Industry News

Thomas Nides, who until recently was U.S. ambassador to Israel, is leaving his post as the megabank's head of lobbying, communications and community relations. He said recent events in Israel and Gaza "have had a profound effect on me, in ways that I could not have imagined."

The Southeast regional bank plans to use the deal's sizable proceeds to pay down wholesale borrowings and restructure its securities portfolio. Numerous banks have made similar moves in recent months.

American Banker's latest innovation report found that strategic corporate transactions are important for most banks but offer distinctive challenges. Fintech acquisitions give banks maximum control but can be hard to integrate if the buyers don't approach the process thoughtfully.

The Alabama bank reported that check fraud resulted in operational losses of $135 million between April and September, including $53 million last quarter. The entire banking industry has been beset by higher levels of check fraud since the start of the COVID-19 pandemic.

The Federal Reserve Board and state regulators signed off on the $1 billion deal, paving the way for a late 2023 closing. The approvals were significant given that other large combinations have run into trouble.

The global clearinghouse inked the deal with Securrency as part of its push to expand the use of the emerging technology in capital markets.

The deal, first announced in September 2022, would have given Taichung Commercial Bancorp a foothold in several U.S. markets.