Financial institutions

The Arkansas bank is turning to asset-based lending and loans to venture capital and other investment groups to help fill a void created by a shortage of new, big-ticket commercial real estate deals.

The investment, tied to PNC's deal to acquire BBVA USA, was always going to be large but seemed to grow as CEO Bill Demchak got intimately involved in the discussions and the needs of communities and businesses hit hard by the coronavirus pandemic became more apparent.

The Tennessee company said an unauthorized party gained access to dozens of accounts and obtained less than $1 million from some of those accounts.

Banks could be a better option than payday lenders to meet consumers’ short-term credit needs. But all the OCC’s regulation does is enable partnerships that circumvent state usury laws.

The Senate Banking Committee chairman told an audience of community bankers that he supports legislation to close "chartering loopholes" for industrial loan companies and financial technology firms. He also pitched a plan to give all consumers a free digital wallet backed by the Federal Reserve.

At first the deal seemed an unlikely marriage of two mortgage-heavy companies. But acquiring the Michigan company would help New York Community accomplish its two chief goals — reducing deposit costs and its concentration of multifamily loans — while giving it the scale to pursue more deals.

The merger would create a company with nearly 400 branches, 87 loan production offices and $87 billion of assets.

Clarity on credit quality has bankers ready to strike deals after a lengthy pause. A steady rise in stock prices has also given potential buyers the financial wherewithal to pursue acquisitions.

With Congress pouring billions into a new grant program and state-based lending initiatives, community development financial institutions say they can move past survival mode to test new products and partner with larger financial institutions.

The Ohio company has opened just 32 of 120 new branches it plans in the region by 2022, but those offices are making a sizable contribution to growth.

Climate First Bank has raised $29 million in initial capital, surpassing the $17 million target set by the Federal Deposit Insurance Corp.

Year to date through Dec. 31, 2020. Dollars in thousands.

Full-time equivalent, as of Dec. 31, 2020. Dollars in thousands.

Year to date through Dec. 31, 2020. Dollars in thousands.

The Connecticut company will have more than 200 branches and $64 billion of deposits after completing the acquisition.

Organizers of Integrity Bank for Business must raise around $19.9 million before they can open the bank.

Zions Bancorp. CEO Harris Simmons says the Secured Overnight Financing Rate is more suited for derivative traders than regional banks as a replacement for Libor. His bank this week became the largest to say it would use the alternative developed by the American Financial Exchange.

Rep. Andy Barr, R-Ky., has introduced legislation to make it easier for new community banks to open in areas that are underserved by the banking system.

Liu's promotion is one of a series of moves the company is making in its newly reorganized wealth management unit.

Katz Investment agreed to buy Camp Grove Bancorp in March 2019. The Federal Reserve approved the buyer's application to form a bank holding company earlier this year.