Regional banks

The Cleveland company is more than doubling an earlier commitment in order to support racial equity and environmental sustainability.

Harmening, set to take the helm of Associated Banc-Corp next month, is being asked to replicate the digital transformation he led at Huntington Bancshares. His career path is a signal to the industry’s rising stars that the road to the corner office includes hands-on technology work.

The Alabama company is instead on the hunt for nonbank acquisition candidates as well as employees or clients it could lure away from regional banks that have announced merger deals recently, John Turner says.

Harris Simmons of Zions Bancorp. warned that excess deposits could suppress loan demand and pose an inflation threat, while Darren King of M&T tried to reassure investors that deposits will be less volatile than some fear once the economy improves.

Harris Simmons, the chairman and CEO of Zions Bancorp., updated investors Wednesday on his cancer diagnosis, saying a CAT scan last week did not detect the rare form of non-Hodgkin’s lymphoma with which he was diagnosed in November.

Some big banks trimmed their stockpiles that guard against loan losses in the fourth quarter, but overall allowances fell less than many observers predicted. The trend will likely continue given uncertainties surrounding vaccine distribution and the economy.

Acquisitions of wealth management, insurance, fintech and other firms are expected to pick up as banks seek new sources of fee income and look to improve digital capabilities.

The Columbus, Ohio, company plans to close nearly 200 branches in the state — including more than 90 in Meijer grocery stores — after it acquires TCF Financial. It also intends to significantly boost its technology spending to improve its digital capabilities.

Deposits are soaring while loan demand lags and mortgage-backed securities offer weak returns. So the Alabama company has parked loads of cash at the Fed in hopes the economy will pick up steam before profit margins suffer.

The Cleveland company will launch the service in March to broaden relationships its Laurel Road student loan refinancing unit has built with health care professionals.