U.S. Bancorp's U.S. Bank NA agreed to purchase Mellon 1st Business Bank in California, a unit of Bank of New York Mellon Corp.
Financial terms of the deal weren't disclosed.
U.S. Bancorp, a Minneapolis bank holding company, will acquire $3.4 billion in assets, $1.1 billion in loans and $2.7 billion in deposits.
The deal is expected to close by the end of the second quarter and be fully integrated by the end of the fourth quarter.
The House Financial Services Committee passed bills to expedite bank merger review, limit the use of reputational risk in bank examinations and imposing timelines for supervisory determinations.
As private credit tops $1 trillion, Fed researchers warn bank exposure to the sector could spark systemic risk if defaults spike.
Five years after the pandemic forced banks to switch to online annual meetings, shareholders are growing frustrated by the lack of in-person options. Some wonder if they'll ever again be in the same room as boards and management teams.
The Spanish bank is integrating machine learning with cards, payments, financial management, savings and other products, while the American banking giant is assessing risk for business transactions. Plus: The CFPB eases a consent order on Wise.
Jackie Reses stirred debate by dismissing debanking as largely fictional during a Tuesday summit attended by many crypto-focused fintechs.
