Deposits

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

The company's latest report predicted there could be sustained economic pressures well into next year tied to rising coronavirus cases.

Technology imperatives, weak loan demand and the need for increased efficiency could put pressure on dozens of regional banks to join forces with rivals.

The forthcoming measure could override staff opinions that helped certain deposit-gathering companies partner with banks.

Many credit unions offer these accounts to help members improve their financial behaviors, but some in the industry are wondering how long the surge could last.

On Jun. 30, 2020. Dollars in thousands.

The company is best known for its reciprocal deposit program, but it’s finding new ways to serve banks without competing for their customers.

First City Bank of Florida had suffered “longstanding capital and asset quality issues” that were unrelated to the pandemic, the FDIC said.

The family-owned bank from the South and the New York commercial lender each would fill a clear need for the other. First Citizens would gain business lending expertise and an online deposit-gathering platform, and CIT would get the cheap deposits it coveted.

Cash, Treasurys and other securities effectively guaranteed by the federal government now make up more than 35% of the combined balance sheets of the 25 biggest U.S. banks, according to data compiled by the Fed. That’s the biggest share in records dating to 1985.