Capital

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.

First Technology FCU, led by a former banker, stands ready to raise fresh capital by issuing subordinated debt. But first it must wait for a rule change from the National Credit Union Administration that's drawing fierce opposition from the banking industry.

As with most things related to 2020, COVID-19 will be a deciding factor as the Federal Reserve considers whether banks are able to increase their dividends or resume share buybacks.

The regulator is expected to finalize a rule this week allowing credit unions to issue subordinated debt to outside institutional investors. That's bad public policy, the American Bankers Association writes.

Waterfall Bank, which has ties to an investment group that handles affairs for family offices, would be based in the Tampa Bay area.

JPMorgan Chase dropped one rung on the Financial Stability Board’s annual rankings of systemically important banks to sit alongside Citigroup and HSBC Holdings as one of the world’s three most important banks.

Many small banks are reactivating repurchase programs, signaling that capital levels remain strong and credit issues are under control.

Integrity Bank for Business is being pursued by a group with ties to Heritage Bankshares, which was sold in 2016.

RockPoint Bank is on pace to open early next year. The announcement comes two weeks after Craft Bank became Atlanta's first new bank since 2010.

The bank said the move will give it more flexibility for raising capital.

Highlands Banking would be based in a community near the state's borders with Georgia and South Carolina.