The Connecticut company recruited Robert Russell from Millington Bank to become its president and CEO.

The pressure is on for banks to help Black and Hispanic households build net worth. Many say that starts with diversifying the ranks of middle and upper management.

After tech firms assisted community bankers in processing applications in the Paycheck Protection Program, small-business lenders are continuing to engage with cloud providers and other outside companies to automate the loan forgiveness process.

Citizens Bancorp Investment has agreed to buy American Bancshares in a deal expected to close later this year.

BNCCORP named an interim CEO as it looks for a permanent successor for Timothy Franz.

Jay Hendricks, the company's chief operating officer, will succeed William Foster in August.

Two state assembly members introduced legislation that would let the California Infrastructure and Economic Development Bank accept deposits from public entities and provide financing to small businesses and local governments.

Jim Nussle, CEO of the Credit Union National Association, recently argued that Congress should do away entirely with FOM requirements. Such a move would further favor credit unions over banks.

Backers say a bill to limit asset growth instead of restricting brokered funds addresses concerns about expanding balance sheets at troubled banks. But skeptics worry it would open the door to greater risk.

The company paid Covenant Logistics Group about $14 million for $103 million in accounts receivable.

The coronavirus pandemic has highlighted the issue of millions of Americans lacking access to high-speed internet at their homes. Financial services firms haven't been spared from this challenge.

Russell Golden, who just stepped down from the Financial Accounting Standards Board, says he wants to be remembered for encouraging open discourse over new rules and efforts to simplify financial accounting.

The Main Street Lending Program and other Federal Reserve loan facilities should be tailored to the needs of Black-owned banks and businesses.

Len Devaisher once served as a regional executive for Old National Bancorp.

Small banks have long led the campaign against industrial loan companies, arguing they can be used to violate the separation of banking and commerce. But now the industry’s heavyweights are also taking a hard line in response to an FDIC proposal that would give tech companies a smoother path into the lending business.

Jane Gladstone, new president of Promontory Interfinancial Network, says the recession will accelerate the shakeout among the nonbank disruptors and that small banks have an opportunity to forge new bonds with the survivors.

The New York-area companies' $489 million agreement runs counter to recent merger pacts built around branch cuts and more tech spending.

The company said its plan to shutter 12 locations reflects "increased client usage of online and mobile banking and a commitment to improve digital banking technology."

The class A notes, secured by legacy trust-preferreds and subordinated debt of institutions, carry an investment-grade A1 rating from Moody's. That rating is slightly lower than a prior Hildene CDO, due to elevated pandemic risk to bank profitability.