Banking

Community banks and credit unions have pooled their resources and ideas to develop a bilingual challenger bank, banking-as-a-service playbook, cheaper alternative to Zelle and other innovations.

The New York bank, which recorded an 8% increase in expenses last year, projects that they will rise by 5% in 2023. Other megabanks are also contending with higher costs.

Steve Kenny, who has been with the institution for more than 35 years and at the helm for roughly 13 years, stepped down from his leadership roles on Jan. 9.

When the latest quarter's figures get added to it next week, that cumulative loss at the Platform Solutions unit — which includes Goldman's consumer lending operations — will approach $4 billion over three years and $2 billion for 2022, people with knowledge of the matter said.

A month after the National Community Reinvestment Coalition blasted KeyBank's mortgage lending record to Black borrowers, the group said it will send letters to the Federal Reserve and OCC about its findings.

The Cincinnati bank plans to close branches in Ohio, Michigan and Indiana and to open up to 35 locations in 2023.

AmeriServ Financial in Johnstown boosted earnings through the first nine months of 2022, but not enough to satisfy Abbott Cooper, who called the company a "prolonged underperformer."

Ryan Crowley, previously a Citigroup client-experience executive, replaces the unit's former chief operating officer, Pooja Daswani. The company also picked a CEO for its North America business and launched a search for a new wealth management chief.

A lawsuit filed by the bank against the founder of a tech venture risks renewing concerns about JPMorgan's rapid deployment of shareholder cash in recent years.

The San Antonio-based organization said Don Ford is now president and will become after Lynn Kincaid retires in May.

After weaker-than-expected earnings in the third quarter of 2022, several large banks halted share repurchases in a bid to build capital.

Kevin Cole was appointed president of the $672 million-asset organization in 2021, and took on the role of chief executive after longtime leader Bill Anderson retired last year.

Matthew Quale was formerly the president of Bask Bank, a standalone digital brand under Texas Capital Bancshares.

Investors worry the intersection of rising interest rates and festering inflation could conjure a recession and drive loan losses. This would keep stock prices suppressed, but share buybacks and merger activity could counter that.

Frank Zampella, the chairman of the $526 million-asset credit union, will serve as interim CEO now that Tom Graves has retired.

Margie Salazar, who has been with the El Paso institution for more than 25 years and is currently its chief financial officer, will succeed longtime chief executive Karl Murphy on Feb. 1.

Bank regulators should heed the Treasury Department's call to embrace cutting-edge tools for credit scoring.

Eric Bergevin, president and CEO of Integrated Financial Holdings, was killed in the Jan. 7 accident, the company said.

The green light from the FDIC marks the end of the acquisition's final regulatory hurdle. The banks expect the deal to close by the end of February.

Sustainability and climate change continue to impact the business decisions of banks and fintechs looking to advance their green banking credentials.