Practice management

In the wake of destruction across Maui, financial institutions based inside and outside of Hawaii are establishing support programs, raising relief funds and facilitating donations of food and clothing.

After eight years leading one of the nation's most prominent Black banks, Michael Pugh will become chief executive of the Local Initiatives Support Corporation.

The $1.6 billion-asset company said in a press release Wednesday that its directors "voted to terminate" Kevin Lycklama's employment. Dan Cox, chief credit officer, was named as acting president and CEO.

The real threat is from undercapitalized banks, and regulators must require large banks to have enough capital to eliminate that threat.

Ybarra, who leads the megabank's sprawling institutional clients group, plans to depart in the first half of next year. Citi says it's assessing how to allocate his responsibilities.

The five-year employment agreement with CEO Bryan Jordan follows a failed acquisition effort by TD Bank. The deal suggests that Jordan is seen as critical as the Memphis, Tennessee-based bank charts an independent course in the coming years.

The acquisition of Silicon Valley Bank helped push the bank's capital ratio to 13.4% in the second quarter, above its target range. But First Citizens said it would focus on absorbing SVB, and assess the impact of new capital rules, before restarting buybacks.

Lisa Opoku follows Julian Salisbury out the door of the Wall Street stalwart.

Big Poppy Bancorp has applied to the Federal Reserve to acquire up to 24.99% of Summit State Bank. Both institutions are headquartered in Santa Rosa. Combining them would create the city's biggest bank.

Storms earlier this month crippled local communities in the Green Mountain state. Banks, which have had to close branches or open alternative ones, are offering flexible loan repayment options and working with municipalities to finance the rebuilding of infrastructure.

The Federal Reserve says its findings related to "unsafe and unsound practices and violations" of previous agreements with the central bank related to the lender's prior relationship with the Estonian branch of Danske Bank.

Outgoing CEO James Gorman, who is set to become the investment bank's executive chairman, said he has no plans to ditch virtual annual meetings. He also argued that earnings should be reported twice each year, rather than quarterly.