Jon Prior
American Banker
Dallas, TX, United States
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Past articles by Jon:
Banks feel fallout from Texas laws on guns, fossil fuels
JPMorgan Chase and Bank of America both lost substantial business in the state’s lucrative municipal finance market following the passage of laws that ban discrimination against the firearms and energy sectors, according to new data. → Read More
Cullen/Frost shuns M&A, sticks with Texas expansion plan
Executives said record-high commercial loan commitments in the fourth quarter validate the San Antonio bank’s decision to open more than two dozen branches in Houston and pursue a similar path in Dallas. → Read More
Congress expands probe into fintechs’ role in PPP fraud
Lawmakers are seeking documents from two companies — Blueacorn and Womply — over concerns about the suspected scale of fraud in Paycheck Protection Program loans they processed. → Read More
Umpqua opens Arizona office targeting middle-market borrowers
The Portland, Oregon, company has tapped former Bank of the West executive Kevin Gillette to lead its expansion in Arizona. → Read More
The demise of branches is overstated, big-bank executives say
Even as the pandemic has hastened adoption of digital banking, industry officials say branches remain vital points of contact with consumers. → Read More
Cullen/Frost looks to shrink energy lending even further
The Texas bank, which has spent six years reducing its exposure to fossil fuel companies, aims to bottom out at around 5% of its total loan portfolio. → Read More
Most small banks say they'd refuse to sell to credit union on principle
Fifty-three percent of community bank executives who participated in a recent survey said they’d spurn a takeover offer by a credit union, even if it was the highest bid. The findings underscore the rivalry between the two sectors at a time of rising consolidation. → Read More
What's on the minds of big-bank CEOs
During third-quarter earnings calls, Bill Demchak of PNC raised concerns about stablecoins, while Jane Fraser of Citigroup pledged that there will be accountability for fixing her company's regulatory troubles and Jamie Dimon of JPMorgan Chase sounded downbeat about the Biden-era regulatory environment. → Read More
Regions says it’s open to more nonbank acquisitions
The Alabama company agreed to buy two nonbank lenders earlier this year. It’s still on the lookout for possible deals, potentially in corporate finance or wealth management, its chief financial officer told American Banker. → Read More
Energy banks predict higher oil prices will lead to lending rebound
Zions and BOK Financial are eager to meet the anticipated rise in loan demand despite regulatory attention on the financial risks associated with climate change. → Read More
Comerica says M&A disruption ‘bodes well’ for growth in California, Texas
The Dallas company plans to move aggressively to recruit customers and employees of rival banks involved in mergers that are shaking up the banking landscape in two of its key markets. → Read More
PNC’s chief executive warns of threat from stablecoins
Bill Demchak, whose company plans to allow crypto trading through a mobile app, nonetheless expressed concern that digital currencies pegged to the dollar could affect central banks’ ability to control the money supply. → Read More
U.S. Bank enhancing payments services for commercial borrowers
In a bid to boost fee income, the Minneapolis company is upgrading its payments technology to allow businesses to manage inventory, payroll and other functions — as well as make payments — all in one place. The tech is modeled after an offering from Square. → Read More
Umpqua, Columbia set long timeline for completing merger
Executives at Umpqua Holdings and Columbia Banking System said the deal could progress more slowly than usual because of a perceived approval backlog at the Federal Reserve. The two Pacific Northwest-based banks are seeking to combine into a $50 billion-asset company. → Read More
Oportun pulls bank charter application, says it plans to refile
The Silicon Valley consumer lender first applied to become a national bank during the Trump administration. But the bid stalled amid criticism from consumer advocates and a leadership change at the OCC. → Read More
Fair-lending suit puts heat on Old National-First Midwest deal
An Indiana housing nonprofit wants the Fed to take a closer look at the proposed merger. Its latest move is a lawsuit that alleges racial discrimination by the regional bank. → Read More
WaFd Bank pays $2.5 million anti-money-laundering fine
The Seattle bank, a unit of Washington Federal, said it viewed the payment as a “milestone” in its efforts to resolve issues found in its AML program more than three years ago. → Read More
Newsom nominates new financial regulator for California
Clothilde Hewlett, executive director and chief legal officer of the Cal Alumni Association, would succeed Manny Alvarez, who stepped down in June. → Read More
Bank workers notch win in California — and push for another in D.C.
Employees at Beneficial State Bank secured banking's first labor union contract in 40 years and now are calling on Congress to pass legislation, drafted by House Democrats, to protect front-line workers across the industry. → Read More
The biggest bank M&A deals in 2021 — so far
U.S. Bancorp, M&T Bank, Citizens Financial are among the regionals that are buying smaller competitors in an effort to achieve greater scale. → Read More