California

The surprising outcome of last week's presidential election is already causing some banks to adjust interest rates on loans and rethink their technology spending.

First Republic Bank in San Francisco is looking to raise $287 million from a secondary offering.

Aaron Vermut has resigned as chief executive of Prosper Marketplace, according to a report in The Wall Street Journal. Vermut stepped down last week but will remain a director at the San Francisco-based online lender, according to the report, which cites unnamed sources.

The Trump transition team is said to have recommended that Steven Mnuchin be nominated Treasury secretary. A Goldman Sachs alum, he is known as a successful change agent for his roles in the transformation of the failed IndyMac into OneWest and the revamping of CIT, but some community reinvestment advocates remain critical of him.

Summit State Bank in Santa Rosa, Calif., has hired a rival’s chief credit officer.

Community banks in the Pacific Northwest and New England completed acquisitions late in the week, and the TIAA-EverBank deal has moved a step closer to reality.

Banc of California in Irvine has delayed filing its third-quarter 10-Q as it continues to probe purported improper transactions that may have involved directors and senior executives.

Voters in Florida, North Dakota, Montana and Arkansas approved medical marijuana measures on Tuesday, while their counterparts in California, Massachusetts and Nevada approved recreational pot initiatives.

As voters in California, Florida and nine other states decide whether to legalize marijuana, the results may force Congress to resolve differences between federal and state laws that have paralyzed much of the banking industry.

Opus Bank in Irvine, Calif., which reported a third-quarter loss tied to credit issues, has elevated two lending officers to executive-level posts.