Banking News and Analysis | Banking Dive
Oportun inks deal to sell credit card portfolio. The deal, expected to close in November, is a push by the online lender to pursue profitability by simplifying its business and focusing on its core products. Banking Dive provides in-depth journalism and insight into the most impactful news and trends shaping the banking industry.
BB&T completes acquisition of SunTrust to form Truist
Dec 9, 2019 · BB&T finalized its $28 billion purchase of SunTrust on Friday, completing a deal which will form Truist, the sixth-largest bank in the nation. The transition to the new Truist brand could take up to two years, the company said in a statement. Truist will be headquartered in Charlotte, North Carolina, where 2,000 former BB&T and SunTrust ...
Bank of America customer data exposed in IT provider breach
Feb 13, 2024 · A November 2023 “cybersecurity event” at Infosys McCamish Systems exposed Bank of America customer data, according to a breach notification letter from the bank’s outside counsel filed with the Office of the Maine Atto r ney Gene r al.. Customers’ first and last names, addresses, business email addresses, dates of birth and Social Security numbers may have been among the compromised ...
Breaking down capital requirements - Banking Dive
Dec 4, 2023 · Minimum: 6%, well-capitalized: 8%. Total Risk-Based Capital: This ratio is total capital — tier 1 and tier 2 capital — divided by risk-weighted assets. Minimum: 8%, well-capitalized: 10%. Regulatory scrutiny is common when a bank falls below well-capitalized. For this reason, banks typically look at well-capitalized requirements as a ...
Wells Fargo faces new class-action suit over fake-accounts response
Mar 1, 2024 · Wells Fargo was hit with a new lawsuit Thursday alleging the bank did not do enough to reimburse customers affected by its 2016 fake-accounts scandal, Reuters reported. The class-action lawsuit, filed in a San Francisco federal court by Amanda Gonzales, a schoolteacher from New Mexico, comes on the heels of Wells Fargo recently sending letters to customers urging them to contact the bank if ...
7 personnel moves that spotlight Truist’s reorganization
Oct 9, 2023 · 7. Truist’s deposits unit gets a boost. Jon Ambler will lead the deposits team overseeing consumer and small business deposits, according to Wilson’s memo. The unit takes an elevated role in Truist’s consumer and small business banking division, reflecting “the strategic core value of deposits,” Wilson said. purchase licensing rights.
Huntington unveils commercial banking plans in the Carolinas
Dec 7, 2023 · Huntington Bank aims to expand its commercial banking footprint into the Carolinas to gain market share in the region with high deposit levels, CEO Steve Steinour said Wednesday.. The Columbus, Ohio-based lender has had a commercial banking presence in Charlotte for nearly a decade. Now, it plans to add teams of experienced bankers who will create relationships with customers to in turn bring ...
U.S. Bank to take over State Farm banking operations
Mar 6, 2020 · Dive Brief: In a move to exit the banking business, State Farm later this year will begin turning over its deposit and credit card accounts to U.S. Bank in a strategic alliance the insurance company announced on Thursday. “State Farm has been committed to helping people for nearly 98 years,” president and CEO Michael Tipsord said.
Truist to close 72 locations by March - Banking Dive
Jan 4, 2024 · Truist plans to close 72 locations, or 3.5% of its branch network, by March, as the Charlotte, North Carolina-based bank responds to changes in client behavior, branch traffic and transaction volume, a bank spokesperson said Wednesday in a statement to Banking Dive. The firm said it sent customers a letter in mid-December explaining the branch ...
Fed, OCC approve BMO’s $16.3B Bank of the West acquisition
Jan 18, 2023 · The Federal Reserve and the Office of the Comptroller of the Currency approved Bank of Montreal’s $16.3 billion acquisition of San Francisco-based Bank of the West, the regulators announced Tuesday.. The combination will create the 13th-largest U.S. commercial bank with roughly $256 billion in assets, according to OCC figures. That would put it squarely in a size category the Fed has labeled ...