Financial institutions

The Pittsburgh company is using its BlackRock windfall to execute a familiar script: buy an underperforming bank, cut costs and strengthen ties with commercial clients.

On Jun. 30, 2020. Dollars in thousands.

On Jun. 30, 2020. Dollars in thousands.

On Jun. 30, 2020. Dollars in thousands.

JPMorgan Chase dropped one rung on the Financial Stability Board’s annual rankings of systemically important banks to sit alongside Citigroup and HSBC Holdings as one of the world’s three most important banks.

Temporary policy responses have mitigated problems in the short-term funding markets related to the pandemic, but permanent fixes may be necessary in some areas, the agency said in a report.

The statement comes after multiple small and midsize institutions earlier this year warned the agencies that the secured overnight financing rate was ill-suited to them.

Integrity Bank for Business is being pursued by a group with ties to Heritage Bankshares, which was sold in 2016.

Jane Allerman-Rey, the mutual's chief operating officer, will take on the new role in January.

RockPoint Bank is on pace to open early next year. The announcement comes two weeks after Craft Bank became Atlanta's first new bank since 2010.

The company is best known for its reciprocal deposit program, but it’s finding new ways to serve banks without competing for their customers.

The industry has enjoyed lower tax rates and regulatory relief during the current administration, but individual donations from the eight largest banks favor the Democratic nominee by more than 4-to-1.

The agency finalized a rule to determine which party in a loan sale is subject to regulatory requirements. Advocates charged that the move will help predatory lenders.

The Detroit company said David Provost, former CEO of Chemical Financial, will become its CEO.

Spence’s promotion to president could signal that the Cincinnati banking company is grooming him as a potential successor to Chairman and CEO Greg Carmichael.

Bank of America made three more investments in minority-focused lenders, bringing its total to 10 in the past two months.

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

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

Deposits have piled up, curtailing overdrafts and other fees. The trend could force lenders to find other ways to make money — or start cutting to the bone.

Citigroup said Peter Charrington, global head of private banking, will leave to spend more time with family and pursue new opportunities.