Banking

The Connecticut company will add heft in its home state and Massachusetts when it buys the former mutual.

The company could rein in deposit costs, cut operational expenses and buy back more shares in anticipation of a Federal Reserve rate reduction. Other banks — especially big ones — could do the same.

Piermont Bank, set to open this week, will be the city's second new bank this year.

The company, based in Charleston, S.C., will buy Carolina Trust in western North Carolina for $100 million.

Hispanics are underserved by mainstream financial institutions, creating an opportunity for credit unions to step in and fill the void.

Noninterest expenses fell 2% to $10.5 billion — almost $100 million lower than the average estimate from analysts.

Investors eye how low rates, flat yield curve will affect bank profits; agency is determining if it has oversight power over Facebook’s planned cryptocurrency.

The information you need to start your day, from PaymentsSource and around the Web. Today: Australian banks suffer payment shutdown; U.K. banks pool resources to combat money laundering; European regulators slow to licnese crypto firms; Mark Cuban takes a swipe at Libra.

William Mellin will serve as a lending institution representative on the task force, which will evaluate the evolution of the taxi medallion industry.

Citi’s chief lending officer to take over HSBC’s U.S. business; Pittsburgh banks brace for incursion of industry heavyweights; borrowing by nonbank leveraged lenders is growing (maybe too much); and more from this week’s most-read stories.

The Memphis-based developer of core processing software is now majority owned by three credit unions.

The fintech is moving ahead with a loan service after regulatory concerns stymied its deal for an ailing bank.

Other executives are being considered, too, but the list is dwindling as JPMorgan’s Gordon Smith and other big names are said to be out of the running. Meanwhile, senior Wells executives have pushed to keep interim CEO Allen Parker.

President says Facebook could face “full banking regulation”; big banks’ farm loan portfolios have shrunk more than 17% since 2015

The information you need to start your day, from PaymentsSource and around the Web. Today: Lobby group pushes PSD2 delay; Debit expands for car rentals; Dolphins embrace crypto; Hong Kong transit adds Apple Pay.

The autonomous vehicle lending market isn’t expected to peak for decades, but some CUs are already jumping in, and they could be at the forefront of rapid shifts in the automotive industry.

Readers react to the Fed warming up to CRA reforms, criticize the Democratic presidential candidates, defend Pittsburgh as a megabank attraction and more.

CUs in both states surpassed total asset milestones, but many business lines are growing at a slower pace than they were one year ago.

The Justice Department is investigating the bank for possible money laundering violations; the Fed chair says Facebook’s plan raises “serious concerns.”