First City Bank of Florida had suffered “longstanding capital and asset quality issues” that were unrelated to the pandemic, the FDIC said.

Strong mortgage and capital markets activity helped offset credit costs and one-time items in the third quarter at Citizens Financial Group. In a period of low rates, CEO Bruce Van Saun says he’d like to buy more fee-generating businesses.

The family-owned bank from the South and the New York commercial lender each would fill a clear need for the other. First Citizens would gain business lending expertise and an online deposit-gathering platform, and CIT would get the cheap deposits it coveted.

The combined company would be the nation's 19th-largest bank with roughly $110 billion of assets.

The Southern California-based credit union would add a fourth branch in the Cowboy State if members of the merging credit union approve the deal.

Duncan-Williams, which serves institutional clients, will help South State expand its correspondent lending operations.

The Pittsburgh company has reservations about the business model and staying power of online-only banks.

The South Carolina company has agreed to buy the parent of Security Federal Bank.

The deal is expected to close sometime next year but is still subject to regulatory and member approval.

Morgan Stanley’s $7 billion purchase of Eaton Vance marks the latest wager that finding a big partner is critical to survival in the asset management industry.