Banking

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.

On Sep. 30, 2020. Dollars in thousands.

On Sep. 30, 2020. Dollars in thousands.

Harper, a Democrat, had long been expected to be promoted to the chairmanship under a Biden administration, but he could face an uphill climb moving his priorities forward.

Cardtronics will accept a $1.7 billion sale to NCR after the ATM producer outbid Apollo Global Management and Hudson Executive Capital.

The expected nomination of Michael S. Barr has disappointed many progressives; the Morgan Stanley boss got a 22% raise to $33 million, while JPMorgan CEO held steady at $31.5 million.

Under a proposed rule change, credit unions would no longer need to seek pre-approval from the regulator before entering into interest rate swaps, speeding up transactions for some of the industry’s biggest institutions that already hold over 80% of total assets.

The Columbus, Ohio, company plans to close nearly 200 branches in the state — including more than 90 in Meijer grocery stores — after it acquires TCF Financial. It also intends to significantly boost its technology spending to improve its digital capabilities.