Commercial banking

Metropolitan Bank Holding is rescinding a $7.5 million loan it made to its CEO, and canceling a stock purchase he used the proceeds to fund, after determining that the loan was likely impermissible.

The banking and trading group is expected to shoulder many of the reductions, which come a few months after the firm trimmed about 2% of its workforce.

Banks grappled with a litany of questions throughout earnings season about the likelihood of a recession and the potential for increased pressure on commercial real estate borrowers.

BayFirst Financial, which says it lost $1.6 million when a planned Small Business Administration loan sale to Signature fell through, plans to file a claim for the lost revenue with the Federal Deposit Insurance Corp.

About $2.9 billion of the deposits the company obtained from the failed Signature Bank had fled as of last week, and executives are forecasting that number to double. However, they say they're "cautiously optimistic" they can lure some deposits back.

The Oklahoma lender said its oil-and-gas portfolio remains a key source of stability and potential growth, despite weaker commodity prices.

The top five bank holding companies have combined total credit card loan portfolios of more than $600 billion.

Rep. Roger Williams, chairman of the House Small Business Committee, says Small Business Administration is considering allowing borrowers to self-certify eligibility for loans, a step some believe could lead to more fraud. The agency declined to say whether that is one of the changes it's considering.

CEO Rajinder Singh said battered competitors are "throwing off" both talent and customers, creating a chance for the Miami Lakes, Florida, bank to pick up new business.

The top five banks and thrifts have combined total assets of more than $12 trillion as of December 31, 2022.