Banking

Merger announcements typically follow a tried-and-true formula of cutting costs to boost profit. WSFS, however, plans to reinvest $32 million in new tech initiatives after buying Beneficial.

Joe Baratta, Blackstone’s global head of private equity, said that he was drawn to the Sacramento, Calif., company because he believes its technology offers lenders a more efficient way to find customers.

Customers Bancorp said Flagship Community Bank has temporarily withdrawn its application with the FDIC to acquire the digital bank.

The funds have brought in record amounts thanks to lowered fees and more salespeople; ex-Goldman managing director says in suit he was blamed for trades.

The information you need to start your day, from PaymentsSource and around the Web. Today: PGA suffers ransomware attack; U.K. consumers don't always know where payments fraud comes from; Apple Pay's usage jumps; Wearables go to beach volleyball; Intuit earns a payment patent.

Readers opine on prospects for the midterm elections, respond to Facebook's forays into collecting bank data, weigh in on new overdraft legislation and more.

Good old-fashioned commercial credit analysts are a dying breed, David Nicholson says. Community banks need them to stay competitive in C&I, but training courses have been cut back. So he’s on a mission to teach as many students as he can.

The bank's $7 million over four years toward the initiative is its largest overseas philanthropic commitment.

The Chicago-based Hutchinson, Shockey, Erley & Co. focuses exclusively on municipal securities.

The proposed Piermont Bank would be based in Midtown Manhattan. It is the second de novo being planned in New York.

While the looming loan-loss accounting standard has been criticized for its complexity and the potential cost to implement, some advocates believe it could also lead to better pricing decisions and improve communication within a bank.

Interactive teller machines and other solutions are helping credit unions improve service for members whose primary language is not English.

While Workers United will no longer own more than half of Amalgamated's stock, it will remain the bank's biggest investor.

Facebook is seeking customer data from big banks. Executives say it's not clear what the benefit would be, but the drawbacks are easy to tally.

Montana Sen. Jon Tester was among a handful of Democrats central to passing regulatory relief this spring. Bankers need to back his re-election regardless of party affiliation.

The Massachusetts-based CU says membership growth has accelerated to 7.4 percent.

U.S. authorities are forced to take action on some shady dealings up north; the Systemic Risk Council says weaker capital rules could deflate bank equity.

The information you need to start your day, from PaymentsSource and around the Web. Today: Amazon adds pickup to Whole Foods; Canadians like the no-cashier concept; Ant makes a move into Africa; Fossil adopts wearable payments.

The online lender’s president, Steve Allocca, shares how the company weathered scandal and hints at future plans to grow its product set.

Gateway Mortgage's owners plan to merge the mortgage lender into Farmers Exchange Bank.