Industry News
The Minneapolis company is issuing stock to the Japanese banking giant that previously owned MUFG Union Bank in order to repay part of a $3.5 billion obligation. The move will also boost a key capital ratio, which sagged after the deal was completed, but is expected to cut into U.S. Bancorp's earnings per share.
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While financial markets wobbled after Fitch Ratings reduced the U.S. government's credit rating, analysts said the action should have little long-term impact, similar to a downgrade by Standard & Poor's in 2011. JPMorgan Chase CEO Jamie Dimon argued that Fitch's action "doesn't really matter that much."
August 2 -
Seibly, a 35-year banking industry veteran, takes over the Jacksonville, Florida, online bank now that private equity investors have purchased it from TIAA.
August 1
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Big Poppy Bancorp has applied to the Federal Reserve to acquire up to 24.99% of Summit State Bank. Both institutions are headquartered in Santa Rosa. Combining them would create the city's biggest bank.
July 28 -
The Hicksville, New York, company says its deposit base is stable and poised for growth four months after its acquisition of the failed Signature Bank, some of whose depositors fled to larger banks. Private bankers — including new hires from another failed bank, First Republic — are trying to win back lost deposits.
July 27 -
Post-merger Banc of California will target "in-market relationship banking" by focusing on treasury management services and loan growth to boost "low-cost" commercial deposits, CEO Jared Wolff said.
July 25 -
The $417 million agreement would give Richmond, Virginia-based Atlantic Union Bankshares "the critical mass" it needs in its home state and neighboring North Carolina, according to CEO John Asbury. He and his counterpart Jeff Haley at American National Bankshares in Danville, Virginia, describe each other as longtime pals.
July 25 -
The Ohio-based regional bank continued to drive loan and deposit growth in the second quarter. But lending activity is expected to ease while funding costs remain high, tempering net interest income expectations for the full year.
July 21 -
The recent conversion marked one of the final steps in the $8 billion acquisition, first announced in 2021. U.S. Bank still anticipates up to $900 million in cost savings and a breadth of opportunities to expand revenue from the transaction.
July 19 -
The regional bank said dozens of new hires give it a major presence on both coasts, and it plans to build out its team of advisors and its private banking products.
July 19
