State College FCU is seeking member approval to fold into Horizon CU, citing ongoing challenges finding members to serve on its board of directors and supervisory committee.

The combined institution will serve almost 75,000 members with nearly $660 million in assets.

The veteran executive will receive a $13 million lump-sum payment if she stays with the North Carolina company for two years after the deal closes.

Gary Cohn, former head of the Trump administration’s National Economic Council and onetime top executive at Goldman Sachs, says technological changes will continue to make it harder for smaller financial institutions to compete and force many to be sold.

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.

Morgan Stanley agreed to purchase Eaton Vance for about $7 billion in CEO James Gorman's second major acquisition this year, both of which tilt the investment bank further toward the steadier business of money management.

The Georgia company will add nearly $200 million in assets as part of the acquisition.

Wilmington Trust, the wealth management arm of M&T Bank, is extending its hiring spree and considering acquisitions of registered investment advisers.

Nexi SpA is already hunting for its next target after agreeing a milestone payments merger with Italian rival SIA SpA, as consolidation in the sector shows little sign of easing.

Virginia National and Fauquier Bankshares are planning to create a $1.6 billion-asset company focused on the middle part of the state.

Loan officers surveyed by the central bank said the subpar creditworthiness of some applicants and the ability of others to find credit elsewhere are among reasons the middle-market rescue facility has fizzled.