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As deposits grow scarcer, the Stamford, Connecticut-based bank's acquisition of interLINK earlier this month promises to yield billions of dollars in core funding it can put to work paying down borrowings or purchasing securities, CEO John Ciulla says. → Read More
The same day Provident Financial Services announced it had agreed to buy Lakeland for $1.3 billion, the seller disclosed an ongoing fair-lending investigation by the Justice Department. Provident said it has "not heard anything" that would give it pause. → Read More
Vermont State Employees Credit Union is attracting new cannabis clients so rapidly that it had to press the pause button to add staff. Another New England lender, Needham Bank, is building its own pot banking business through acquisition. → Read More
Banks make up just 10% of the client base for Eltropy, which hopes to increase that number through two tech acquisitions that add video banking and artificial intelligence capabilities. → Read More
The Clayton, New Mexico-based Farmers & Stockmens Bank, has five branches across both states. The combined company would have assets of $6.2 billion. → Read More
Prominent Philadelphia appellate attorney Alfred Putnam is charged with convening a special shareholder meeting to fill a vacant seat on the board. CEO Vernon Hill is competing with a four-member faction of the board — and two separate groups of activist investors — for control of the bank. → Read More
Grain Technologies guarantees to cover fraud costs for the banks it works with. One of those partners, the $1.65 billion-asset Ponce Financial, recently disclosed just how high that figure has reached. → Read More
After failing to win funding for a direct-lending program last year, Small Business Administration chief Isabella Casillas Guzman says the agency continues to study the option because banks and credit unions are making fewer small-dollar 7(a) loans than several years ago. → Read More
Lendistry, a fintech community development financial institution, obtained a license that allows it to become one of the few nondepository lenders with access to the Small Business Administration's flagship lending program. → Read More
Institutions are hiring aggressively or buying up competitors to take part in an equipment finance boom as the economy continues to heal. → Read More
The pilot program, which Small Business Administration head Isabella Casillas Guzman called a key tool for prioritizing more equitable access to capital, is getting a two-year extension along with a boost to its maximum loan size. → Read More
Newtek, the No. 2 originator of Small Business Administration 7(a) loans, is buying a single-branch bank in New York. The news sent its stock price tumbling as shareholders revolted, but CEO Barry Sloane is staying the course. → Read More
Following the departure of longtime chairman and CEO Dan Sheehan, the company has chosen Able Iglesias, president of Professional’s bank subsidiary, as the new CEO. Meanwhile, director Herbert Martens has become nonexecutive chairman. → Read More
The group is urging the board of directors to oust Hill, the chairman and CEO, and replace him with Greg Braca, the former CEO of TD Bank’s U.S. operation. In December, another investor launched its own campaign to drive change at the Philadelphia bank. → Read More
The Mississippi bank’s addition of more than a dozen bankers last year helped drive a $250 million increase in new loans during the fourth quarter. To keep the momentum going, CEO John Hairston said he intends to hire aggressively in 2022. → Read More
Newity was founded to buy and administrate Paycheck Protection Program loans. Now that the program has ended, the company is teaming with a bank on a platform that offers Small Business Administration 7(a) loans. → Read More
The new name, Navy Federal Investment Services, reflects a wider range of products than the previous handle, Navy Federal Brokerage Services. → Read More
The $50 million subordinated debt issuance is large for a credit union and likely the first of its kind to receive an investment-grade rating. It comes days before a National Credit Union Administration rule will take effect to enable a wider range of credit unions to raise capital through debt offerings. → Read More
The $6.7 billion-asset Byline Bancorp plans to invest most of the savings into digital banking. → Read More
The National Credit Union Administration backed off measures that would have let credit unions sign up members in areas where they have ATMs and online services, but no branches. The move was seen as a partial victory for banks, though the matter could ultimately be decided by Congress. → Read More