Retail & Commercial

Grace Law, a Hong Kong native, seized an opportunity to work in a Chase branch in New York City more than 30 years ago. Today, she seeks ways to ensure her community — immigrants who are frequently overlooked by banks — has access to financial services.

With a week left in its 2023 fiscal year, the Small Business Administration has already approved 12% more 7(a) loans than last year. Larger banks were among the biggest gainers as a result, according to the agency's latest data.

Northwest Bank starts search for new CFO; Plains State Bank acquires wealth management, tax businesses; Bank of America names new heads for North America industrials banking; and more in the weekly banking news roundup.

The nation's largest bank, which acquired the remains of San Francisco-based First Republic following its failure this spring, has completed its plans to close 21 offices this year. But the consolidation effort is likely to continue.

Federal prosecutors say Menendez, a New Jersey Democrat who sits on the Senate Banking Committee, accepted bribes in return for exerting political influence — including helping Fred Daibes, a small-bank executive who had been accused of loan fraud.

Federal Reserve Gov. Michelle Bowman, who has emerged as a leading opponent to the central bank's recent efforts to raise capital requirements, said it was "absolutely imperative" that banks make their concerns heard.

The top five banks have an average reputation score among noncustomers of 70.7 in 2023.

The Mer Rouge State Bank in Louisiana and Mission National Bank in San Francisco are among 184 banks to receive $70 million of grants from the Bank Enterprise Award Program, its largest awards ever.

The parent companies of Cape Cod 5 and Fidelity Bank have agreed to combine under a multibank holding company called Mutual Bancorp. The bank units would keep their current names and operate independently but pool resources to improve efficiency.

The top five banks have an average reputation score among customers of 84.1 in 2023.