East West Bancorp in Pasadena, Calif., has sold a property in San Francisco for $120.6 million.
The $35 billion-asset company
East West will also rent space for its branch.
The company said it expects to record a pretax gain of $71.7 million. Some gains will be deferred because East West is leasing part of the building.
Brent Reston will serve as BMO Financial Group's inaugural chief digital officer; LCNB Corp. appoints Susan Zaunbrecher to its board; HSBC and Standard Chartered complete a bank-to-bank tokenized deposit transaction on Swift's blockchain-based ledger; and more in this week's banking news roundup
The bank has invested in Payload, a company that has grown quickly selling new processing technology to real estate companies, with plans to expand into other industries with multi-party transactions.
Correspondent banking has been around since the fourteenth century, when Italian merchant-banking houses used a network of partner banks and agents to settle trade debts without physically shipping coins, and has since become vital infrastructure to facilitate global payments. Today, digital assets are challenging some of the economics that have supported correspondent banking.
This was the second acquisition Luminate's mortgage arm has made since the start of 2025. The bank bought NJ Lenders Corp. in April of last year.
A group of community development financial institutions are asking a federal court in California to compel Treasury to disburse funds from the CDFI Fund before they expire in September.
A survey found Medicare Advantage customer satisfaction dropped for the second year in a row. Financial advisors can guide clients as they weigh coverage choices.
