Banking

Kennebec Savings Bank will have $1.3 billion in assets after it absorbs Kennebec Federal Savings and Loan Association of Waterville.

Loan forbearances are wreaking havoc with firms that normally clean up during recessions; the Fed’s latest rescue plan is off to a rocky start as few banks show interest in making the loans.

Kyle Hauptman, who will be nominated to fill the seat held by Mark McWatters, is a staunch opponent of the Dodd-Frank Act. That could mean more policy clashes on the board if he is confirmed by the Senate.

The Delaware company said it received $22 million in net proceeds after selling 360,000 class B shares.

Eastern Bank in Boston could raise as much as $1.7 billion to spend on acquisitions and technology investments that it says will be necessary to respond to customers' increasing preference for digital tools.

Splitit has boosted its merchant access in the crowded install payment market through a series of deals with large payment companies, the latest being a five-year agreement with Mastercard.

A decision that expands the low-income definition to all active-duty military personnel will only enable large credit unions to push out smaller competitors, removing choice for people in the military.

Delmarva Bancshares, which was on the brink of failure during the financial crisis, will be sold to BV Financial for $54 million.

Sen. Deb Fischer, R-Neb., has introduced a bill that would convert the bureau's leadership to a five-person bipartisan commission. Similar legislation was introduced in the House in March.

Firms won’t have to repay their loans even if they don’t rehire all their laid off workers; Fed chair confirms the shortage is due to the coronavirus but is easing as the economy reopen.

A record amount of funds have flowed into banks since the coronavirus hit, but a low-rate environment and tepid loan demand are complicating efforts to put that money to work.

Barry Sommers, a former head of wealth management at the New York bank, is the latest high-level hire by Wells CEO Charlie Scharf.

Other challenger banks focused on personal loans have struggled since the onset of the coronavirus pandemic.

The legislation would aim to address concerns that the current policy is outdated by establishing a new regime to limit asset growth for banks that are not well-capitalized.

While most companies that offer early access to wages sell to employers, Earnin is providing direct access to workers in an attempt to mitigate overdrafts and subsequent bank charges.

The agency’s advance notice of proposed rulemaking, which would require banks to evolve with technology, shows foresight that policymakers too often lack.

The Los Angeles company said Commerce Mortgage, founded by former bank CEO Steven Sugarman, wasn't a shareholder by the record date for its annual meeting, even though the firm reported a 9.7% stake earlier this year.

Banks paid out nearly twice as much as they earned in the first quarter; Marilyn Booker, a managing director, said she was fired in December for pushing too hard on a diversity plan.

Speaking during the CUSO's virtual Member Forum, PSCU CEO Chuck Fagan noted that some data shows the economy may be beginning to rebound from the coronavirus, but some sectors are still struggling.

A new study shows 60% of adult children whose mother or father are credit union members do not belong to the same institution as their parents.