Growth strategies

CIT inherited the business with its purchase earlier this year of Mutual of Omaha Bank.

The deal continues Sound's push into markets north of its Tacoma headquarters.

The Iowa company said the coronavirus outbreak and litigation against AimBank will postpone the deal's completion by a few months.

The company will use Savoy's midtown Manhattan office to coordinate business development efforts around the city.

Institutions serving colleges and universities traditionally see membership surge in the fall, but are now planning for a decline as classes move online.

The product, which is also aimed at community banks, includes a "take-back" option that allows consumers to withdraw extra funds they've paid that go beyond their monthly scheduled mortgage payment.

Whether the number of deals for 2020 can come close to last year's record-setting level will come down to one question: Can community banks generate strong enough profits in the second half to justify their independence?

Whether the number of deals for 2020 can come close to last year's record-setting level will come down to one question: Can community banks generate strong enough profits in the second half to justify their independence?

USAL Bancorp will have nearly $300 million in assets after it buys Escambia County Bank.

The company will pay $156 million for a bank with a large Small Business Administration lending platform.