American Founders Bancorp Inc. in Frankfort, Ky., said in a Securities and Exchange Commission filing that it has a deal to buy First Security Bancorp Inc. in Lexington, Ky., for about $38.5 million in cash.
American Founders, with $294 million of assets, opened in 2001 and has two branches in Frankfort. The 8-year-old First Security, with $203 million of assets, has four branches in Lexington.
The deal is expected to close in the second quarter.
The move comes about a year after rising delinquency levels prompted SBA to raise lender fees and tightened underwriting standards in its flagship 7(a) program.
Select ChatGPT users can now connect their bank accounts to the AI-powered chatbot for personal money management advice based on their financial history.
Suncoast Credit Union moved from one-time identity checks to monitoring members for the life of the account. It says fraud losses fell more than a third.
The $110 million settlement, which was mapped out last fall, requires Wells Fargo to establish a $100 million fund to provide downpayment and closing-cost assistance to eligible borrowers who live in or plan to buy a home in certain low- and moderate-income census tracts.
Whether red or blue, leaders share an affinity for battling fintech giants, as the liberal mayor is pressuring regulators to scuttle Western Union's plan to buy digital transfer Intermex, shortly following PayPal's 'DEI settlement' with the Trump administration.
Prashant Sharma, JPMorgan Payments' executive director of biometrics and identity solutions, spoke with American Banker about agentic commerce and how liability is shifting as a result of large language models.
