CLEARWATER, Fla. Fortune Bancorp Inc. said its shareholders have approved the company's proposed acquisition by AmSouth Bancorp. of Birmingham, Ala. The companies expect to complete the merger on June 23. Clearwater-based Fortune has $2.7 billion of assets and 46 banking offices. which would be added to AmSouth's $13.2 billion of assets and 283 banking offices, including 107 in Florida.
The fund is designed to generate a financial return, as well as Community Reinvestment Act credit, for TD. Its inaugural investment is in a mixed-use project that will include 49 affordable housing units.
A government shutdown and a single senator's hold prevented the renewal this week of a bipartisan law that helped banks and other firms defend against hackers.
Federal Reserve Vice Chair Philip Jefferson said Friday that the economic outlook is uncertain and that he was adopting a cautious approach to gauging whether slowing growth and a softening labor market outweigh inflation pressures from tariffs.
The CardWorks subsidiary has officially taken over Ally Financial's Ollo credit card portfolio, ending a five-year dance between the two companies that first had Ally buying CardWorks for $2.7 billion.
The Consumer Bankers Association elected Atlantic Union Bank's Maria Tedesco as its 2025 board chair; Banco Santander's Steffen Doyle is leaving the firm; Commerzbank's lawyers allege an ex-analyst made up sexual harassment claims against a colleague after he lost his job; and more in this week's banking news roundup.
The ongoing government shutdown prevented the Bureau of Labor Statistics from releasing its September jobs report Friday, but job growth appears to be softening. The lack of reliable government data comes as the Federal Reserve mulls further interest rate cuts.
