Banking

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.

René Jones explained to shareholders how breakdowns occurred following the bank's acquisition of People's United Financial. An analyst called the remarks a "big mea culpa."

A disagreement over growth with its original banking-as-a-service provider prompted challenger bank HMBradley to seek a new and larger sponsor and purchase a new core.

Consumers who aren't proficient in English have long struggled to get help from banks in their preferred language. Banks and regulators are trying to fix that, but the solution has taken years.

The Northern California bank, which was downgraded by Moody's on Thursday, has been hurt by both rising interest rates and the tech industry downturn. It has embarked on a $2.25 billion capital raise.

The recent drought in deals means the company "may have to repace in certain areas" its investment banking unit has beefed up in for years, including energy, biotechnology and health care, Chief Financial Officer Mark Mason says.

The bank has agreed to acquire Big Data Healthcare, a Texan fintech that automates commercial payments flowing to and from hospitals and medical groups. It's the latest example of banks' deepening health care investments.

About 40% of smaller firms applied for private-sector financing last year, which was up from 25% in 2021, according to a survey by the Federal Reserve banks. The results suggest a return to pre-pandemic credit needs, but borrowers now have different plans for the use of financing.

The new offering will allow consumers to finance purchases of gear, parts, maintenance and fuel for ATVs, boats and motorcycles. The powersports sector has enjoyed strong growth since the early days of the pandemic.

The San Francisco fintech made its name in refinancing student loans. Now it contends that a moratorium for federal student debt payments — put in place near the start of the pandemic — has cost it at least $150 million in profits.

In February's roundup of American Banker's favorite stories: An international African American sorority enters the credit union market; a deep dive into the ideology behind banks giving out free pens; and a rising number of financial institutions are facing a tightening of liquidity and more.