Banking

When running a bank branch, there are certain employee behaviors that must be nonnegotiable. But that still leaves plenty of room for improvisation and creativity.

Camino Financial and Fundation, which are combining, serve distinct slices of the small business market. The deal's architects say it will enable the combined firm to provide more financing options to entrepreneurs, and they argue that now is a good time to lean into small business lending.

Bank of America CEO Brian Moynihan said that consumer activity has slowed throughout the year, but should remain strong enough to position the economy for growth later in 2024.

Ally Financial and Workers Credit Union say they've successfully infused marketing campaigns with AR to hype their brands and communicate their corporate values even as skeptics question whether customers are clamoring for the technology.

Credit unions and banks are lending more to merchants based in the Western U.S., reflecting trends reported in the Umpqua Bank 2023 Business Barometer and running against broader economic pessimism.

The two branches Julie Celozzi oversees for the Orlando, Florida, bank amassed $400 million of deposits in three years. Such production is often a steppingstone to bigger things, but Celozzi — who began as a part-time teller in high school — says she is "hooked" on branch banking.

Bankers often use return on equity to measure their success, but the banks whose stock prices have suffered most during past crises are the ones with high ROEs, according to new research. The findings add to academic skepticism about high-profit banks.

A New York judge ruled Donald Trump is liable for fraud for exaggerating his net worth by billions of dollars a year on financial records submitted to banks and insurers, a major victory for the state's attorney general before a high-stakes civil trial over remaining claims in the case.

Private equity firms have been increasingly adding another layer of debt to their complex borrowing arrangements, raising concern among some investors about potential risks to the wider industry and the financial system.

Born in Venezuela, Lolita Peroza initially came to the U.S. to further her education and improve her English. Now 20 years into her banking career, she serves as a branch manager for Amerant Bank in Florida and is described by her boss as "always looking for additional opportunities to give back to the community."

The suit alleged that many off-duty cops picked up shifts at TD as security guards, only to go unpaid or wait months for their paychecks. The settlement did not include an admission of liability by the bank.

Georgia United Credit Union is collaborating with the income-verification fintech Argyle to combat submissions of false documents and other crimes.

The Iowa-based bank says its two branches in Naples and Fort Myers were too small a presence to be competitive, so it decided to sell them to DFCU Financial.

A Piper Sandler poll found that 91% of respondents believe that either a mild or severe recession is already reflected in banks' shares. The survey also unveiled that market participants remain concerned mostly about credit quality and aftershocks from surging interest rates.

Grace Law, a Hong Kong native, seized an opportunity to work in a Chase branch in New York City more than 30 years ago. Today, she seeks ways to ensure her community — immigrants who are frequently overlooked by banks — has access to financial services.

With a week left in its 2023 fiscal year, the Small Business Administration has already approved 12% more 7(a) loans than last year. Larger banks were among the biggest gainers as a result, according to the agency's latest data.

Northwest Bank starts search for new CFO; Plains State Bank acquires wealth management, tax businesses; Bank of America names new heads for North America industrials banking; and more in the weekly banking news roundup.

The nation's largest bank, which acquired the remains of San Francisco-based First Republic following its failure this spring, has completed its plans to close 21 offices this year. But the consolidation effort is likely to continue.

Federal prosecutors say Menendez, a New Jersey Democrat who sits on the Senate Banking Committee, accepted bribes in return for exerting political influence — including helping Fred Daibes, a small-bank executive who had been accused of loan fraud.

At the Sibos conference, cybersecurity leaders at banks and other experts debated how to train employees to thwart threats that AI has intensified.