Retail & Commercial

The Raleigh, North Carolina, lender submitted an offer on Sunday to buy all of the failed SVB, and it may also participate in the auctions this week for the two parts of company, people familiar with the matter say.

On top of recession fears and elevated regulatory scrutiny, worry about the banking industry's weakness could delay the approval of mergers such as Toronto-Dominion Bank's pending acquisition of First Horizon.

The Federal Deposit Insurance Corp. says it has extended the deadline for bids on Silicon Valley Bank, will break the bank into two parts for sale and will allow nonbanks to bid on asset portfolios.

Shadows loomed over Credit Suisse and First Republic early Thursday, but the sector outlook brightened after billions of deposits were pledged to the U.S. bank.

The system of 11 regional banks issued a combined $137 billion of bonds and discount notes on Tuesday and Wednesday, after selling $112 billion on Monday, the largest single day of issuance in its 90-year history.

The company agreed to pay $27.2 million in restitution to shareholders and revised its 2022 earnings to show a steep loss. The plea agreement with the Department of Justice was tied to Sterling's now defunct low-documentation mortgage program.

Advocacy groups want the Federal Deposit Insurance Corp. to downgrade the Community Reinvestment Act rating of FinWise Bank, which partners with nonbanks to offer high-cost consumer loans. The FDIC downgraded the rating of a second Utah-based bank following a similar campaign by consumer organizations.

Tolstedt, a key figure in the bank's fake-accounts scandal, could face prison time after pleading guilty to a criminal charge of obstructing a bank examination. She also agreed to pay a $17 million fine to bank regulators to resolve certain civil charges.

The new fees based on the DTI, which lenders have said is too likely to vary throughout the origination process for a single loan, will now go into effect in August.

1831 Bancorp and South Shore Bancorp plan to join forces to bolster their collective resources and competitive standing in New England's largest market.