Capital

Requiring banks to test themselves is likely to be a waste of time in the current crisis, says a former Senate Banking counsel.

The change — effective immediately — will reduce capital demands by about 2% overall, the Fed estimated, and will be open for a 45-day comment period.

The acquirer had pursued a de novo strategy in its home state but was unable to raise enough capital.

An uptick in closings is likely, but how many institutions go under and how fast will depend on a variety of factors, including the duration of the pandemic.

NAFCU and CUNA wrote to the regulator asking for a variety of measures to help credit unions weather the pandemic, including not implementing the CECL standard until at least 2024.

A former market president for State Bank Financial would serve as CEO of the proposed Classic City Bank.

The central bank will prioritize monitoring and outreach while reducing examination activity due to the coronavirus pandemic until at least the end of April.

Organizers of Coastal Community Bank must raise $19.5 million before opening.

Triad Business Bank, which will immediately have offices in three cities, will debut next week.

Organizers of Riverside Bank of Dublin will need to raise $18 million before opening.