Deposits

One in five Americans started banking with a new financial institution while dealing with economic hardships over the past year. But data suggests the relationships are tenuous and competition for customer loyalty will intensify.

The California company will gain $4 billion of low-cost deposits with its $250 million acquisition of the homeowners association services division.

MapleMark Bank in Dallas and the German fintech will let consumers choose from among three types of savings products including automated CD ladders that they can tailor to their own needs.

CUNA Mutual Group's latest Credit Union Trends Report shows consumers continue to deleverage thanks to stimulus payments and cash-out refinancing, though membership picked up slightly.

On Dec. 31, 2020. Dollars in thousands.

A new report from CUNA Mutual Group shows just how much COVID-19 and the economic slowdown impacted the credit union industry in 2020.

M&T had long coveted the Connecticut regional but couldn't make a deal work. Their merger is the latest example of regional banks joining forces to compete in an industry undergoing rapid transformation.

Todd Harper, chairman of the National Credit Union Administration, said new assessments are likely needed because of an influx of deposits, but industry groups and other board members say the agency should wait to see if the reserve ratio recovers on its own.

Year to date Sep. 30, 2020. Dollars in thousands.

Harris Simmons of Zions Bancorp. warned that excess deposits could suppress loan demand and pose an inflation threat, while Darren King of M&T tried to reassure investors that deposits will be less volatile than some fear once the economy improves.