Banking

Openbank, which has operated in parts of Europe for years, should help the Spanish bank to fund its U.S. auto lending business, executives said.

The merged company's footprint would cover what Atlantic Union CEO John Asbury has called the golden crescent, stretching from Baltimore south to Hampton Roads.

The Office of the Comptroller of the Currency is referring the issue to the Department of Justice. The failure of the $107.8 million bank will also cost the Deposit Insurance Fund an estimated $43 million.

The Detroit company's charge-offs on consumer auto loans rose sharply last quarter. Its CEO said he's confident losses will decline, but the next few quarters "will be choppy."

The Arkansas bank said CRE is no longer its principal growth driver, yet it is still the bank's most prominent business and a big part of its robust lending activity.

Executives at the Alabama-based bank said the aftermath of Nov. 5 will hopefully provide a sense of certainty that coaxes companies into jump-starting their strategic plans.

Though still feeling the effects of margin compression, the Columbus, Ohio-based company reported solid growth in loans and fee income and is projecting record spread income next year.

The Dallas bank has spent the last three years building itself into a new company. Now, it has to prove the investments will pay off.

The North Carolina-based company expects its revenue to outpace expenses next year — a goal that has proven elusive over the five years of Truist's existence.

The Buffalo, New York-based bank said its commercial real estate portfolio continued to shrink, but this was more than offset by business and consumer lending.

The Cleveland-based bank took a hit from a large bond sale, leading to a quarterly loss. But net interest income rose, and the company expects that metric to hit a key milestone in the fourth quarter.

The Federal Deposit Insurance Corp. projected its Deposit Insurance Fund reserve ratio is expected to reach the statutory minimum of 1.35% by 2026 thanks to slower-than-expected insured deposit growth and a $7.5 billion increase in the DIF balance.

There is a tendency to assume that banks carrying a large commercial real estate loan portfolio need to diversify. But that ignores the fact that many of those institutions have much deeper knowledge of the market than their critics.

The New York-based investment bank reported higher revenues across all business lines, with double-digit increases in wealth management and investment banking.

The regional bank's earnings were impacted by challenges in its office loan portfolio, though its overall results were a mixed bag, with its nascent private bank showing momentum.

Purchases on the company's credit cards fell 4% as some customers traded down to cheaper goods or skipped discretionary spending. But CEO Brian Doubles said consumers remain in "pretty good shape" as they manage their budgets.

As financial fraud becomes more and more sophisticated, banks need to get proactive about protecting their customers from scammers. This is particularly true of seniors, whose deposits are a key source of banks' core deposits.

The top five banks and thrifts had combined assets of more than $13 trillion as of June 30, 2024.

The investment banking giant is selling its General Motors credit card portfolio to Barclays, which is looking to grow and diversify its U.S. cards business. It's part of Goldman's retreat from consumer banking.

The Pittsburgh-based company's earnings fell 4% in the third quarter from a year ago, although noninterest income climbed 11%.