Wisconsin bank makes deal to speed past $10B asset mark
Nicolet Bankshares has agreed to buy MidWestOne Financial in an $864 million, all-stock deal. The acquisition will move the Wisconsin-based buyer into Iowa and the Twin Cities, while also allowing it to vault past a key regulatory threshold.
U.S. cybersecurity progress is ‘slipping,’ report warns
A think tank report details setbacks in U.S. cyber strategy, from shuttered partnerships and staff cuts to the expiration of key info-sharing laws.
Needham and BankProv receive approvals and merge date
Needham and Provident banks received all regulatory approvals and merge date; JPMorganChase hired veteran tech dealmaker Kevin Brunner from Bank of America; RBC Capital Markets will expand its presence in the equity derivatives market with two senior hires from UBS; and more in this week’s banking news roundup.
Fed proposal would publish full stress test models
The Federal Reserve Friday issued a set of proposed changes to its stress testing program for the largest banks that would disclose the central bank’s back-end stress testing models, a move that the Fed had long opposed out of fear of making the tests easier for banks to pass.
Shares in Mass. bank drop after talk of more potential M&A
Boston-based Eastern Bankshares is focused on organic growth, but it would “evaluate the opportunity” for M&A if a deal presents itself, its CEO said Friday. The comments came four days after an activist investor criticized the bank’s recent M&A transactions.
Evolve Bank CEO arrested on charges of child exploitation
Robert Hartheimer’s arrest comes at a time when the bank is trying to recover from a consent order and the Synapse mess.
Cross-border payments remain vexing for consumers, businesses
There are regulatory and technology efforts to reform international payments, but it’s a multifaceted, long process. Swift, The Federal Reserve, and fintechs like Wise and Revolut are pushing potential solutions. Here’s what banks need to know.
Inflation up modestly in September; Fed on track for cut
The Bureau of Labor Statistics released its latest Consumer Price Index reading Friday morning, showing inflation rose by 0.3% in September, slightly below August’s pace. The report also found core inflation steady at 3.0%, even as shelter costs eased and gasoline prices spiked.
The next Epstein is probably already here, hidden in plain sight
Disgraced financier Jeffrey Epstein continued to receive privileged access to financial services well after his crimes were revealed. This exposes a troubling side of the U.S. banking industry that deserves closer examination.
Flagstar reports another net loss amid ongoing revamp
The Long Island-based bank hasn’t been profitable in eight quarters, but executives maintain that it’s on the right path, citing more loan book diversity, lower expenses and an improved margin.