Banking

In the year's first instance of a credit union buying a bank, Georgia’s Own Credit Union in Atlanta has agreed to acquire nearby Vinings Bank. The Peach State is home to more than 300 banks, making it ripe for such deals.

Klarna Bank is adding the option for customers to pay immediately at checkout in nine new markets while expanding its rewards program, as it targets becoming a one-stop lender for consumers.

The purchase of Vinings Bank in Smyrna, Georgia, is the year's first instance of a credit union buying a bank. There were 13 such acquisitions announced last year.

The Northeastern banks had aimed to wrap up their deal by Feb. 21, but the Federal Reserve — the last of the regulatory authorities they need approval from — hasn’t signed off yet.

Super Bowl ads' impact, another overdraft-fees ouster, and more in banking news this week.

The Providence, Rhode Island, bank expects to finalize its purchase of 80 HSBC Bank branches on Friday and complete a systems conversion over the weekend. Its pending deal for Investors Bancorp is on track to go through early next quarter, Chief Financial Officer John Woods said.

Government officials spend a lot of time criticizing banks for gouging customers even though their own statistical reports demonstrate that fees are not a major issue for consumers.

The Small Business Administration had to stop 504 lending for several weeks in September after it reached its fiscal 2021 funding cap. Bankers worry that it will shut down again this year — as early as June.

Some investors worry the rebound in consumer lending will inevitably lead to more defaults. Here’s why bank executives disagree.

Raymond Gatcliffe, the head of Citigroup's commercial bank in Europe, the Middle East and Africa, will replace Richard Banziger, who is retiring after 38 years with the company.

Banks are still seeking clarity from law enforcement on how to handle the alleged protesters’ accounts. Finance Minister Chrystia Freeland said some accounts have already been frozen as part of a financial crackdown on those accused of paralyzing the nation's capital.

The credit union plans to expand its suite of trust and estate services available to members.

Almost 350,000 loans made to small businesses in 2020 during the COVID-19 pandemic haven’t been forgiven, according to a Bloomberg News analysis of Paycheck Protection Program data, and most of them are for less than $25,000. 

The tax preparer has a well-recognized brand and wide reach, but needs tech help for its neobank.

The agreement to acquire Vantage Financial in Minnesota comes less than a year after Peoples Bank purchased North Star Leasing in Vermont.

Royal Bank of Canada shareholders will vote on whether the bank should tighten its standards for sustainable finance, action inspired by a 2021 pipeline financing deal that was criticized for greenwashing and general concern over lax standards for so-called sustainability-linked debt.

The joining of Align Credit Union and Alltrust Credit Union is among the first of several deals in the pipeline where both institutions have more than $250 million of assets, as the ongoing pressures of the COVID-19 pandemic prompt more firms to pair up, experts say. Carmen Sylvester, Alltrust's CEO, will lead the combined organization.

The Silicon Valley fintech expects to make $1.5 billion in auto loans this year after implementing key elements needed to achieve scale, said CEO David Girouard. The expansion comes as the automotive market continues to boom.

Jennifer Barker, who will join Bank of New York Mellon in May, is expected to maintain the custody bank’s focus on its digital transformation.