Financial institutions

The Pittsburgh-based company's fourth-quarter earnings increased more than 80% from the same period in 2023, beating analysts' expectations and leaving CEO Bill Demchak upbeat about 2025 prospects, though M&A likely remains off the table.

The chairman of the financial institutions panel of the House Financial Services Committee said his newly reintroduced bill has a considerable chance of passing with Republicans in control of both chambers of Congress and the White House.

Mohit Ramani joins the Cleveland-based company next week. His predecessor, Darrin Benhart, will fill a newly created role as Key's chief regulatory officer.

Reading Cooperative's combination with Wakefield Cooperative, the third deal involving Boston-area banks announced in the past month, would create a $1.2 billion community bank.

The custody bank achieved its goal for the amount of deposits it placed into minority banks and community development financial institutions by the end of the year.

The Green Bay, Wisconsin-based bank will record a fourth-quarter loss after agreeing to sell $3 billion of low-yield loans and mortgages. The moves leave the bank well-positioned for 2025, CEO Andy Harmening said.

The Greenville, South Carolina-based company said it would pay $80 million in stock to acquire ANB Holdings and its Miami-area bank.

The Financial Stability Board plans to publish a consultation report next year suggesting how authorities could monitor vulnerabilities and use policy measures to address systemic risk from nonbank financial intermediaries' leverage.