Retail & Commercial

Medallion Financial CEO Andrew Murstein sees more growth on the horizon for the New York lender's fintech banking operation, which saw activity spike in the first half of the year.

Truist Foundation will fund a multiyear economic development initiative to revitalize business corridors in five Southeastern cities; First Horizon has hired Wells Fargo's Shaun McDougall to head consumer banking; Ally Financial commits over $150 million to support workforce development; and more in this week's banking news roundup.

Each of the top-performing banks with more than $50 billion of assets used their own mix of revenue streams to drive performance.

Big banks with the strongest financial performance varied in asset size, geographies and services.

Washington Trust Bank is executing a slow-but-steady de novo expansion inside the I-5 corridor on the western side of its home state. Its newest branch is slated to open this fall in Tacoma.

The lender, which uses existing credit balances to fund installment loans, has linked to Samsung Pay and plans other partnerships in the future to build a global merchant network.

Affirm and FICO earlier this year took the first steps to incorporate buy now/pay later loans into consumer's credit reports. But it will be some time before lenders start making credit decisions based on the short-term installments, even if holdouts like Afterpay and Klarna decide to report to the credit bureaus.

The Ohio-based bank opened its first branch in Alabama, with plans to open 14 more over the next three years.

With its acquisition of a Cleveland-area bank still in the works, the Cincinnati-based bank struck a deal that would provide its first retail presence in Chicago.