Americas

The company warned that the move will likely reduce its first-quarter profit by $8 million.

With an implementation deadline less than a year away, bankers will be pressed to detail how a new accounting rule for loan losses will affect reserves, earnings and capital.

Along with amendments to the Bank Secrecy Act, the Taxpayers First Act could help credit unions maintain their tax-exempt status.

Sloane, who died on Saturday, refused to bulk up on commercial real estate loans, a move that helped him survive two severe economic downturns.

The U.S. territory has some of the nation’s highest electricity prices, but a new law spurred by Puerto Rico’s cooperativas could be a game changer for the island.

The combined organization, representing nearly 500 member credit unions, is expected to launch early next year.

The moves are part of an ongoing effort by the Seattle bank to largely exit mortgage lending.

A plan to join Deer Valley and Canyon State credit unions still needs approval from regulators and members of both institutions.

The companies had planned to make Chemical CEO David Provost the new leader before October's market gyrations led them to break off talks. When they revisited the deal, several things changed — including Provost's role.

The Tennessee company has set up a $3.5 million reserve associated with the unnamed borrower.