JERSEY CITY - Harrisdirect, a unit of Bank of Montreal's Chica-go-based Harris Bankcorp, said Tuesday that it had closed its acquisition of 150,000 online accounts from Morgan Stanley.
The deal, announced in May, was valued at $106 million and makes Harrisdirect the sixth-biggest direct-investing firm in the United States, the company said.
It was Harrisdirect's second major acquisition in the sector this year. In February it bought CSFBdirect from Credit Suisse FirstBoston.
President Donald Trump's proposed budget would nix funding for Community Development Financial Institutions in minority heavy areas while expanding it for rural areas.
The two companies are collaborating to bring enterprise AI to Box users.
The administration is pitching a $26.7 billion reduction to the regulator's funding for rental assistance, public housing and elderly and disability housing.
Acquiring Country Club Bank would give Omaha-based FNBO 30 branches and nearly $3 billion of deposits in one of the Midwest's biggest markets.
Vectra Bank Colorado President Bruce Alexander is retiring after 25 years with the bank; Unilever Federal Credit Union in New Jersey was shut down by NCUA; Vista Bank hired Bob Mahalik in preparation for Texas bank M&A; and more in this week's banking news roundup.
Truist, Texas Capital and Citizens Financial are among the banks that will be forced to address shareholder dissatisfaction over executive pay.
