Banking

Mid-Southern Bancorp angered several large shareholders after disclosing that it bought another’s shares for a hefty premium. The seller’s identity is unknown, but the bank’s shareholders include a number of prominent activists.

Scott Credit Union of Edwardsville said it is acquiring Tempo Bank in Trenton, Illinois. It is the fifth such transaction announced since Aug. 5 and the 10th of the year.

It would be the second bank acquisition for Fairwinds, which bought Friends Bank in Florida in 2019.

Signed Thursday by Gov. Andrew Cuomo, the new law requires state-chartered banks to pay checks in the order they are received or from smallest to largest. The bill comes as banks nationally are revamping their overdraft policies.

Victor Ngo, 33, has pleaded guilty to making a false statement to JPMorgan Chase when he said his medical marijuana dispensary was a wellness and fitness company.

Customers have been particularly frustrated with midsize issuers for failing to adjust their rewards programs to reflect changing behavior and generally being less responsive than large issuers, according to a new report from J.D. Power.

Many customers in health care and other sectors remain resistant to new technologies. Here's how banks are trying to persuade them to adopt more efficient payments and back-office systems.

After the state’s mask mandate was lifted, Michigan First Credit Union said it would no longer allow masks in its stand-alone branches, citing security concerns. Following an outcry from some members, the credit union updated its rule to allow clear face coverings.

The bank's earlier decision to stop accepting applications for the consumer loan product had sparked a backlash among customers and lawmakers.

CEO Thomas Cangemi is pushing to modernize a bank that for decades was focused largely on multifamily lending. The company has already agreed to buy the mortgage lender Flagstar Bancorp and its partnership with Figure Technologies, a blockchain-focused fintech, has the potential to make that acquisition more productive.

The central bank wants financial institutions to enable additional routing options for online purchases, a change industry advocates say would strain the resources of smaller card issuers.

The Pittsburgh bank's commitment covers areas that include renewable energy, clean transportation and green buildings.

The choice of Greg Young as the next president and chief executive comes nearly a year after Karl Yoneshige announced his plans to retire from the role.

The incident, which may have exposed customers’ account information to other customers, was caused by a technical glitch, the company wrote in a notice posted on a state attorney general's website.

Credijusto, the first fintech in Mexico to buy a bank, plans to cater to a market that traditional banks often overlook: smaller businesses engaged in commerce between the two countries.

Paul Camp will join the company in November to run its new Global Treasury Management division. Wells Fargo says the goal in combining its treasury management and global payments units is to improve service for clients doing business in multiple countries.

Many credit unions with less than $100 million of assets struggle with marketing and technology. Larger ones are willing to lend support, and the Credit Union National Association is working to dispel fears that prospective mentors are simply looking for takeover targets.

The Los Angeles company is bundling a wide range of services like Digit, Dave, Chime, Wealthfront and Moneylion to compete with traditional banks on more fronts.

Year to date Mar. 31, 2021. Dollars in thousands.

On Mar. 31, 2021. Dollars in thousands.