Banking

The Maine-based bank's bid for Northway Financial was valued at $86.6 million. It is expected to be finalized in the first quarter of 2025.

The all-stock transaction is slated to close in the second quarter of 2025. It would create a bank with more than $15 billion of assets.

A top executive at the auto lender said that more borrowers struggled to repay their loans over the summer amid inflation and a tougher job market. Late payments on auto loans rose by more than Ally expected in July and August.

The agency's recent proposal to redefine "brokered deposits" requires a debate over the performance of different kinds of bank deposits. The problem is that the necessary data isn't available yet.

BofA is taking the next step toward a 7-year-old goal of paying $25 an hour by 2025.

Banks are finding that they rarely save money off the top when they migrate applications to the cloud. The more substantial benefits are about productivity and speedier development.

The Ohio-based bank said it would hire 350 people to operate retail banking and wealth management businesses in a region where it recently launched commercial banking.

The bank faced credit setbacks in the nation's capital and margin pressure this year. But it made a series of hires to reduce risk and diversify its loan portfolio, preparing for a new era of demand as the industry awaits interest rate cuts.

Branches are being closed at a record pace because of mergers and financial reasons. If a closed branch is in a good location and meets certain other conditions, it can represent a low-cost way for a community bank to expand.

The Dallas company, which has been in transformation mode for three years, recently took a series of actions to try to meet the profitability targets it set for itself.

American Banker's Most Powerful Women in Credit Unions celebrates the senior executives guiding the future of the credit union industry, while also examining issues of mentorship and inclusion.

The Minneapolis-based banking giant is enjoying its biggest year ever for 7(a) lending, with volume up 40%, as borrowers "are still coming to us," its SBA chief said.

After hikes pinched profits across the industry, a move in the opposite direction could be the start of a more promising trend. But bankers caution that the immediate effects of a September rate cut figure to be small.

The Consumer Financial Protection Bureau is seeking to protect borrowers from unscrupulous loan servicers. The goal is laudable, but the agency's methods are misguided.

Prophecies about a wave of bank failures caused by sickly CRE loans haven't yet come true. But there are still plenty of caution signs in a saga that will take years to play out.

The inquiry, which is focusing on the nation's four largest airlines, aims to protect consumers from potentially unfair, deceptive and anticompetitive practices.

The deal to buy the First of Long Island Corp. would create a $14 billion-asset bank with $11 billion of both loans and deposits.

A survey of 135 financial services companies conducted by LexisNexis Risk Solutions, a subsidiary of LexisNexis, found that a vast majority reported increased levels of fraud in 2023.