Financial institutions

When it comes to delivering superior return on average equity, smaller banks frequently punch above their weight, according to a recent study by Capital Performance Group and American Banker.

The sale of the $318 million-asset portfolio comes five weeks after the Greenville, South Carolina-based company agreed to sell its investment advisory unit.

The planned Altos Bank in Los Altos cleared a big hurdle this week when state regulators approved its application to open a startup bank. Organizers are hoping for a soft opening before year-end.

The Federal Home Loan Bank of New York paid its departing director of diversity and inclusion $561,600 after an external review found "oversight issues" that led to a shake-up of the bank's human resources department; CDFI Friendly America launches an online mapping system to spotlight growth opportunities nationwide; global law firm A&O Shearman expands its U.S. debt finance team; and more in this week's banking news roundup.

Fortuna Bank in Columbus would be the third U.S. bank specifically formed to be women-owned, according to its organizers. Supporters say it's another win toward obtaining gender-equitable capital access.

The parent company of Fulton Bank announced the creation of three new management roles and promoted existing employees into those jobs. The changes follow the recent hiring of an outsider to be CFO.

The Biden Administration firmly rejects proposed cuts to key financial oversight and consumer protection agencies in the Republican-backed financial services appropriations bill for fiscal year 2025.

The Cleveland-based regional bank continues to benefit from strength in investment banking, though concerns about stalled loan growth emerged as CEO Chris Gorman described demand as tepid.