Banking

The Canadian banking giant cited labor shortages, rising inflation and the economic fallout from Russia’s invasion of Ukraine as reasons for keeping loan-loss allowances above pre-pandemic levels.

Tricia Szurgot is joining Securityplus from First Commonwealth Federal Credit Union in Pennsylvania.

The $837 million-asset Commerce State is one of the largest banks ever to agree to be sold to a credit union.

Citigroup said it’s helping some of its workers in Ukraine seek refuge in Poland and sending advances on pay to help them contend with the Russian invasion.

Toronto-Dominion Bank, which earlier this week announced a $13.4 billion acquisition to expand in the U.S., got a lift from loan growth at home.

At the bank’s investor day, CEO Jane Fraser and other top executives outlined where they are investing, how they are reorganizing and what it will all cost.

The credit union had been in the custody of the National Credit Union Administration since June 2020 to address concerns of unsafe and unsound business practices.

The $142 million deal would vault the buyer from the 21st-largest bank in Philadelphia to the 12th largest.

Most loans to mortuaries are backed by the Small Business Administration, so they are capped at $5 million. The Delaware lender is teaming with an industry insurer to offer much larger loans to funeral home owners seeking to acquire rivals or refinance operations.

Just a few years ago, there was no organization for LGBTQ credit union executives and employees, nor was there anyone openly out on the stages of credit union conferences — until Linda Bodie, CEO of Element Federal Credit Union in West Virginia, asked them to make themselves known.

Titi Cole will run the megabank’s legacy franchises division, which contains consumer businesses that Citi is looking to sell or wind down in other countries. The exits are part of CEO Jane Fraser’s efforts to reshape the bank.

TriCo Bancshares said regulators will allow it to finalize its $165.6 million acquisition of Valley Republic. The deal was initially expected to close last year.

Mastercard said it got about 4% of its net revenues last year from business linked to Russia, as Western nations level sanctions against the country for its invasion of Ukraine.

LendingClub is resisting pressure from stakeholders to jump into cryptocurrency as it completes a bank acquisition and works to introduce more traditional financial products.

The National Credit Union Administration is following up on earlier disbursements totaling more than $1.8 billion to address the failure of four institutions in the wake of the financial crisis.

Alternative lenders should be held to the same standards as banks under the Community Reinvestment Act and other laws, M&T CEO René Jones argued in a letter to shareholders.

Lawmakers in New Mexico recently approved a stringent rate limit, and similar efforts are underway in Rhode Island and Michigan. The state-level actions are among the "numerous headwinds" facing high-cost lenders, one analyst said.

The New York bank recently converted 3 million GM Rewards cardholders to its Marcus app, the next phase of its plans to offer more banking services in unexpected places.

Richard Adams Sr. will step down from United Bankshares' top job on April 1, after 47 years. Current President Richard Adams Jr. will take over.

The industry reported a jump in trading revenue and investment banking fee income, which helped offset rising expenses, according to the Federal Deposit Insurance Corp.'s latest Quarterly Banking Profile.