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Executives at small banks and credit unions told the Senate Banking Committee about horror stories of technical glitches, vendor delays and overworked appraisers, while expressing an interest in having more time to comply with new mortgage rules.
October 28 -
A move by the National Labor Relations Board could force more legal liability on franchisors for actions taken by their franchisees. Some observers believe banks could become more reluctant lending to smaller franchisors until the issue has more clarity.
October 27 -
First Capital was on Jim Cherry short list of recapitalization targets before the ex-Wachovia executive raised more than $150 million to rebuild Park Sterling in Charlotte. Park Sterling eventually agreed to buy First Capital earlier this month.
October 27
Mercantile Bank in Grand Rapids, Mich., plans to close five branches to cut costs.
The $2.9 billion-asset company said in a press release Wednesday that it plans to close the branches in the first quarter. Mercantile said it plans to record $900,000 in pretax charges to account for items such as severance payments, leasehold improvement writeoffs and lease termination costs.
The closings should save the company $2.7 million annually. Mercantile said it would aim to move displaced personnel to other branches as opportunities arise.
Mercantile will have 48 branches after the closings are completed.
