 banks after buying Bank of Edwardsville.

FVCBancorp will use part of the proceeds to help pay for its pending acquisition of Colombo Bank.

Canadian banks will likely report profit gains of as much as 10% in the third quarter as four rate increases by the Bank of Canada make consumer and commercial loans more profitable.

Equity Group Holdings Ltd.’s financial technology unit is in discussions with six Ethiopian banks to collaborate on cross-border mobile payments and e-commerce.

Citigroup was so impressed after a two-year test drive of software from the AI vendor Anaconda it decided to invest in the firm.

New investor appetite for mortgages over $1 million is motivating more nonbank lenders to offer super jumbo loans, often with weaker credit terms than traditional banks.

Farmers & Merchants will pay $89 million for the parent of Bank of Geneva.

The president's suggestion that public companies report financial results twice a year instead of quarterly might win nods of approval from CEOs, but it’s unlikely to fly with investors. Still, there’s room for reforms to reporting practices, some backed by prominent bankers.

The Oakland bank has raised $25 million through a private placement of common stock.

The first meeting is structured like a job interview. After that, organizers should expect plenty of questions about money, management and markets.

Jacobs Asset Management, which expressed frustration over a slow turnaround at MidSouth, said it could launch a proxy battle at next year's annual meeting.

The new policy, meant to assist borrowers in Puerto Rico and the U.S. Virgin Islands, will let servicers evaluate borrowers using pre-disaster payment information.

Ratings firms and mutual funds are seeing greater value in community banks because of their simplicity and local connections.

BBVA Compass said on Wednesday that it was partnering with the broker-dealer Brean Capital to offer a variety of capital and investment banking services for community banks and correspondent banks.

The investors initially won the right to sue as a group in 2015 before an appeals court reversed the ruling; the $13 billion lawsuit can now proceed as a class action.

Legacy tech vendors have traditionally offered decadelong contracts. But given constant change in the industry, small banks today should push for three-year deals, a bank CEO says.