Banking

The Bank of America branch in Altadena burned down last month. Now the bank must determine whether customers' prized possessions survived.

Nine bank branches, many belonging to top U.S. banks, were affected by the recent Los Angeles wildfires.

Fairfax-based MainStreet Bancshares is pivoting to the niche business as a means to boost its Avenu banking-as-a-service platform, which has failed to hit deposit and revenue targets.

An IT problem at the bank left thousands of customers locked out of their accounts for several days.

Jon Weiss, Wells Fargo's co-CEO of corporate and investment banking resigned from his position with plans to retire; A new CFPB report says military service members paid more for auto loans and add-on products; City National Bank's Kelly Coffee is leaving the bank after her 2023 demotion; and more in this week's banking news roundup.

Small lenders across the country filled leadership positions, including The Peoples Savings Bank in Ohio, which promoted from within to name its first woman CEO.

Catastrophic weather events illustrate the risks and opportunities for banks.

AI isn't inherently good or bad; its value depends entirely on how it's used. For financial institutions, this means shifting the focus from internal productivity gains to customer outcomes.

The Dallas bank made some headway on its goal to slim down its multifamily loan portfolio, but $17 million in bad loans led to a bottom-line loss in the fourth quarter.

The Long Island-based company, which is in the middle of a makeover, saw its stock price rise sharply after reporting a net loss that was less than what analysts expected.

The Rutherford-based Blue Foundry Bancorp reported an eighth consecutive quarter of red ink, but a widening margin and positive loan growth trends hint at better times ahead.

During fourth-quarter earnings calls, bank leaders said they don't expect borrower demand to pick up until the second half of 2025. But to the extent there's optimism, it involves business lending.

The Reno, Nevada-based buyer said it would pay $64.6 million in cash and stock for Cornerstone Community Bancorp, and it expects to close the transaction in the second half of the year.

Effective bank leaders recognize that the success of any team relies not just on those in the spotlight but also on the numerous unsung heroes working behind the scenes.

Executives at the Wilmington Delaware-based bank are optimistic about 2025. Its results in the final three months of last year were hurt by an "isolated" incident in its 26-year-old ATM servicing business.

Analysts say the termination of a 2022 consent order with the CFPB is a sign that the bank's days under an asset cap may be numbered. But the consumer bureau, still led by Director Rohit Chopra, says Wells is still being scrutinized as a repeat offender.

USAA claims to have developed the mobile capture deposit technology and has already successfully sued Discover and Truist, among others.

John Asbury, who is CEO of Atlantic Union Bankshares, said credit unions that compete head-to-head with for-profit banks should lose their tax-exempt status. He also called for bank regulation based on complexity rather than size.

A partnership with fintech Apiture will give the bank new online and mobile banking services by the end of 2025.