Banking

The Iowa company will pay $94 million for a bank with five branches and $727 million in loans.

The company recently agreed to be sold to SmartFinancial in Knoxville, Tenn.

The nation’s fifth-largest bank now has the financial flexibility to consolidate more branches in existing markets and open new, smaller ones in cities where it has no retail presence, CEO Andy Cecere said.

PNC chief Bill Demchak says he's pretty sure the U.S. isn’t heading into recession, but asset quality is so strong that the regional bank is giving itself a wide berth in forecasting its loan-loss provision in case of the unexpected.

The large core banking software vendors are already criticized as large and slow-moving. Consolidations like these are only likely to make them more so.

The large core banking software vendors are already criticized as large and slow-moving. Consolidations like these are only likely to make them more so.

Bank of America CEO Brian Moynihan and his fellow executives said they see nothing to suggest a slowdown is imminent. Their outlook was far more upbeat than that of JPMorgan chief Jamie Dimon.

Some in the industry worry the Fed may balk at allowing OCC charter recipients into the payments system, but Otting downplayed those concerns.

The Dallas company beat earnings estimates even as it reported declines in deposits, total loans and fee income.

The company owning brands such as Kay Jewelers and Jared the Galleria of Jewelry will pay $11 million under a settlement with the consumer bureau and New York's attorney general.

Bob Jones will retire in early May. He will be succeeded by Jim Ryan, the Indiana company's chief financial officer.

Attorney General nominee William Barr said he disagrees with efforts by states to legalize marijuana but won't "go after" marijuana companies in states that have legalized it based on the Obama administration's policies.

Goldman Sachs Group Inc., owner of one of Wall Street’s top dealmaking franchises, leaned on that business last quarter to overcome an industrywide downturn in fixed-income trading.

The information you need to start your day, from PaymentsSource and around the Web. Today: Fiserv buys First Data; PayPal scores a ticketing contract; Open banking advances in Canada; Russian bank adopts finger payments; Faster payment group adds staff.

The deal, valued near $22 billion, will combine two of the financial services industry's largest tech and processing firms; both banks top expectations.

Ten weeks remain until Great Britain is set to leave the European Union, but the chaos of the entire Brexit process brought much of the British credit union industry's regulatory priorities to a halt.

Retail banking loans rose 5% at Bank of America, which also reported a 3% increase in consumer deposits and a 12% leap in net interest income in consumer banking.

Credit unions and smaller banks can differentiate themselves by returning to the passion for personal service that first anchored their success, and payments are central to this strategy, according to Deborah Matthews Phillips, managing director of payment strategy at Jack Henry.

Now that Wells must abide by the central bank's asset cap through year-end, it may have to divest more nonessential assets and take other steps to open up room for core loan growth.

The Tennessee company will have $4 billion in assets and 47 branches in six states when it buys Entegra Financial.