Banking

Merger arbitrage traders were expecting hiccups in Toronto-Dominion Bank's proposed takeover of First Horizon, but they were unprepared for its cancellation.

The companies cited an inability to secure regulatory approvals after postponing multiple times a closing that had been originally expected last fall.

On one level, the failed bank's narrative mirrors the interest rate misplay and depositor panic at Bay Area neighbor Silicon Valley Bank. But it's also a deeply personal story about Herbert, who founded First Republic in the 1980s, championed its aggressive growth and failed in a last-ditch attempt to engineer a private-sector rescue.

Kaua'i Federal Credit Union in Lihue is launching an "economic resiliency center" for members in the Kapa'a community. It hopes to support minority-owned businesses throughout the area by providing access to housing resources and other funding.

Ninety-eight percent of owners reported that they had not changed their business's primary financial institution in the last month, according to a National Federation of Independent Business survey out Wednesday.

Sens. Elizabeth Warren, D-Mass., and John Kennedy, R-La., will examine the role of the Federal Reserve in bank failures in a hearing scheduled for May 10.

Angelino "Gino" Cayanan, who was most recently CFO for Los Angeles Police Federal Credit Union, will lead the $1.2 billion-asset Noble.

A noted futurist argues that banks that rely on traditional methods of attracting and growing deposits are setting themselves up for failure in an increasingly online world.

Meow and Vesto are two firms that help companies invest idle funds in safe instruments such as Treasury bills.

Industry leaders hoped that the emergency sale of First Republic Bank would quell investors' fears, but many banks saw big stock price declines on Tuesday. The instability could put pressure on lawmakers and policymakers to take more decisive action.

Metropolitan Bank Holding is rescinding a $7.5 million loan it made to its CEO, and canceling a stock purchase he used the proceeds to fund, after determining that the loan was likely impermissible.

At the embattled Republic First Bancorp, elevated legal, professional and audit fees also contributed to a nearly $10 million in first-quarter loss but CEO Thomas Geisel reports signs of progress moving past "legacy headwinds."

Jeff March, president and CEO of Citadel Credit Union, will retire after nearly 23 years at the helm.

The United States needs to follow the lead of other countries by letting fintech firms test innovative products at the national level. Failure to do so could send promising new ideas overseas.

Investment in the latest technology is crucial for banks and credit unions if they are to compete effectively, while the lack of tech talent continues to be an issue.

The resolutions of Silicon Valley Bank, Signature Bank and now First Republic are likely to drain $35 billion from the Deposit Insurance Fund. Odds are increasing that banks — even small ones — will pay higher premiums and perhaps a special assessment to replenish the fund.

The National Credit Union Administration is seeking the perspective of credit union leaders in areas vulnerable to natural disasters to gauge the true scope of environmental changes and to inform best practices for managing their impact.

The banking and trading group is expected to shoulder many of the reductions, which come a few months after the firm trimmed about 2% of its workforce.