Banking

Prosperity will pay $341.6 million for First Bancshares of Texas and $228.7 million for Lone Star State Bancshares. Both deals are slated to close early next year.

The world's biggest climate-finance alliance has sought to dismiss reports that a number of Wall Street banks are threatening to leave, as it races to bring its house in order in the run-up to next month's COP27 climate summit.

Women focused on environmental, social and governance issues are seeing career opportunities open as sustainable finance initiatives become more critical to a bank's success.

The National Credit Union Administration took charge of O.F. Toalston Federal Credit Union and Mingo County Education Federal Credit Union over concerns of unsafe and unsound business practices.

Dennis Halpin will conclude his 18-year tenure with the credit union in January.

The settlement with an insurer over Countrywide's mortgage-backed securities closes another chapter on what quickly proved to be an ill-advised acquisition for Bank of America. A trial on the case had kicked off last month.

At American Banker's Small Biz Banking conference, bankers said they are throwing community events, working with local nonprofits and trying to turn lending decisions from "no" to "yes."

The New York State Department of Financial Services found that the community bank's policies led to minority borrowers paying more for auto loans. Though it did not find evidence of intentional discrimination, the bank agreed to pay a $950,000 fine and restitution.

Amid fears of a recession, industry observers will be on the lookout for signs of distress in credit cards and auto loans. One analyst said "the positive trends we've been seeing are starting to erode, and the pressure is going to start building."

The megabank made its first-ever disclosures about financed emissions in a report aligned with the Task Force on Climate-related Financial Disclosures. "The complexity of this process only served to highlight the critical need for consistent, verified public reporting of emissions and other climate-related data," the bank stated.

Using a local beach as a canvas for its billboard — which vanishes as the tide comes in — the bank is drawing attention to how customers' financial choices can affect the environment.

The top four have over one hundred million dollars in combined total loans and leases.

The bank claims it has migrated all traffic from third-party apps and services to its secure API.

The Pittsburgh-based parent of First National Bank of Pennsylvania plans to close its $117 million buyout of UB Bancorp in December.

The Hauppauge, New York, institution plans to take advantage of its open charter that allows anyone in the U.S. to join after several years of building out its infrastructure to support a national business. Bankers decried the move as further overreach by the credit union industry.

The industry must adapt quickly to the changing preferences of entrepreneurs and the innovation of nonbanks such as PayPal and Square, according to speakers at American Banker's Small Biz Banking Conference. Traditional players such as U.S. Bancorp and Comerica say they're making the necessary investments.

American Express is ending a requirement that employees need to be vaccinated against COVID-19 to enter offices as virus cases decline globally.

WaFd Bank is benefiting from strong demand for real estate development loans, even in the face of rising interest rates. It's looking for ways to slow growth to maintain its capital levels, CEO Brent Beardall says.

Citigroup plans to offer automatic-sweep products seven days a week as banks respond to clients' demands for higher interest rates on deposits and faster access to their cash.