Banking

Co-Op Solutions, which represents more than 1,800 credit unions, used its scale to negotiate a favorable deal with the STAR Network.

Frank, to the surprise of some, landed on the board of Signature Bank, a New York-based lender that boomed during the pandemic. It was seized by regulators Sunday, making it the third U.S. bank to collapse in just five days.

HSBC Holdings is buying the U.K. arm of Silicon Valley Bank, the culmination of a frantic weekend where ministers and bankers explored various ways to avert the SVB unit's collapse.

The FDIC named Greg Carmichael, who retired last year as CEO of Fifth Third Bancorp, to run a bridge bank that will hold Signature's deposits and most of its assets.

The San Francisco-based bank, whose stock came under pressure after the failure of Silicon Valley Bank, said the increased borrowing capacity strengthens and diversifies its funding. The bank's "capital and liquidity positions are very strong," executives said.

The bank's tech-sector focus contributed to its rapid demise. But the reasons for its failure come down to the nuts and bolts of banking, and other banks may have similar vulnerabilities.

After the failure of Silicon Valley Bank on Friday, attention will be keenly focused on anything that gives clues about the next steps from the Federal Reserve and its global peers — or hints at greater spillover in the U.S. banking sector.

"We're nurturing our future clients," said CEO Ron Daniel.

The abrupt downfall of Silicon Valley Bank prompted investors to question whether other banks that hold tech-related deposits could also be at risk. But one analyst said there could be opportunities for banks to add deposits from customers of the failed bank.

This week in banking news: Discover EVP Diane Offereins is retiring, Worldline enters the metaverse, SNAP pilots mobile payments and more.

A $13.5 billion advance to Silicon Valley Bank months before its collapse is another sign that the Home Loan banks encourage risk-taking that can burden the Federal Deposit Insurance Corp. or even the system itself, critics say.

The Philadelphia bank's new CEO says a planned infusion would let it update its branch footprint, technology and other resources as part of a turnaround.

The bank is reassigning staffers to busier divisions as attrition and hiring slow.

While this week's bank-stock drama blindsided most of the market, at least one corner of Wall Street spied trouble ahead.

The tech-heavy bank had been in freefall since Wednesday, when it announced $1.8 billion in bond-related losses and a plan to raise more capital. The stunning demise left questions about the fate of its many uninsured depositors.

The credit union promoted Shelly Mellenberger, a senior vice president, to be its new president and CEO. She replaces Dan Wollin, who will retire on April 2.

SVB Financial Group shares extended their plunge before being halted in premarket trading for pending news as prominent venture capitalists recommended companies withdraw their money from the lender.

Longtime Citi M&A exec ran for NYC mayor after leaving the bank.

Despite growing up as digital natives, this age group now has more complex financial needs than they can typically handle online.

Shares in Silicon Valley Bank's parent company plunged 60% after executives announced they would sell a large bond portfolio at a big loss. The market "seems to be pricing in greater liquidity needs" than the bank currently anticipates, one analyst said.