Banking News from American Banker

Berger Financial Group plans to more than double its footprint and staff, and Investcorp is looking at more opportunities beyond supporting Berger in the "untapped" wealth space.

The federal agency has denied the Dutch neobank's de novo bank charter application, citing "significant supervisory and compliance concerns."

Gateway Bank, which has narrowed its losses under new CEO Mukhtar Ali, hired a team of residential-construction lenders to speed its return to profitability.

The CFPB is still without a permanent director, KeyBank has completed its acquisition of Clearwater UK, Flagstar's private bank has launched an insurance agency and a suite of discretionary managed investment portfolios, and more in this week's banking news roundup.

Following its purchase by Raymond James, Clark Capital's CEO discusses his firm's future and how he aims to help advisors operate as "mini virtual multifamily offices."

Return-to-office mandates in the financial services world are based more on senior executives' "gut" feelings than on real data. In many cases their main effect is to add stress to the lives of front-line employees.

Augustus National Bank, which is working to fulfill the conditions for its de novo OCC charter, was approved for federal deposit insurance by the FDIC.

A report released this week by Sen. Ron Wyden, D-Ore., shines a light on what is required of banks when high-net-worth clients engage in suspicious activity.

The latest consumer conditions study from the American Financial Services Association paints a less-than-rosy picture of how lenders expect the second half of the year to play out.

The neobank in the second quarter blew past Wall Street's expectations and posted its second quarter of GAAP profitability as its payments-centric business model continues to resonate with consumers and challenge incumbent banks.

Record lending drove a top-line gain on the year but one-time costs from reverse mortgage servicing sales and negative fair value changes hurt the bottom line.

The payment company's CEO says it's developing and shipping products faster despite cutting nearly half of its staff. It's a strategy he says can be replicated at other businesses.

Although many advisors choose to leave Wall Street mainstays in favor of firms offering greater independence, some find they're still most at home at another wirehouse. Just ask Todd Hatfield.

The online lender said its national bank will become the "primary originator," displacing the banks that are lenders of record. Loan buyers keep their role.

Supporters of mutual banks are lining up behind a proposed regulatory overhaul. The Fed's plan would make it easier for depositor-owned banks to raise capital.

It has been one year since the payments fintech launched Genius, its refreshed point-of-sale and payments platform, as a lynchpin in the company's attempted turnaround. Now, the company is looking to add more conversational AI features.

Neither company would say how many patents the deal covers, whether either paid the other or whether USAA pressed its claims first.

Banco Santander's pending acquisition of Webster Financial got approval from the Federal Reserve Board about five months after the deal was first announced.

Brokerages are too dependent on the billions they make every year from clients' uninvested cash, industry analysts say. LPL is responding with a long-term review of its pricing.

Consumers increasingly trust third-party AI tools nearly as much as their own bank, according to recent survey data. Industry experts lay out what banks need to do now to keep their edge.