Financial institutions

On Sep. 30, 2020. Dollars in thousands.

Protego Trust Bank in Seattle will focus on providing custody services for investors that hold digital assets. The OCC decision comes weeks after the agency granted permission to a South Dakota trust company to offer crypto-related services.

Banks weren't involved in the trading frenzy, but some observers say the regulatory response should address risks to all financial institutions.

A group led by Stephen Gordon has received conditional approval from the Federal Deposit Insurance Corp. to open Genesis Bank.

Some big banks trimmed their stockpiles that guard against loan losses in the fourth quarter, but overall allowances fell less than many observers predicted. The trend will likely continue given uncertainties surrounding vaccine distribution and the economy.

Bank of New York Mellon, State Street and Northern Trust have even more reason to slash costs than commercial banks because their options to boost revenue are more limited. Problem is, they also have fewer cost-cutting options.

The pandemic has decimated small businesses, and minority-owned firms have been hurt the most. How can banks and regulators jump-start the small-business economy?

Organizers have been working raising capital and preparing an application for about four years.

Acquisitions of wealth management, insurance, fintech and other firms are expected to pick up as banks seek new sources of fee income and look to improve digital capabilities.

The Columbus, Ohio, company plans to close nearly 200 branches in the state — including more than 90 in Meijer grocery stores — after it acquires TCF Financial. It also intends to significantly boost its technology spending to improve its digital capabilities.

Deposits are soaring while loan demand lags and mortgage-backed securities offer weak returns. So the Alabama company has parked loads of cash at the Fed in hopes the economy will pick up steam before profit margins suffer.

It would force national banks to make loans to high-risk industries that often pose dangers to vulnerable communities. The next comptroller of the currency should instead promote equal credit availability for consumers who need it most.

The Cleveland company will launch the service in March to broaden relationships its Laurel Road student loan refinancing unit has built with health care professionals.

Southern Bancorp, which recently raised $35 million in capital, agreed to acquire DeWitt First Bankshares, the parent of Arkansas County Bank.

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

Full-time equivalent, as of Sept. 30, 2020. Dollars in thousands.

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

The project will deploy $20 million as secondary capital to expand economic relief and financial inclusion, and follows a $1 million project last summer aimed at helping low-income consumers in Rust Belt cities.

The new global wealth division, which is being formed by combining the firm’s private bank with a unit that serves substantially less wealthy households, will be led by Citi veteran Jim O’Donnell.

Organizers of First Bank of Central Ohio will need to raise $20 million before it opens.