As more potential buyers began inquiring about the availability of QCash, WSECU decided the time was right to offload the credit union service organization it launched in 2015.

The approval follows a deal brokered by the Swiss government last month for UBS to acquire its distressed rival.

With the acquisition, the Lake City, Florida-based community bank will nab a consumer-direct platform and expand its footprint in the Midwest.

Banks could be in for a long, slow trickle of bank failures and consolidation in the coming months and years, particularly if inflation persists and interest rates keep rising. A downturn in commercial real estate could add to banks' problems.

The Columbus, Ohio, company expects to record a pretax gain of $57 million from the transaction, which will more than offset the costs of two other recently announced initiatives.

M&A activity has been going through a slump recently, but despite regulatory challenges and fears of a recession, the appetite for deal-making remains strong.

PhonePe backs away from a buy now/pay later acquisition, Germany fines EY for Wirecard scandal, and more.

The equity deal means that Acorns will gain a foothold in the U.K. and Europe, where GoHenry, the challenger bank it acquired, also operates.

The neobank purchased the fintech lender in an all-cash offer, but did not disclose the price tag.

Two years ago, the parent company of Silicon Valley Bank promised $11.2 billion in community development support. Activists want First Citizens, which acquired much of the failed bank, to fulfill the commitment.

Since 2011, and in ever-growing volume, credit unions have been buying community banks. Some see it as the free market at work while bankers say this is another example of credit unions' unfair advantage.

Diversity, equity and inclusion has only grown in importance to the financial services industry over the last few years. For that reason, DEI philosophies are becoming a bigger concern as buyers and sellers try to determine how their corporate cultures might mesh.

Pismo's platforms allow banks and financial technology companies to rapidly launch products for cards and payments, digital banking, digital wallets and marketplaces.

The unusual financing is meant to help First Citizens meet liquidity needs that arise in the next two years as it integrates SVB into its operations, the Raleigh, North Carolina, lender said in a regulatory filing.

With the acquisitions of CIT Group and a large portion of the failed Silicon Valley Bank, the North Carolina company has doubled in size for the second time in a little more than a year and joined the class of super regionals.

First Citizens BancShares in North Carolina has entered into a purchase and assumption agreement for all deposits and loans of the failed bank, according to the Federal Deposit Insurance Corp. About $90 billion of securities and other assets will remain in receivership.

The combined bank would have more than $8 billion of assets. The acquisition counters a trend of slowed merger activity amid regulatory pressure and an ongoing banking industry crisis.

Combining the two Swiss megabanks means more assets and a bigger brand for UBS. But it could be a heavy lift, slowing U.S. advisor recruitment.

Wall Street leaders and U.S. officials discussing an intervention at First Republic Bank are exploring the possibility of government backing to encourage a deal that would shore up the lender, people with knowledge of the matter say.

After a bank run led to Signature Bank's failure, New York Community Bancorp bought much of what was left from the FDIC. The acquirer now faces questions about how it will persuade the remaining depositors to stick around.