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Eagle said it would pay $41.3 million for First Community Bancorp. It would be the bank's fourth purchase of a Montana bank since 2018.
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By limiting the credit offered to new borrowers during the pandemic, banks created an opening for installment lenders like Affirm, Afterpay and Klarna.
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FirstBank is working with the two major U.S. real-time payments systems so that it can suit the preferences of different customers. Its flexibility could set an example for regional and small institutions.
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The Seattle bank, a unit of Washington Federal, said it viewed the payment as a “milestone” in its efforts to resolve issues found in its AML program more than three years ago.
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If Congress fails to resolve the partisan stalemate by a crucial Oct. 18 deadline, the consequences for the financial industry may be higher borrowings costs, reduced credit supply and plummeting Treasury bond values.
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Banks generally did not curtail loans to existing cardholders last year despite mass unemployment, according to new research by the Consumer Financial Protection Bureau. The results contrasted with what happened during the Great Recession.
