Jackie Stewart is the executive editor of American Banker Magazine. Previously, she covered breaking news, community banks and mergers and acquisitions for American Banker before being named as the managing editor of the Credit Union Journal. After graduating from Northwestern University in 2006, Jackie taught for two years in the Bronx, N.Y., through Teach for America.
Federal Savings Bank in Chicago has acquired the assets of ICC Mortgage Services in Westbury, N.Y.
Changes to mortgage disclosure rules implemented in October continue to frustrate community bankers and is just another example of the struggle to stay independent.
Umpqua Holdings in Portland, Ore., posted stronger quarterly earnings because of an increase in mortgage banking fees and lower costs.
The long-delayed approval of the merger of M&T and Hudson City should have been a bright spot in postcrisis M&A, but a small footnote from the Fed quickly reminded bankers that dealmaking will remain a demanding process.
While banks have significantly decreased their problem assets from their 2010 peak, sour credits remain much higher than in 2006. A number of banks have been reluctant to sell these assets because of low interest rates and a struggle to find better investments.
Suncrest Bank is hoping that its team of experienced executives, combined with organic growth and acquisitions, will help more than double its assets in the next few years.
Synovus Financial in Columbus, Ga., reported higher second-quarter income tied to a lower loan-loss provision.
The Cleveland company, which this spring said it had decided to start originating its own mortgage loans again, shared more details on the start date of this new effort and the rationale behind it.