Financial institutions

President Donald Trump's executive order severely limiting the Treasury's Community Development Financial Institution Fund has thrown the industry into confusion as financial companies try to quantify the damage.

Retired banker Brad Schwartz is set to join First National as finance chief; Bar Harbor Bankshares agrees to acquire Guaranty Bancorp; CDFI Friendly America reveals new data on lending; and more in this week's banking news roundup.

CEO-designate Gunjan Kedia said payments growth is critical to the Minneapolis-based regional's overall success. Dealmaking will take a back seat to organic growth for the time being, she added.

The finance arm of the Detroit automaker has resubmitted its application for an industrial loan company charter to the Federal Deposit Insurance Corp. after withdrawing its prior application last year.

The megabank is simplifying the management structure of its private bank. Regional leaders will now report directly to Andy Sieg, head of wealth.

After the tumult of buying PacWest Bancorp, Banc of California is not only profitable again but surpassing Wall Street's expectations.

The Columbus, Ohio-based bank's profit more than doubled in the fourth quarter from a year ago, with solid growth in loans and deposits.

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.