Retail & Commercial

Fees from investment banking and larger-than-expected reserve releases more than offset a sharp drop in loan volume.

The company will give retail account holders 24 hours to cancel upcoming payments that would put them in the red. The move addresses customers’ top gripe and will have benefits that offset the lost income, executives say.

The South Carolina credit union has pivoted to an open-concept model that allows for social distancing, along with a walk-up window to serve members outside the branch if lobby access is restricted for any reason.

The San Francisco company has now backed 11 minority-owned banks as part of a $50 million pledge it announced last year.

When it was launched a year ago, the program was criticized for glitches and a focus on larger borrowers. Since then technical improvements have been made, smaller loans have been prioritized, and other changes favored by lenders have been implemented.

Brian Mauntel, who previously served as president of Heartland Bank in Ohio, will join Citizens Business Bank in late April.

As more states legalize online gambling, the credit union is preventing members from using their credit and debit cards on those sites. Others could follow its lead.

The Wisconsin company is paying $248 million for Mackinac, which has $1.5 billion of assets and $1.3 billion of deposits.

The agency has suggested it could go beyond enforcing fair-lending laws to urge financial institutions to help narrow the wealth gap. But those very same laws pose obstacles to achieving that goal.

Banking trade groups have called for congressional hearings following the Jacksonville, Fla.-based credit union's agreement to purchase the $1.6 billion-asset Heritage Southeast Bank, the largest deal of its kind to date.