Deposits

Only 4% of consumers changed banks last year, according to J.D. Power. Behavioral psychologist Wei Ke explains why consumers are so reluctant to move their accounts and what other banks can do to convince them to switch.

Year to date Dec. 31, 2018. Dollars in thousands.

On Dec. 31, 2018. Dollars in thousands.

Community banks in the state have struggled to attract the funds to meet surging loan demand, but that could change now that a new law has made it easier for them to accept government deposits.

The Money Anxiety Index, a measure of consumer saving and spending habits, has started rising off a 50-year low. The economist who created it says that means another slump is nearing, and that banks should use the intel in pricing deposits and making other decisions.

Among his many responsibilities in the newly created role, Brian Doubles will be in charge of expanding Synchrony's direct-to-consumer banking business.

The Honolulu-based credit union said its earnings dropped by more than 37% from a year earlier.

As credit unions attempt to bring in deposits to fund more loans, one institution's success story could offer a path for others.

The Wisconsin bank's pending acquisition of 32 Huntington branches would boost its ability to make more loans, but like other banks it said deposit costs are cutting into margins.

The nation's first credit union saw an 88.5% increase in net income for 2018 thanks to a variety of factors, including a one-time payout from the National Credit Union Administration.

The Raleigh, N.C.-based institution said it also has more than 500 employees.

Fifth Third bought MB Financial in the quarter and benefited from increases in corporate banking revenues and a slight improvement in credit quality.

Whether JPMorgan tipped its hand on a succession plan; U.S. Bank hires its first chief digital officer; all eyes on CFPB as it modernizes its debt collection rules; and more from this week’s most-read stories.

The Rhode Island bank’s deposit costs nearly doubled in the first quarter, but CEO Bruce Van Saun says it has to go on the offensive to sustain loan growth.

The Providence, R.I., bank reported increases in most fee-based lines and loan categories, and it continued to add deposits through its new digital franchise, Citizens Access.

CEO Andy Cecere acknowledges that other banks have tried to broaden customer relationships and selectively expand into new markets before and struggled. But the sophistication of today’s online and mobile services could make all the difference this time, he says.

CEO Joseph DePaolo lamented the tough funding environment after the New York bank said deposit costs jumped 90% in the first quarter. Signature was the second bank Wednesday to report a drag on profits from funding costs.

Bank of America's Brian Moynihan had a lot to brag about in discussing 1Q results but faced questions about what he would do if economic growth slows and rates hold steady for a prolonged period. Other bank chief executives have gotten, or will get, similar questions this earnings season.

The Los Angeles bank reported a 5% decline in net income despite strong loan growth as deposit costs rose and fee income fell.

The Dallas regional assured analysts that it has ample sources of liquidity to fund its expected loan growth.