Big Tech profits from online scams, Associated sets M&A date

Published March 13, 2026 3:00 PM

Updated March 13, 2026 3:00 PM

1 Min Read

In this week's banking news roundup:

A new report from the Consumer Federation of America says Meta's Facebook, WhatsApp and Instagram are the biggest offenders in online scams.
Associated Banc-Corp in Green Bay, Wisconsin, sets closure date for its new M&A deal.
Servbank HoldCo completes its acquisition of IF Bancorp, and more.

Americans estimated to lose $119B annually to online scams

Forget official numbers. The true cost of online scams is estimated to be a whopping $119 billion per year, according to a new report from the Consumer Federation of America. The consumer watchdog's figure is based on research that found just 14% of victims report financial fraud to law enforcement. CFA then used adjusted 2024 data from the FBI's Internet Crime Complaint Center, which tracks a wide range of cybercrime incidents.

The culprit is clear: Big Tech firms are profiting from scams, and Meta's Facebook, Instagram and WhatsApp are the primary offenders for accepting the ads promoting the scams. Reporting from Reuters found that $16 billion of Meta's projected 2024 revenue came from promotions for scams and banned goods.

Policymakers are fighting back. In Feb., Sen. Ruben Gallego, D. Ariz., cosponsored the bipartisan Safeguarding Consumers from Advertising Misconduct, or SCAM, Act. "If companies are making money by pushing ads onto users' feeds, they have a responsibility to make sure those ads aren't fraudulent," Gallego said. —Kate Berry

Associated sets closure date for M&A deal

Associated Banc-Corp in Green Bay, Wisconsin, is moving forward with its planned acquisition of a family owned bank in Nebraska, now that it has received all of the necessary regulatory approvals it needed to complete the $604 million, all-stock transaction.

Associated expects the purchase of Omaha-based American National Corp. to close on April 1, it said in a press release. Merging the $5.3 billion-asset American National into Associated will mark Associated's entry into Nebraska and Iowa, and deepen its existing foothold in Minnesota.

The deal, which was announced in December, is Associated's first merger or acquisition since Andy Harmening joined the company as president and CEO in April 2021.

Associated currently has about $45 billion of assets. The bank expects to convert American National's systems, branches and customers over to Associated during the third quarter, it said. —Allissa Kline

Servbank in Illinois completes acquisition of Iroquois Federal

Servbank HoldCo in Oswego, Illinois, has completed its acquisition of IF Bancorp, the parent company of Iroquois Federal Savings and Loan Association, it said in a press release.

The $89.8 million all-cash transaction, which was announced in early November, will expand Servbank's financial footprint in Illinois. Walter "Chip" Hasselbring III, who was chairman and CEO of Watseka, Illinois-based IF Bancorp and Iroquois Federal, has been added to Servbank's board as a director, effective March 12, Servbank said.

Former branch offices of Iroquois Federal will operate under the name "Iroquois Federal Savings and Loan Association, a division of Servbank, N.A." until Servbank completes a customer and data conversion, which is expected to take place in the fourth quarter.

Servbank was ranked No. 69 on American Banker's 2025 Best Banks to Work For list. As of Dec. 31, 2025, it had about $995 million of assets.—Allissa Kline

West Virginia community banker elected ICBA chairman

Alice P. Frazier, president and CEO of Potomac Bank in Charles Town, West Virginia, was elected chairman of the Independent Community Bankers of America for 2026-27. Frazier serves in many leadership roles at ICBA. She is chairman of the association's executive committee and board of directors, and a member of ICBA's Federal Delegate Board and its policy development and nominating committees. She also serves as executive committee liaison for the Large Community Bank Council.

"Alice found purpose as a financial steward of her community, and turned her passion into action, testifying before Congress, canvassing the country spreading the community banking message," said ICBA's immediate past chairman, John Hopkins.

Addressing attendees at ICBA LIVE on March 9, Frazier praised community banks as a safe harbor for their customers. "We have made significant progress," Frazier said. "Members of Congress and the administration believe in community banks. This is our time." —Traci Parks

Former MD financial advisor gets 18 months for felony theft

Andrew Joseph Egber, a former Maryland financial services provider for Wells Fargo, Raymond James and Steward Partners, was sentenced to 18 months in jail on charges of felony theft, securities fraud and exploitation of a vulnerable adult. The Maryland attorney general's office announced the guilty plea and sentencing on March 3.

Egber used a fake real estate investment scheme to defraud five investors between 2015 and 2019, duping his elderly clients to withdraw money from their retirement investment accounts. Egber then instructed his clients to give him the withdrawn money via personal checks payable to Egber for said real estate investment. He also made false statements to the financial institutions to justify the withdrawals.

"This defendant stole money his elderly clients spent a lifetime saving," Maryland Attorney General Anthony G Brown said in a release. "Our Office will always hold financial advisors accountable when they steal from the Marylanders who trust them." —Traci Parks

Seward & Kissel law firm launches new risk management practice

The law firm Seward & Kissel is launching a financial institution risk management practice that the firm says is designed to be "the definitive answer" for financial institutions defending against all types of risks.

Seward & Kessel, founded in 1890, is particularly dominant in hedge fund representation, private credit and maritime law. The new risk practice is co-headed by partners Russell Johnston and David Mulle. —Kate Berry

Deutsche Bank plans to raise its bonus pool by more than 5%

Deutsche Bank is planning to raise its bonus pool for last year by more than 5%, less than some of its Wall Street peers, according to people familiar with the matter.

The figure is an average, and individual units may see higher or lower increases depending on performance, the people said, asking for anonymity because the bank hasn't yet disclosed the information publicly.

A spokesperson for Deutsche Bank declined to comment.

The increase would leave Deutsche Bank trailing Wall Street's largest investment banks, where firms from JPMorganChase and Goldman Sachs to Bank of America boosted their bonus pools for bankers and traders by at least 10%, as their businesses benefited from a banner year in dealmaking and trading.

At Deutsche Bank, revenue rose 7% last year, though performance varied widely. Income from trading fixed income and currencies rose 13%. Retail and private banking revenues were up a combined 3%, while corporate banking revenues declined 1%. —Arno Schütze and Sonia Sirletti, Bloomberg News