Banking

Midsize lenders have largely defied the most dire predictions following Silicon Valley Bank's demise. But the nation's largest banks still have structural advantages, and the regionals remain hampered by their real-estate heavy portfolios and the continuing impact of high interest rates.

Sound Credit Union said it would acquire Washington Business Bank in a cash deal slated to close in the fourth quarter.

Bank of America, Citi and Navy Federal are among banks and credit unions to recently manage through unforeseen challenges.

Ken Vecchione, leader of Western Alliance since 2018, grew up listening to his parents talk business strategy around the dinner table. He called on those lessons and his more than 30 years of experience to steer the regional bank through last year's turmoil.

During the March 2023 banking crisis, company executives had to calm panicked customers, shore up liquidity and reassure investors after two other regionals failed. Key decisions during a critical seven-day window likely averted disaster.

The consumer nonprofit reviewed 10 banking apps and flagged that transparency and inclusivity practices on the financial institutions' websites don't always carry over to their mobile apps.

The Long Island bank plans to balance its loan mix and fix its risk controls. But following a large capital injection led by two former Trump administration officials, the new leadership is asking for more time to formulate its strategy.

The enforcement action involved problems with the Japanese-owned Union Bank's information security and operational risk controls.

Data as of Dec. 31, 2023. Dollars in thousands.

Data as of Dec. 31, 2023. Dollars in thousands.