Banking

Four months into the job, Charles Shaffer has struck a deal for Legacy Bank of Florida and is eyeing more acquisitions. His predecessor, Dennis Hudson III, built Seacoast with more than a dozen buyouts across the Sunshine State.

The Arlington-based institution made gains across several metrics in 2020, including loan growth of 22%, driven in part by the mortgage refi boom.

The Minneapolis company teamed with the fintech Personetics to develop an automated-savings feature on its app that goes beyond most rival offerings by monitoring cash flow and spending to determine safe amounts to set aside.

Recurring transactions build relationships, are digitally friendly and can diversify product offerings, says Zuora's Michael Mansard.

David Murphy, the credit union's vice president of risk and finance, will succeed Carol Adler, who is retiring.

Wells Fargo, disposing of units to simplify operations, agreed to sell its corporate trust business to Australia’s Computershare Ltd. for $750 million.

Citi CEO says staff will be required in the office only three days a week after the pandemic; the company was allegedly involved in a plan to trick U.S. banks into processing marijuana sales.

Some institutions have experimented with cash-based rewards to kick-start membership growth, but it's unclear whether the strategy will be widely adopted.

The $235 million acquisition will bring CEO Jared Wolff's company a trove of cheap deposits and the chance to slash costs without having to significantly change its business model.

The company agreed to buy Legacy Bank of Florida for $102 million.

Two banking bills signed by Gov. J.B. Pritzker carry implications for payday lenders, auto title lenders, credit unions and nonbank mortgage lenders. Pritzker, a Democrat, said the bills will address racial-equity gaps in the state.

The New York company is seeding savings accounts offered by the challenger bank Goalsetter as a way to help minority communities as well as use technology to start building long-term relationships with young consumers.

Paul Marsh resigned as president and CEO of the South Bend, Ind., credit union on Tuesday after 30 years there. An interim chief has been named and the board is searching for a permanent successor.

The agency's plan would strengthen requirements that banks use a minimum amount of their real estate for the business of banking, but three grade groups say banks need flexibility in the pandemic to manage occupancy.

CUNA Mutual Group's latest Credit Union Trends Report shows consumers continue to deleverage thanks to stimulus payments and cash-out refinancing, though membership picked up slightly.

Decentralized finance, in tandem with financial institutions, could create a more efficient, convenient, wider-reaching and more secure experience than traditional finance alone, says FISPAN's Clayton Weir.

Powell says the Fed won't move forward without approval from Congress; the Fed's vice chair for supervision tells banks not to use the tainted benchmark on any new deals after this year.

In-person branch use will continue, but retail banks should nonetheless double down on building intuitive, easy-to-use mobile experiences that drive customer satisfaction and brand loyalty.

Large banks that counted on airline and hospitality points to drive loan growth in the credit card business are anticipating renewed demand once safety concerns subside. But they’re also cautioning that the recovery in travel spending is likely to be gradual.

Banc of California, which last bought a bank in 2013, has agreed to pay $235 million in stock for Pacific Mercantile, which is based in Costa Mesa, Calif.