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The nation's central bank held interest rates steady in its first decision of the year.
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The Reno, Nevada-based buyer said it would pay $64.6 million in cash and stock for Cornerstone Community Bancorp, and it expects to close the transaction in the second half of the year.
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The National Treasury Employees Union told employees not to respond to the mass email asking federal workers to resign. The chief of staff at the Consumer Financial Protection Bureau said it is reviewing the directive.
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Executives at the Wilmington Delaware-based bank are optimistic about 2025. Its results in the final three months of last year were hurt by an "isolated" incident in its 26-year-old ATM servicing business.
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Kedia is scheduled to become the first woman to run the nation's seventh-largest bank by asset size. Some analysts expressed surprise over the timing of the announcement.
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Analysts say the termination of a 2022 consent order with the CFPB is a sign that the bank's days under an asset cap may be numbered. But the consumer bureau, still led by Director Rohit Chopra, says Wells is still being scrutinized as a repeat offender.
