Retail & Commercial

Noninterest income has bolstered profits this year. But its growth is expected to slow over the next two years, making for a gloomy earnings outlook unless vaccine distributions and the economic recovery are relatively swift.

The Detroit automaker says it will stick to car loans and steer clear of mortgage lending if regulators approve its application to establish an industrial bank.

The company adds to a growing list of banks shutting branches to invest in technology offerings.

The percentage of seriously delinquent loans hit 5.8% in the third quarter, up from 1.5% a year earlier but down from 6.8% in the second quarter.

The agency’s second in-depth study of the community banking sector pointed to continued challenges for local institutions from the pandemic and other headwinds, but many smaller banks are reaping the benefits of M&A and holding their own against larger competitors in key lending categories.

Roddy has worked at JPMorgan for more than two decades. He replaces Rob Holmes, who recently left the company to join Texas Capital Bancshares as CEO and president.

The digital-only bank is running a new promotion in which it will set up and fund, with $250, an online savings account for any baby born on New Year’s Eve.

The company agreed will pay nearly $10 million for Sunset parent Waukesha Bankshares.

A new report from McKinsey says that cost-cutting alone won’t make up for the steep revenue declines brought on by low interest rates and sluggish loan demand. “For some banks,” argues the report’s author, “mergers might be the best way out.”

The Independent Community Bankers of America had planned to hold its annual conference in Hawaii before the coronavirus pandemic hit.