Deposits

Statewide Federal Credit Union in Flowood used its partnerships with Bankjoy and Strum Platforms to identify untapped communities in its field of membership and aggressively market its inaugural high-yield savings account.

IntraFi has joined two banking industry trade groups spearheading an effort to source large institutional deposits at small, cash-starved CDFI and MDI banks.

Total direct compensation for the CEOs of large and midsize banks declined by 6.6% in 2023, and annual bonus payouts tumbled by 30%. The decreases came as banks grappled with the fallout from last spring's banking crisis.

Though Jenius Bank hasn't reached breakeven, it's evidencing solid progress gathering deposits and making loans as it gets ready to celebrate its first birthday.

The Toronto-based company's U.S. banking segment continues to face headwinds from muted loan growth and higher deposit pricing. Net income for the division tumbled by more than 25% last quarter.

New York Community Bank's acquisition of the failed Signature Bank helped with its liquidity. But there were other considerations that decisionmakers overlooked in allowing the transaction to take place.

Branch office deposit data is among the most confidential information at a bank, especially those with many branches. Why have regulators made this sensitive competitive data public for banks and thrifts annually for over 50 years but not for credit unions?

Bank stocks are up this year as interest rates have leveled off and there are hopes that pressure on lenders' profits could moderate.

The Los Angeles-based company, which focuses on Korean Americans, said the acquisition of Territorial Bancorp will allow it to expand its customer base.

The first bank failure of 2024 will result in the Lancaster, Pennsylvania-based Fulton nearly doubling deposits in Philadelphia, a market it has viewed as strategically important for several years.

The San Antonio-based bank said that loan growth, fueled in part by its expansion in key Texas markets, may compensate for pressure on deposits. It slashed the number of rate cuts it expects this year from five to two.

Brendon Falconer, finance chief of the Indiana company since 2019, faces felony child molestation charges. But CEO James Ryan says management is focused on the CapStar integration and organic growth.

The Providence, Rhode Island, company is having discussions with private wealth management teams elsewhere as it seeks to expand its fledgling private bank. In just three months, private banking deposits doubled to $2.4 billion.

After the Minneapolis-based company reported stubbornly high commercial deposit costs, it reduced its full-year forecast for net interest income by $200 million-$500 million.

Rising deposit costs have plagued banks in general, and the Tennessee bank had to pay up to bolster liquidity after its failed merger with TD. But First Horizon retained customers in the first quarter while not paying them the special rates they got last year.

The company reported $4.74 billion in net revenue in the first quarter, down 7.3% from a year earlier but exceeding analysts' estimates of $4.71 billion.

JPMorgan Chase and Wells Fargo said the battle for deposits isn't over — a reality denting their ability to earn more interest income. Regional banks will likely report similar pains next week.

The giant custody bank convinced clients to park more money in accounts with the Boston-based company, prompting it to increase its full-year 2024 projections, Chief Financial Officer Eric Aboaf said.

The company missed estimates for net interest income in the first quarter, a sign that muted loan growth and increased pressure to pay out more for deposits are eating into the benefit of higher rates. 

Some online banks that offer high-yield savings accounts are making those products a little less high-yielding. Banks are also shortening the duration of new CDs, hoping that anticipated rate cuts by the Fed will enable them to start paying less to consumers.