Retail & Commercial

The unit's CEO, Jeff Leerink, and his management team are said to be preparing to announce a deal for the firm in the coming days, pending approval from the U.S. Bankruptcy Court for the Southern District of New York.

The Stroudsburg, Pennsylvania-based financial institution, from 2017 to 2021, did not sufficiently serve the credit needs of majority-Black and Hispanic neighborhoods in and around Philadelphia, the DOJ alleges.

An activist investor blasted the appointment of Andrew Cohen, saying he has long served on the Philadelphia bank's board and shares responsibility for its financial troubles.

A change in investor sentiment toward an expected pause by the Fed in short-term rate hikes was the driving force behind the current surge, Freddie Mac said.

In May's roundup of American Banker's favorite stories: Washington state plans to provide mortgage assistance to help address historical discrimination, an insider look at how Comerica is faring with the Treasury's Direct Express program, the fall of First Republic Bank and more.

But when compared past periods of upheaval, those rates remain relatively low, the Mortgage Bankers Association report showed.

The ill-conceived proposed rule would increase costs for a significant majority of credit card customers.

U.S. banks lost 2.5% of their deposits during the first quarter while credit unions saw a 2.1% quarterly increase, according to an S&P Global Market Intelligence analysis. Aggressive marketing — and credit unions' relatively untarnished reputations — helped motivate the shift.

Mobile banking offerings at midsize banks scored below those of their larger peers in a recent customer satisfaction survey. At a time of rising interest rates, consumers are increasingly valuing digital offerings that act as money movement hubs, experts say.

Nearly two out of three finance chiefs surveyed by Piper Sandler said they were most worried about deposit costs in the aftermath of recent bank closures. Only 7% cited credit quality as their top reason for unease.