Practice and client management

The Connecticut bank said its newly minted president, Steven Sugarman, successfully led a private placement and signed a long-term employment agreement that makes him a potential CEO. David Lowery, current chief executive of Patriot, plans to step down in April.

The breach occurred through a vulnerability in third-party file transfer software, and it took weeks for the bank to discover it.

Federal Reserve policymakers said that the U.S. economy remains on sound footing, despite recent setbacks, and that two interest rate cuts lie ahead. Bank stocks advanced on hopes for loan growth and more M&A.

The Independent Community Bankers of America wants Congress to eliminate tax exemptions for credit unions with more than $1 billion of assets, scaling back an earlier request that would have targeted the entire credit union sector.

The U.S. arm of Spanish banking giant Banco Santander is offering a high-yield savings account through its digital bank, Openbank, to eligible Verizon customers, a move that will introduce Santander to millions of potential new customers.

Bankers' surveys of commercial clients have found that corporate decision-makers are less concerned about adverse tariff effects than nervous investors.

Disaster relief is capturing a large share of philanthropic giving from banks such as Truist Financial and Western Alliance Bank.

The regional bank, which hired a commercial banking team away from Citizens Financial Group, has identified growth opportunities not only in the Garden State, but also in Pennsylvania and Texas.

NuMark Credit Union said it would buy Lemont National Bank. After a record-setting 2024, it's only the second such credit union-bank combination so far this year.

Forecasters on an American Bankers Association panel predict continued economic growth this year, though they say President Trump's tariffs have created new inflation and recession risks.

Small lenders across the country filled leadership positions, including Orrstown Financial Services and QCR Holdings.

The Los Angeles-based parent company of Bank of Hope expects to complete its acquisition of Honolulu-based Territorial in April. The $79 million deal faced challenges when an investor group made a competing bid.

Concentrating in narrow specialties can attract both relatively low-cost deposits and low-risk loans in an era of high interest rates and economic uncertainty, lenders say.

The island's largest bank promoted President Javier Ferrer to CEO, effective July 1. He will succeed Ignacio Alvarez, who will retire from the company at the end of June.

Wells Fargo joins Bank of America, Citi and Charles Schwab in stepping away from its DEI policies.

The Connecticut bank expects to report a $9.5 million net loss for the fourth quarter, but it said it's made headway in its efforts to cultivate investors and bolster its capital levels.

Deal advisors said the Trump administration's tariff threats and the specter of inflation have given some bankers reason to pause on acquisition plans. Momentum could still mount, but uncertainty in Washington is a detriment early in the new year.

Up from $26 million in 2023, Jane Fraser's compensation last year saw the largest increase so far among heads of big U.S. banks.

Small lenders produced net interest margin expansion in the fourth quarter, thanks in large part to interest rate cuts in the second half of 2024. Festering inflation, however, threatens to lead to rate increases that could stall their momentum.

Citi's head of wealth said the firm is already working with a quarter of the billionaires in the world through its private bank. Now it just needs them to entrust it with managing more of their money.