Oklahoma bank fails amid claims of ‘false and deceptive bank records’
The Office of the Comptroller of the Currency is referring the issue to the U.S. Department of Justice. The failure of the $107.8 million bank will also cost the Deposit Insurance Fund an estimated $43 million.
Press Release: First Bank & Trust Co., Duncan, OK, Acquires Insured Deposits of The First National Bank of Lindsay, Lindsay, OK
PRESS RELEASE | OCTOBER 18, 2024 First Bank & Trust Co., Duncan, OK, Acquires Insured Deposits of The First National Bank of Lindsay, Lindsay, OK WASHINGTON – The First National Bank of Lindsay, Lindsay, Okla., was closed today by the Office of the Comptroller of the Currency (OCC), which then appointed the Federal Deposit Insurance […]
Why banks need to plan beyond post-quantum encryption
A whitepaper from FS-ISAC, a financial services industry group focused on cybersecurity, advocates that banks develop so-called “cryptographic agility.”
Deutsche Bank hires UBS banker, National Bankshares taps new head
Deutsche Bank hired UBS’ Aly Alibhai to head North American mergers and acquisitions; National Bankshares promoted Lara Ramsey to president; Apple Pay users in the U.S. and U.K. now have a pay later option through Klarna; and more in this week’s banking news roundup.
Bank OZK diversifies but remains bullish on commercial real estate
The Arkansas bank said CRE is no longer its principal growth driver, yet it is still the bank’s most prominent business and a big part of its robust lending activity.
Waller makes case for DeFi as complement to traditional finance
Federal Reserve Board Gov. Christopher Waller argued that while decentralized finance technologies can reduce reliance on intermediaries and enhance efficiency, they ultimately pair well with centralized finance.
Regions helped in third quarter by capital markets and wealth growth
The Birmingham, Alabama-based company joined a number of other institutions reporting sizable increases in investment banking-related revenues. It’s also forecasting an uptick in spread income throughout the remainder of 2024 and into 2025.
Banks’ energy finance disclosures must be standardized
Banks reporting their energy supply ratios, which compare rates of lending to fossil fuel projects and clean energy projects, should be required to do so in a way that allows easy comparisons across institutions.
Fifth Third leans on fee income as loans stagnate
The Cincinnati, Ohio-based bank aimed for consistency in its third quarter, taking advantage of its lines of business that aren’t tied to interest rates.
NYCB’s Flagstar cuts 700 staff with more to depart in unit sale
The company expects that a previously announced sale of its residential mortgage servicing business will reduce its workforce by an additional 1,200 employees when the transaction is completed this quarter.