Banking

Elon Musk's grand vision is to turn Twitter into a one-stop shop for financial services. It's hardly the first time a tech giant has sought to muscle in on Jamie Dimon's turf.

Post-merger Banc of California will target "in-market relationship banking" by focusing on treasury management services and loan growth to boost "low-cost" commercial deposits, CEO Jared Wolff said.

BMO Financial Group will enable payments, hold deposits and more for Grounded Technologies, a company that sources funding for banks from a diverse mix of asset managers.

A hefty advertising budget combined with a worldwide pool of potential members has now pushed Navy FCU beyond the 13 million-member mark, substantially larger than its nearest competitors.

The $417 million agreement would give Richmond, Virginia-based Atlantic Union Bankshares "the critical mass" it needs in its home state and neighboring North Carolina, according to CEO John Asbury. He and his counterpart Jeff Haley at American National Bankshares in Danville, Virginia, describe each other as longtime pals.

During the company's second-quarter earnings call, CEO Jim Ryan acknowledged employees' "resiliency and their commitment to supporting one another" after a gunman opened fire on a Louisville, Kentucky, branch in April.

Storms earlier this month crippled local communities in the Green Mountain state. Banks, which have had to close branches or open alternative ones, are offering flexible loan repayment options and working with municipalities to finance the rebuilding of infrastructure.

Credit metrics are deteriorating as more cardholders fall behind on their payments. But bank CEOs detect few causes for alarm, saying they plan to stay in growth mode since most consumers have stayed current.

The deal is expected to close late in 2023 or early next year and be immediately accretive to the combined company's earnings.

Valarie Ivester, assistant vice president of indirect strategy and development for Greater Texas Credit Union, has helped update strategy from the start of the pandemic through the recent chip shortage.

One security researcher said the total number of consumers who had data stolen in MoveIt breaches exceeds 20 million, and more are expected to be reported.

Nearly three out of five respondents to a Bloomberg survey said they would most like to work for the CEO of JPMorgan Chase. That was enough to make Dimon the most popular choice out of a list of the leaders of six big banks.

American Banker's annual list reviews the financial results for the best-performing large institutions.

The era of banks being customers' sole source of financial services is long gone, and regional banks need to accelerate their adjustment to that fact.

Stock prices of banks on this annual list of top performers with at least $50 billion of assets have fallen with the rest of the industry's shares. Executives say their strong fundamentals will win over doubters.

The regional bank told analysts that it has studied how much debt it would need to raise based on an effective post-reform capital floor of 6% of risk-weighted assets, and has determined that that increase in capital would be manageable.

Spring Development Bank aims to use blockchain technology to support funding for the expelled leaders and provide financial services to the civil war-torn population.

The Dallas-based company, which saw $3.7 billion of deposits withdrawn after Silicon Valley Bank failed, now predicts average deposits will fall 14% to 15% compared with last year. However, the pace of outflow is slowing, say the bank's executives.

The National Labor Relations Board has found that the Wisconsin-based insurance provider withheld certain employment information during the collective bargaining process. The company and its workers' union have been locked in contentious contract negotiations.

Michigan State University Federal Credit Union will open five branches in the Windy City to serve the more than 10,000 members and potential members living there. This marks the first time that the institution has expanded beyond its home state.