Retail & Commercial

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.

Fifth Third is partnering with Provide and Panacea Financial works with Sonabank in Virginia to meet the specialized needs of medical professionals who own their own practices.

The revamp of the brokered deposits framework offers relief to banks and their partners that saw the prior rule as outdated. Meanwhile, new standards for industrial loan company parents aim to clarify the bank chartering process for fintechs and other nontraditional firms.

Cardtronics has benefited from a wave of branch closings during the pandemic by partnering with lenders looking to offer their customers access to cash even when a full-scale branch isn’t available.

The community bank and fintech are offering the first live bank account and debit card that offer rewards in the form of bitcoin.

Demand for buy now, pay later (BNPL) services in the U.S. is surging as cash-strapped consumers welcome the opportunity to get instant loans minus any official credit inquiry.

The accelerating pace of branch closures is partly due to industry consolidation, according to the community reinvestment group that authored the new report.

The Columbus, Ohio, company says it has delivered on M&A promises before, and many observers say its deal for rival TCF Financial is an opportunistic move in its bid to build a Midwestern powerhouse. But others questioned whether Huntington's cost-cutting and profit expectations are too optimistic.

The Amarillo company is buying First National Bank of Tahoka, continuing the industry’s consolidation in the state.