Banking

While sellers in urban centers are getting a lot of attention from acquirers, Southern Bancorp in Arkansas shows the upside of pursuing smaller deals in underserved rural markets.

Beach Community Bank, which recently added $100 million in capital, hired veteran banker Carl Chaney as its executive chairman.

The fundraising is a sign of the rise in the anti-money-laundering market, which is expected to reach $4.26 trillion worldwide in less than a decade.

The Swiss bank allegedly hired Chinese officials’ friends and relatives to win business; JPM asked “several dozen” employees to consider moving from London.

The information you need to start your day, from PaymentsSource and around the Web. Today: Facebook moves an additional exec to blockchain project; Sydney Airport tests facial biometrics; Ant invests in WiFi for underground metros; Razer adds a mobile wallet.

Jennifer Jackson will succeed Shane Holdaway as head of the Toronto-based unit, which has 1,200 employees.

Founders of the startup digital bank Cogni say they have the formula for reaching Uber drivers and the like, but observers warn it's a group that won't be easily won over.

There are signs that commercial loan demand finally picked up in the second quarter, but banks still face some obstacles.

BluCurrent CU launched video banking in 2012 in the hope new technology would be cheaper long-term than additional staffing, and the credit union has seen strong growth as a result.

The payments processor has pulled its submission to the FDIC to become a depository bank but says it plans to make a second attempt soon.

The National Association of State Credit Union Supervisors will honor two individuals later this month during its 2018 State System Summit in Orlando.

The leader of an Ohio mutual is urging his peers to follow the lead of credit unions by forming groups to share technology and collaborate on lending and deposit gathering.

Consumer advocates are urging local governments and courts to consider a person’s ability to pay before assessing fines and fees for such infractions as unpaid traffic tickets. Such changes could help low-income households avoid bankruptcy — and perhaps even make them more bankable.

Virginia National will set aside up to $950,000 to cover losses after ReliaMax, a firm that issues surety bonds for student loans, was placed into liquidation.

When bank customers are treated poorly by branch employees, it can damage the relationship even if the specific issue is effectively resolved.

The decision not to go after the real estate firm could have “serious implications” for lenders; British banks have three months to address technology issues.

The information you need to start your day, from PaymentsSource and around the Web: Paytm's Bollywood ambitions, Dubai turns to the Pays, new companies in the regulatory sandbox, and more.

A first-in-the-nation ordinance, passed by the city council in the wake of the Wells Fargo scandal, would require banks that want the city’s business to reveal if they have sales quotas for employees. It remains to be seen, though, whether Mayor Eric Garcetti will sign the measure into law.

Northwest Bancshares in Pennsylvania, which built a reputation as an active acquirer, is taking a step back under Ronald Seiffert to evaluate ways to grow without M&A.

The final sale price came it at $6.9 billion, or about $900 million more than what the two firms agreed upon when the deal was announced in November.