Commercial banking

The parent company of Fulton Bank announced the creation of three new management roles and promoted existing employees into those jobs. The changes follow the recent hiring of an outsider to be CFO.

The Dallas-based bank is the latest bank to announce plans for a direct lending rollout using nonbank capital.

Shares in U.S. banks weren't immune to a global market sell-off, as worries mounted over whether the U.S. economy's recent resilience is faltering. The turmoil hit some tech stocks hard and led to the worst day for Japanese stocks since the 1980s.

After a bloodbath that wiped out several trucking companies, a new U.S. Bank report on the industry signals its fortunes may be turning. The rebound, if sustained, may end the bleeding in bank loans to the sector.

The five largest bank M&A deals had an average deal value of more than $1.2 billion.

The Kansas City, Missouri-based regional bank said it is making progress on its pending purchase of Heartland Financial USA in Denver. The deal is expected to close during the first quarter of 2025.

The top five banks and thrifts had combined assets of more than $13 trillion as of March 31, 2024.

Fulton Financial taps Valley National's Richard Kraemer as its new CFO; UBS' veteran private banker Jenny Su has left the firm; Bank of America names Kevin Brunner head of global technology, media and telecommunications investment banking; and more in this week's banking news roundup.

The Raleigh, North Carolina-based bank grew loans and deposits in the second quarter as it won back business from former customers of the failed Silicon Valley Bank. First Citizens bought the remains of SVB last spring.

The parent company of Flagstar Bank reported a net loss of $323 million for the second quarter after boosting loan-loss provisions and recording a steep increase in net charge-offs. Still, it says it's making progress on a turnaround plan, including by agreeing to the sale of its mortgage servicing business.