Industry News
The $536 million-asset credit union said the investment will "improve lives and close the racial and gender opportunity gaps" in Alabama, Arkansas, Louisiana, Mississippi and Tennessee.
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The bank, which is seeking regulatory approval of its proposed First Horizon purchase, said that a quarter of the branches will be in majority-minority or low-to-moderate income neighborhoods. Progressive groups have argued that the $13.4 billion acquisition would harm low-income communities.
September 15 -
Allegiance Bancshares and CBTX received the final blessing they needed from the Fed to complete their proposed deal 10 months after it was announced. But regulators say the new company must take steps to attract more African American mortgage borrowers.
September 14
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The fourth-largest U.S. bank by assets has commissioned an outside law firm to assess its diversity practices. Wells had previously resisted a shareholder proposal that would have authorized a similar review.
September 14 -
Sarver, who owns the NBA's Phoenix Suns and the WNBA's Phoenix Mercury, is facing a one-year suspension and a $10 million fine after an investigation found evidence of workplace misconduct. The Arizona bank where Sarver previously served as chairman and CEO is also discussed in an investigative report released Tuesday.
September 13 -
After investment banking fees fell by 54% last quarter, the nation's largest bank by assets is considering cutting back. "Last year, we had to add a lot of bodies just to execute the huge amount of volume we were executing," Chief Operating Officer Daniel Pinto said Tuesday.
September 13 -
The purchase of College Raptor would provide the Rhode Island bank with tools that students and their families can use to compare financial-aid packages. Citizens is one of several U.S. banks with a sizable business in private student lending.
September 13 -
The Minneapolis-based buyer had previously said the deal would close earlier in the second half. Some of the financial benefits, which had been expected to be realized next year, won't come to fruition until 2024, executives said Monday.
September 12 -
The Phoenix bank is forming an executive leadership team that it said will ensure continuity within its senior ranks. The moves come five months after CEO Kenneth Vecchione received a contract extension through at least 2024.
September 7 -
The North Carolina bank's insurance subsidiary agreed to pay $3.4 billion to buy BankDirect Capital Finance. The sale reflects opposing strategies by the two companies.
September 6
