Reliance Financial Corp. announced Jan. 25 that its subsidiary, Reliance Trust Co., has bought Harrington Wealth Management Co. from Pacific Western Bank.
Harrington sells trust and investment management services to individuals and institutional clients. The deal's price was not disclosed.
The purchase expands Reliance into California, Indiana and the Kansas City area.
Reliance Financial has more than $80 billion of assets under management and administration.
As the CFPB reconsiders its open banking rule, banks and fintechs are locked in a bitter battle over who will pay for the new digital infrastructure.
Hope Bancorp's acquisition of a business that serves Japanese companies should complement its historic focus on Korean business owners.
The Department of Justice is seeking court approval to immediately fire more than 600 employees, slashing the CFPB's workforce by 53%.
Australia's national Payments Systems Board has decided to remove surcharges on prepaid, debit and credit cards for electronic funds transfers, while lowering the cap on interchange fees. Also, Wells Fargo is seeking banks for its international payment network, and more in American Banker's global payments and fintech roundup.
The exit highlights the steep challenges and high customer acquisition costs foreign fintechs face when entering the U.S. banking sector.
Federal Reserve Gov. Michael Barr said Wednesday that his dissents over the past year on proposed regulatory changes reflect concern that oversight of banks could be significantly weakened.
