Banking

Innovations Financial Credit Union is purchasing First National Bank Northwest Florida, taking the place of Harvesters Credit Union, which terminated its 2022 deal to acquire the bank.

Many of the fees that the agency derides as unnecessary are funds owed to medical practices, homebuilders and educational institutions.

Uplinq, which helps lenders make credit decisions for small business owners using alternative data, already has large global banks among its clientele.

The Department of Justice cited American Bank of Oklahoma's lending record, as well as racially inflammatory emails it claims bank employees forwarded, in support of its redlining claims.

The Canadian bank initially told investors the acquisition would result in more than $350 million in cost savings. But a recent analysis suggests that number could be even higher.

Michigan State University Federal Credit Union, seeking to add $300 million of assets in Illinois, has agreed to purchase McHenry Savings Bank.

Apollo Global Management, Pagaya Technologies and Sixth Street are said to be working on final offers for Goldman Sachs Group's consumer-lending unit.

Consistent wins aren't typically about continuously introducing novel strategies, but about better and more consistent execution with proven ones.

The regional bank's stock price is down 38% this year, and it recently got downgraded by S&P Global. While there's light at the end of the tunnel — as Key looks to rebound from the negative impact of soaring interest rates — analysts question whether the improvement will take too long to materialize.

The Consumer Financial Protection Bureau said it would determine whether its victims' relief fund could be used to make payments to affected consumers because companies that agreed to settle allegations of illegal telemarketing practices are insolvent.

The Alabama-based credit union has agreed to purchase the $215 million-asset OneSouth Bank in Macon; it also purchased Georgia banks in 2014 and 2015.

Followers of Islam cannot pay interest on loans. Androscoggin Bank figured out a way to structure a new product that addresses that challenge and paves a path to more homeownership.

Some banks are gravitating toward API connectivity to build an "ecosystem of applications." Others like a one-stop-shop or ready access to executives.

The institutions in the second grouping of American Banker's top Credit Unions to Work For demonstrated the importance of a fun work environment, transparent leadership and competitive benefits.

American Banker's first grouping of the top institutions for 2023 features leaders that are enhancing their offices and surrounding communities through unique volunteer programs, comprehensive benefit packages and more.

Burke & Herbert Financial Corp. and Summit Financial Group announced a transaction that they described as a merger of equals valued at roughly $371.5 million in stock.

New Peoples Bank announced J.W. Kiser will be its next president and CEO; D.A. Davidson hired Dan Fiandaca to lead its brokered CD underwriting group; Citizens Bank launches Roger, a digital bank for military members; and more in the weekly banking news roundup.

The National Credit Union Administration approved Dade County Federal Credit Union's application to add almost 2 million potential members — giving it a total field of membership of 4.6 million. It's the largest-ever community charter expansion in terms of total resulting potential members.

The small community bank was bought up by crypto-focused investors and quickly repositioned to cater to tech innovators. Is this problematic or perfectly legitimate?