Capital

Keith Costello, who is looking to form Locality Bank, was president and CEO of First Green Bank when it was sold in 2018.

Organizers of the proposed Our Community Bank still need to raise $18 million before opening.

Payservices would use deposits largely to support its existing business. It has no plans to make loans.

Comerica, Regions and KeyCorp executives say their companies will proceed with caution despite the green light from the Federal Reserve to buy back stock in case they have to cover a surge in loan growth as the economy recovers.

Six startups that seek to cater to Black and Hispanic consumers outside the financial mainstream are attracting heavy interest from investors. However, the new banks will vie with megabanks eyeing those same customers and with established minority-owned institutions suddenly brimming with new capital.

Ingenious Financial in Arlington, Va., is raising $200 million in hopes of buying an existing bank. Bank of Ingenious would focus on professionals such as doctors, dentists and veterinarians.

The bank, formed in 2019 when investors bought and recapitalized Sound Bank, will use the funds to hire lenders and improve its overall infrastructure.

Several large and midsize banks are investing millions of dollars in Black-run banks, while four community banks have started a fund to make interest-free commercial loans in underserved communities.

Hildene Capital, which is pressuring CIB Marine to issue subordinated debt to redeem preferred stock, has nominated two individuals to stand for election to the company's board.

The Fortune 500 conglomerate has had discussions about merging Thrivent Credit Union, which operates independently of the company, into the bank if the charter is approved.

A group led by Stephen Gordon has received conditional approval from the Federal Deposit Insurance Corp. to open Genesis Bank.

Organizers have been working raising capital and preparing an application for about four years.

The project will deploy $20 million as secondary capital to expand economic relief and financial inclusion, and follows a $1 million project last summer aimed at helping low-income consumers in Rust Belt cities.

Flush with excess capital, Bank of Montreal, TD Bank and others say they might be in the market to do a cross-border deal.

Bank stocks have climbed because of expectations that the change of power in Washington will hasten vaccine distribution and speed the economic recovery. The boost could give executives more flexibility to pursue acquisitions or make other strategic moves.

Organizers of First Bank of Central Ohio will need to raise $20 million before it opens.

After nine months of stockpiling capital to ensure they could withstand the strains of the pandemic, Canada's biggest banks are facing a new problem: how to spend all that extra money.

The company is also looking to hire more senior lenders as it expands in markets around Los Angeles and San Diego.

Organizers of the proposed Legacy Bank must raise $25 million before opening.

The rule change will allow credit unions to raise more capital to help their members, not line the pockets of investors, as bank lobbyists claim.