Retail & Commercial

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A relatively soft summer for the banking industry softened even more in August, sending American Banker's Index of Banking Activity (IBA) to its lowest level since January.

The IBA Composite Index dipped to 53.2 in August from a 55.4 reading in July. The August reading is the second-lowest since the IBA was launched in 2012, topping only the 52.7 level posted in January of this year.

Nearly every one of the IBA's components linked to the lending business gave up ground in the month. Components that track loan applications and approvals moved lower both on the consumer and commercial sides of the business and barely held above the 50-point mark. (The IBA is a diffusion index and scores above 50 indicate expansion.)

Also noteworthy in the August data was a sharp decline in respondents' local business conditions. The score for that component, which has not flashed a contraction in the history of the index, fell to 51.0 from 56.5 in the month.

The IBA has now posted three consecutive relatively tepid scores. September's survey could resolve whether those reflect a seasonal swoon or the start of a more challenging period for the industry.

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Mixed messaging on fin tech doesn't just emanate from the halls of Congress. It can also be found at the regulatory level as well.

Unity Bancorp in Clinton, N.J., has registered to sell up to $50 million in securities over time.

The $5 billion-asset company said in a press release Thursday that due to market demand it increased the principal amount of the fixed-to-floating subordinated notes from $75 million to $100 million.

Nicolet Bankshares in Green Bay, Wis., plans to close six branches later this year following its acquisition of Baylake in Sturgeon Bay.

F.N.B. Corp. in Pittsburgh has selected more executives from Yadkin Financial in Raleigh, N.C., to take on leadership roles for its new markets in the Carolinas.

The scorcher at Wells is giving some community bankers an opening to differentiate themselves from larger institutions that seem fee-dependent or "too big to manage."

Washington Federal in Seattle has named Erin Lantz, a general manager of mortgages at Zillow Group, to its board. Lantz, 37, worked at Bank of America from April 2003 to 2010, eventually serving as senior vice president of program management.

Wells Fargo is saying so long to product sales goals for retail bankers, and the industry may never be the same.