Banking News and Analysis | Banking Dive
WEBTDECU fell victim to last year’s MoveIt data breach, but only found out in July. The credit union said the incident is not expected to impact its acquisition of a Louisiana bank. 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
WEBDec 9, 2019 · Dive Brief: 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 employees will relocate.
Hawaii’s Central Pacific Bank embraces BaaS to gather mainland …
WEBAug 31, 2022 · Geography will no longer be a limiting factor in Hawaii-based Central Pacific Bank’s ability to gather deposits beyond the state, the Honolulu lender’s executives are saying. The bank made its first foray into banking-as-a-service this year with the spinout of Swell Financial, the digital bank it incubated during the COVID-19 pandemic.
Wells Fargo gives CEO Charlie Scharf an 18.4% raise, to $29M
WEBJan 26, 2024 · Scharf’s compensation package represents an 18.4% boost over the $24.5 million he received for 2022. That raise is in line with at least one other package that was disclosed last week for a big-bank CEO: Morgan Stanley’s James Gorman saw his compensation jump 17.5% in 2023, his final year as chief executive. Access now .
Wells Fargo launches new commercial banking platform
WEBDec 5, 2022 · Wells Fargo on Monday announced the launch of a new commercial banking platform — a revamp the San Francisco-based bank says leverages artificial intelligence and machine learning to help clients personalize their accounts. The platform, called Vantage, replaces the bank’s Commercial Electronic Office Portal, or CEO Portal, which it ...
Florida credit union buys bank for 10th such combo this year
WEBAug 15, 2022 · Cantonment, Florida-based Harvesters Credit Union will acquire Panama City-based First National Bank Northwest Florida, according to a press release seen Monday by CUToday and American Banker. Financial details of the transaction, expected to be complete in the first quarter of 2023, were not disclosed. The deal would mark the …
VyStar, Heritage extend acquisition deadline for a 3rd time
WEBNov 1, 2021 · UPDATE: April 4, 2022: VyStar Credit Union’s takeover of Heritage Southeast Bank has been postponed for a third time, Heritage announced Thursday. The two financial institutions mutually agreed to extend the timeline of the deal from March 31 to June 30 after consideration of the proposed transaction and the status of necessary regulatory approvals, the bank said.
Bank of America customer data exposed in IT provider breach
WEBFeb 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 ...
US banks close 2,927 branches in 2021, a 38% jump - Banking Dive
WEBJan 24, 2022 · Banks across the country shuttered a record 2,927 branches in 2021, according to an S&P Global Market Intelligence report published Thursday. The net number of branch closures jumped 38% last year, from 2,126 in 2020 — itself a previous record.
Banks discuss refund rule for Zelle customer fraud: report
WEBNov 28, 2022 · JPMorgan Chase, Bank of America and Wells Fargo are in advanced discussions to create standardized refund procedures for customers scammed through Zelle, the bank-owned peer-to-peer (P2P) payments network, unnamed sources told The Wall Street Journal. The new refund rules are aimed at boosting security and trust in the platform, sources told ...
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