Banking

The investment fund HoldCo Asset Management said the $900 million price tag of the agreement with SVB Financial Group “substantially undervalues” Boston Private Financial Holdings.

The credit union will provide a one-time stimulus check for all employees who worked through the COVID-19 crisis, similar to a recent move at Bank of America.

Y-Combinator fintech Stilt has secured a new loan facility from Silicon Valley Bank to diversify its funding sources and expand its lending efforts to immigrants and thin-file borrowers.

The bank will start with a mobile checking account for U.K. customers this year, followed by a full slate of products that could include credit cards, mortgages and car loans.

The banks are publicly committing to interview more minorities for top positions; the agency says automated compliance checks are preventing lenders from approving loan applications.

Capital One Financial is the latest credit card issuer to release loss reserves because its loans have performed better than expected during the pandemic.

Todd Harper, a Democrat, says he will continue his efforts to increase the agency's consumer advocacy role, despite opposition from the industry and two Republican board members.

A tax that banks successfully opposed throughout the Obama administration was endorsed by the president on the campaign trail and is supported by many prominent Democrats in Congress as a means of funding government spending.

The Georgia company increased its target for annual expense cuts and new revenue to $175 million from $100 million. But executives warned that low interest rates and weaker mortgage volume, along with a need to invest in technology, will delay some of the bottom-line benefits.

The Bridgewater, N.J.-based credit union promoted Frank Almeida to president and CEO, the final step in process it began when he was hired in 2014.

Intensifying competition from banks could persuade large credit unions — particularly those with more than $1 billion of assets — to join forces in 2021.

The Stamford, Conn., company is acquiring Allegro, a California lender that finances the purchase of hearing aids and other health-related products or services. It’s aiming to capitalize on the rising popularity of point-of-sale lending and a need for more financing options in health care — especially as more Americans turn to high-deductible plans.

The companies are reacting to an ongoing shift in customer preferences to digital channels.

Amerant Mortgage includes several former bankers from City National Bank of Florida in Miami.

The Senate voted 84-15 to approve the former Fed chief as the first woman to head the department; Biden White House is resuming efforts to replace Jackson with the abolitionist.

The ATM and payment terminal makers are facing more competition from software providers. Both have taken steps to head off this threat.

The Iowa-based institution hopes the funds can help narrow the racial homeownership gap in the state, which is believed to be among the worst in the nation.

The Minnesota credit union's deal for Brainerd Savings & Loan comes about 11 months after it bought Neighborhood National Bank in Minnesota.

Flush with capital from issuing subordinated debt, Peapack-Gladstone is exploring acquisitions in Florida and New York in an effort to generate more fee revenue.

On Sep. 30, 2020. Dollars in thousands.