Banking

The Massachusetts company, which had a big second-quarter loss after writing down the goodwill tied to past acquisitions, will sell eight branches to Investors Bancorp and shutter 16.

The Georgia lender has hired bankers away from Wells Fargo to build a new ag lending team that will look to capitalize on soaring lumber demand in its home state.

The tech firm spun off by Avant, which licenses its lending software to banks, has now raised $140 million this year.

Investors are flocking to point of sale credit firms, which have emerged as a popular option during a time of economic stress. And market dynamics suggest more upside even as traditional payment competitors enter the fray.

Though there is some optimism about an economic recovery, two-thirds of respondents said they expect revenue to be flat of down next year and just 13% plan to be in hiring mode.

People with scores below 500 are often in communities that suffer the most from economic hardship and violence. Banks and regulators can do more to qualify them for financing, ultimately creating healthier local economies.

A bipartisan group proposed a $908 billion measure while Mitch McConnell unveiled his own plan; the rally has pushed borrowing rates to their lowest levels since the pandemic started.

First Horizon, TCF and Webster are among the banks eyeing efficiency initiatives that could include more branch closings, layoffs and reduction of office space. Expect others to follow suit as low rates and tepid loan demand tied to the pandemic pressure revenue.

The Federal Deposit Insurance Corp.’s latest report on the industry’s health had positive news about the earnings recovery last quarter, but it also showed that low interest rates amid continuing economic uncertainty are putting downward pressure on asset yields.

Fran Godfrey, who has spent more than 35 years at the Michigan-based institution, will step down at the end of January.

Jobs will be harder to find for graduates, and there are new underwriting platforms that can better predict students' future income in their chosen field.

Elizabeth Magennis recently served as the New Jersey company's chief lending officer. ConnectOne also hired Michael O'Malley, a former OnDeck Capital executive, as chief risk officer.

In November, the Sierra Club singled out Bank of America as "the only major U.S. bank not to rule out financing for the destruction of the Arctic refuge" after its five biggest competitors updated their policies this year.

The digital currency’s recent 90% jump is being fueled by ‘less speculative fever;’ the liquidity facility designed to enable small banks to make more PPP loans has been extended until March.

CEO James Schenck says the institution's military focus means it must provide services for a group of consumers who move every few years. That has helped it focus more on mobile services and less on brick and mortar.

Though it is unclear why Rhinebeck Bancorp is looking to form Rhinebeck Commercial Bank, other mutual banks have pursued the strategy to work around a state law barring them from working with municipalities.

The regulator issued prohibitions for former credit union employees in Virginia and Connecticut.

Lenders are worried that the Small Business Administration could use borrower responses to deny forgiveness for many Paycheck Protection Program loans that exceed $2 million.