Banking

On Mar. 31, 2021. Dollars in thousands.

First Midwest Bancorp in Chicago and Old National Bancorp in Evansville, Indiana, agreed to an all-stock merger-of-equals that would create a $45 billion-asset Midwestern regional player.

The combination of Valley Strong Credit Union in Bakersfield and Financial Center Credit Union in Stockton would have 27 branches and nearly 200,000 members throughout the San Joaquin Valley.

The London-based banking giant announced a plan this week to exit the mass-market U.S. retail business and focus on managing the wealth of affluent globe-trotters. But other international banks will provide stiff competition.

The U.S. unit of Toronto-Dominion Bank plans to invest in CDFIs and specialized funds that serve Black, Hispanic and other diverse business owners in its East Coast territory.

Ahead of its U.S. launch, the London-based payments card aggregator has raised $14 million from 12,000 individual investors that it hopes to convert to customers.

The heads of the six largest banks endured a second day of testimony as House members quizzed them on overdraft fees, investments in minority businesses and other issues. Meanwhile, the executives pushed back on Democrats’ proposal to raise the corporate tax rate.

Nearly a quarter of Black business owners seeking Paycheck Protection Program loans last year applied to fintechs — not far behind the percentage that turned to community banks, according to a New York Fed study. Deepening those new relationships could be a major source of growth for online lenders.

Honor Credit Union, one of Michigan’s largest credit unions, announced it's combining with ATL Federal Credit Union, which has just $15 million of assets.

Acquiring the U.K. bank’s East Coast branches and online-only bank is “great for our balance sheet, great for our physical footprint” and will accelerate the growth of Citizens’ own direct bank, says Chief Executive Bruce Van Saun.

The seemingly expensive acquisition of Aquesta Financial Holdings is the cost of expanding in North Carolina's largest city.

Josh Haney, who has worked at the Indiana credit union in various roles since 2005, is now its chief executive.

After the retirement of its long-time leader, Foothill Federal Credit Union named Michael Terzian, who had been interim co-CEO of Partners FCU, as its new president and CEO.

The Indiana credit union's chief financial officer had been interim chief executive since September 2019.

The head of the six largest banks take flak from both Democrats and Republicans at Senate hearing; the rising price of digital assets is enabling them to poach senior mainstream executives.

Advocates for depositor-owned banks want regulators to block the combination of a one-branch thrift and Minnesota’s largest credit union, for fear it will lead to similar deals.

Huntingdon Valley Bank in Pennsylvania and First Savings Bank in Indiana are among the banks extending their relationships with software providers to make small-business lending more efficient after the Paycheck Protection Program is phased out.

The Indiana company is buying 14 branches that Huntington Bancshares is divesting as a condition of its deal to buy TCF Financial.

The move follows the bank’s $911 million loss in the Archegos Capital fiasco; the bank will hold a 51% share in a wealth management joint venture with a Chinese bank.

With rock-bottom rates suppressing interest income, some buyers are looking beyond traditional M&A and striking deals for asset managers, insurance firms and other businesses that generate the bulk of their revenue from fees.