Banking

The unnamed investors will pay about $50 million for Northern California National Bank through a tender offer.

The Virginia-based credit union has appointed Executive Vice President Lisa Lambrecht as a temporary successor to former President and CEO Delbert Lee Morgan, following his move to Pen Air FCU.

“We were already shifting to recruiting more problem solvers than people handling transactions,” said Robert Fisher, CEO of Tioga State Bank in New York and incoming chairman of the Independent Community Bankers of America. “That pace of change has accelerated.”

The industry saw deposits rise by nearly 20% last year, in part due to economic stimulus measures from the government. More of the same could be coming once President Biden signs the latest stimulus bill into law.

Nonbanks had worried the end of the Paycheck Protection Program Liquidity Facility would hurt their ability to lend to small businesses. On Monday, the Federal Reserve announced the facility would be extended for three months.

In "Democracy Declined," Duke public policy professor Mallory SoRelle argues that policymakers should be more aggressive in combating unfair lending practices.

On Dec. 31, 2020. Dollars in thousands.

On Dec. 31, 2020. Dollars in thousands.

Labor said it’s satisfied with the changes the bank has made to hire more Black managers; the exit of nine senior executives reflects the move away from a partnership approach.

Lending slowed, credit allowances mounted and return on assets as well as other performance ratios weakened, according to year-end figures from the credit union regulator.

A big funding source for the Paycheck Protection Program is set to expire on March 31. Its demise would pinch nonbanks that are originating and buying loans, especially if Congress continues the PPP beyond this month.

The number of credit unions having serious conversations about diversifying their boards is on the rise, according to a new study from CUES, but those efforts are more likely to succeed if targets, education and other factors are in place.

The new leaders include some who succeed retiring chief executives retiring and others stepping in after unexpected departures.

The St. Louis-based institution is the latest in the industry to create an executive-level position focused on diversity, equity and inclusion.

It’s not clear how the deal will make money for the digital payments company; the government is providing the funds through CDFIs and MDIs to lend in minority communities.

In the midst of the pandemic recession, banks have benefited from government stimulus payments to consumers, low interest rates and constraints on the supply of new vehicles. But intensifying competition and real concerns about borrowers’ ability to pay loans that went into forbearance could soon threaten profits and credit quality.

The bank must submit a plan for improving its risk management and decreasing its commercial real estate exposure, the Federal Reserve said in an enforcement order.

The deal, subject to approval from regulators and members, will add to Valley Strong's existing branch network and comes after several years of losses at Solano First.

Credit investors are stepping into a void left by banks and insurance companies and providing debt financing for top-quality hotels in a bet on a post-pandemic recovery, according to a report from the real estate services firm JLL.

Better Financial offers customers up to $5,000 per year in accident coverage, prescription drug discounts and medical debt negotiation to certain account holders.