Fintech

Some institutions have experimented with cash-based rewards to kick-start membership growth, but it's unclear whether the strategy will be widely adopted.

The $235 million acquisition will bring CEO Jared Wolff's company a trove of cheap deposits and the chance to slash costs without having to significantly change its business model.

The company agreed to buy Legacy Bank of Florida for $102 million.

Smith Shellnut Wilson has managed Business First's investment portfolio since the bank was formed 15 years ago.

Goldman Sachs Group didn’t use discriminatory practices when deciding whether to extend credit to prospective customers of its Apple Card, said the New York State Department of Financial Services.

In-person branch use will continue, but retail banks should nonetheless double down on building intuitive, easy-to-use mobile experiences that drive customer satisfaction and brand loyalty.

Large banks that counted on airline and hospitality points to drive loan growth in the credit card business are anticipating renewed demand once safety concerns subside. But they’re also cautioning that the recovery in travel spending is likely to be gradual.

Banc of California, which last bought a bank in 2013, has agreed to pay $235 million in stock for Pacific Mercantile, which is based in Costa Mesa, Calif.

The 14 lenders that dominate U.S. credit cards slashed $99 billion from their customers’ spending limits in 2020, mostly affecting financially troubled households.

Legacy contracts using the London interbank offered rate — which is set to be phased out at the end of this year — were granted a reprieve to mid-2023. However, there is no wiggle room on when the rate will expire for new deals, said Federal Reserve Vice Chairman Randal Quarles.