Financial institutions

The Ohio-based bank opened its first branch in Alabama, with plans to open 14 more over the next three years.

Amid waning federal support for community development financial institutions and minority depository institutions, a program launched by two banking trade groups is beginning to generate a steady stream of deposits for mission-focused lenders.

The CDFI Fund has yet to announce and disburse awards for five programs, even though applications closed months ago, the lawmakers said in a letter to Office of Management and Budget Director Russell Vought.

BankUnited hires Wells Fargo's James Mackey to be its new chief financial officer; Ponce Bank President and CEO Carlos Naudon is named chairperson of the Community Development Bankers Association; Jefferson Bank announces the retirement of longtime President and CEO Danny Butler; and more in this week's banking news roundup.

Growing loans was a tall order in 2024, but banks that could do just that were able to outperform their peers.

The House Financial Services Committee passed a number of bipartisan banking bills with wide margins, suggesting a growing consensus on how to handle issues like deposit insurance, de novo bank formation and the Federal Reserve's discount window.

The Federal Deposit Insurance Corp's decision to scrap Biden-era rules restricting industrial banks raises hopes for firms seeking to establish ILCs, but that doesn't mean the entry of the largest retailers and tech firms — whose entry to the industry banks most fear — is imminent.

Administration of the Community Development Financial Institution Fund at the Treasury Department will be led by the CDFI Fund's legal counsel following the resignation of the fund's director.

The Columbus, Ohio-based regional bank also benefited from strong performances by several legacy business lines, including auto, mortgages and SBA lending.