First failure since ’17, BB&T’s retention play, demise of JPMorgan’s Finn: Top stories of the week

June 7, 2019 3:28 PM

First failed bank since 2017 will leave FDIC with hefty price tag

A Federal Deposit Insurance Corp. (FDIC) sign stands at a former Premier Bank branch in Jefferson City, Missouri, U.S., on Wednesday, Oct. 27, 2010. The FDIC has said 2010 will be the peak year for failures, and the agency's list of so-called problem lenders suggest banks will keep collapsing at an accelerated rate in coming months. The confidential list had 829 banks with $403 billion in assets at the end of the second quarter. Photographer: Patrick Fallon/Bloomberg

Patrick Fallon/Bloomberg

Regulators closed The Enloe State Bank in Texas late Friday, marking the first failure in 17 months and the first in the Lone Star State in over five years.

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Wells Fargo names leaders of restructured commercial banking group

Signage displayed at a Wells Fargo bank branch in New York.

Five executives were appointed to new roles within the revamped business unit that houses business banking, government and institutional banking and middle-market banking. All will report to commercial banking head Kyle Hranicky.

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BB&T dangles promise of bonus payments to top executives if they stay

chart showing incentive pay for BB&T executives after merger

If four BB&T executives, including the CFO and COO, remain through the closing of its merger with SunTrust, they'll receive multimillion-dollar payouts.

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Suspicious circumstances in failure of Enloe State Bank

Someone reportedly was burning paper at the Texas bank on a recent Saturday night, and a state regulator cited "insider fraud and abuse" after Enloe was closed.

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Where did JPMorgan Chase's Finn experiment go wrong?

A man stands outside a JPMorgan Chase & Co. bank branch in New York, U.S., on Wednesday, April 14, 2010. JPMorgan Chase & Co. said a "broad-based" economic recovery boosted first-quarter earnings 55 percent, surprising analysts with record fixed-income trading revenue and a better-than-expected outlook for consumer credit. Photographer: Jin Lee/Bloomberg

Jin Lee/Bloomberg

The bank launched Finn in an effort to attract millennials. But there were problems with how it implemented the digital-only brand, experts said.

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BMO Financial's Ernie Johannson expands role

Ernie Johannson, Group Head of U.S. Personal and Business Banking at BMO Harris Bank.

The Canadian parent of BMO Harris Bank in Chicago has named Johannson group head of North American personal banking, an extension of similar executive duties she holds in the U.S.

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Golden West co-founder Herb Sandler dies at 87, leaving complicated legacy

Sandler and his wife, Marion, built a small California thrift into a powerhouse before selling it to Wachovia prior to the housing collapse, but were heavily criticized for engaging in some of the same practices that caused the financial crisis.

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Fifth Third seeks national bank charter to accelerate expansion

Signage is displayed outside a Fifth Third Bank branch in Louisville, Kentucky.

The Cincinnati bank wants to convert from a state charter as it expands in the Southeast and beefs up digital banking operations.

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Will banks take 'self-driving' payroll for a spin?

On-demand wage delivery has caught on in other industries. Banks have taken notice.

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Santander's U.S. units not out of woods yet

Loan growth in first quarter 2019 at Santander's U.S. companies

Santander Bank and Santander Consumer USA have put many problems behind them in recent years under CEO Scott Powell, but he still has a Federal Reserve enforcement action to resolve and is negotiating with Fiat Chrysler to preserve a crucial auto lending relationship.

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