The company said the sale will provide more consistent financial results and allow it to redeploy funds to support other businesses.

The Iowa company said the coronavirus outbreak and litigation against AimBank will postpone the deal's completion by a few months.

Mike Duncan had kept a low profile as chairman of the U.S. Postal Service’s board of governors until it hired Louis DeJoy as postmaster general. Now he is sharing an unwanted spotlight with the embattled DeJoy.

Bankers have long opposed the idea of the U.S. Postal Service taking deposits and making loans directly, but some in the industry are open to the idea of letting banks and credit unions offer services at post offices.

The company said migration to digital channels spurred its decision to shutter locations across five states.

The company will use Savoy's midtown Manhattan office to coordinate business development efforts around the city.

Branches in the Gulf Coast region largely avoided massive flooding. Now bankers must assess the impact on employees and customers.

With the USPS emerging as an election-year flashpoint, postal banking is an idea that could gain steam. But a number of proposals are out there, and they have wildly varying implications for financial inclusion.

The agencies completed steps to ease a community bank capital measure temporarily and to delay a new credit-loss accounting standard.

The Los Angeles company will remain a community development financial institution when it acquires the parent of City First Bank in Washington.

"It's on-demand capital for us," Optus Bank's CEO says of the payment company's deposit. The funds are part of PayPal's broader effort to confront race and income inequality.

If the U.S. Postal Service can hold talks with big banks, like JPMorgan Chase, about offering financial services in post offices, then it could easily strike up similar conversations with credit unions.

"It's on-demand capital for us," Optus Bank's CEO says of the payment company's deposit. The funds are part of PayPal's broader effort to confront race and income inequality.

The product, which is also aimed at community banks, includes a "take-back" option that allows consumers to withdraw extra funds they've paid that go beyond their monthly scheduled mortgage payment.

Whether the number of deals for 2020 can come close to last year's record-setting level will come down to one question: Can community banks generate strong enough profits in the second half to justify their independence?

Social distancing and other pandemic-related measures are making it harder for banks in the Gulf region to rely on tried-and-true contingencies.

The St. Louis company is gaining a sizable Small Business Administration platform and several niche deposit teams. Keeping those specialists in the fold will be key to the acquisition's success.

If the U.S. Postal Service can hold talks with big banks, like JPMorgan Chase, about offering financial services in post offices, then it could easily strike up similar conversations with credit unions.

Executives and boards are bracing for elevated loan losses and stagnant revenue, which will mean more conversations about belt tightening as opposed to added investment.

USAL Bancorp will have nearly $300 million in assets after it buys Escambia County Bank.