Banking

On Sep. 30, 2021. Dollars in thousands.

A few months ago bankers were more hopeful than confident about an end to depressed demand for business credit. Now CEOs at Huntington, Fifth Third, Mercantile Bank and other companies are touting strong fourth-quarter loan growth, burgeoning pipelines and local job creation as reasons for optimism.

Loans to car sellers plummeted earlier in the pandemic due to chip shortages that hampered vehicle production. But supply improvements since last fall have fueled the start of a rebound.

Mary Madden joined the New York credit union in 1995 and has been its chief executive since 2002.

The Alabama company continues to explore buyouts of add-on businesses, part of a strategy that has already helped recoup dollars lost as a result of reforms to its overdraft practices.

The number of U.S. bank branches dropped by a record 2,927 last year as lenders both large and small sought ways to cut costs and keep pace with a digital transformation sweeping the finance industry.

The merger of FVCBankcorp and Blue Ridge Bankshares, which has faced criticism from student borrower advocates, would have created a $5 billion-asset bank. The deal was delayed last year after the Office of the Comptroller of the Currency raised concerns.

Grupo Financiero Banorte is seen as the top contender among potential bidders to buy Citigroup’s Mexican consumer banking operations, according to analysts at Credit Suisse Group and Bank of America. 

The question is unfair to people who have never been found guilty or have been accused of minor offenses. It’s especially unfair to minority applicants.

Fourth-quarter profits rose 10% at the Cleveland company as investment banking income hit a record and nonperforming loans plummeted. Executives say charge-offs will probably start rising in late 2022 but that fee income from capital markets transactions will keep growing.

The Buffalo, New York, bank is tweaking its loan mix and reducing some deposits in interest-bearing accounts. It says the moves should boost its net interest margin, which has declined in almost every quarter since the start of the pandemic.

Executives predict a 5% to 6% bump in lending this year, and they also say they'd be comfortable if up to a third of the Cincinnati company's excess cash migrates away.

The tax preparation giant is diversifying its services with a digital bank that it hopes will entice customers with no-fee features, cash back rewards and early access to paychecks.

The Community Bankers Association of Illinois has proposed legislation to discourage credit union-bank mergers by imposing a fee that credit unions would have to pay when they purchase banks. Six Illinois community banks have been sold to credit unions since 2019.

Premier Bank is appealing the Nebraska Department of Banking and Finance's decision to block its sale to GreenState Credit Union.

The Tennessee bank reported an uptick in commercial lending during the fourth quarter. Executives pointed to the impact of a 2020 acquisition that allowed First Horizon to bulk up in in Florida, Georgia and Louisiana.

The Consumer Financial Protection Bureau has opened an inquiry into whether the largest issuers are engaging in unfair or anti-competitive practices. JPMorgan Chase, Citigroup and the rest of the top eight control 70% of the $1 trillion credit card market.

The nonprofit received a $1.5 million grant to monitor, evaluate and strengthen consumer protections in the digital financial marketplace. Here's what it's doing with the funds.

Costs climbed 11% in the fourth quarter, but the Georgia company says it remains on track to generate $175 million by the end of this year through a combination of expense cuts and revenue enhancements.

The Louisiana Credit Union League is nearing the launch of a social network that will allow its constituents to stay in touch even when they can't meet in person, whether due to the pandemic or natural disasters.