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.
Farm banks have enjoyed several years of robust loan volume, but declining farm income has them on guard for increases in delinquencies and more eager to use government-guarantee programs.
Community banks, on average, increased the size of their loan portfolios by 15% in the third quarter from a year earlier, though the numbers reveal a slowdown from prior periods.
Synovus Financial in Columbus, Ga., reported a higher third-quarter profit as its total loans and net interest income increased.
Community banks, by and large, appear well-prepared for capital standards that Basel II will phase in beginning in January. Still, concerns remain on how the requirements will shape cost structures and consolidation at smaller institutions.
How banks are using online and classroom courses to teach young commercial lenders to stay on top of regulatory and market changes.
Buyers still exist for mortgage platforms. The problem is that the gap in pricing expectations for buyers and sellers has widened since refinance activity stalled last summer.
People who lack a credit or work history in the United States may have trouble getting a mortgage under the new qualified-mortgage rule, bankers say. A number of immigrants are self-employed, which makes it even harder to qualify.
The qualified mortgage rule, reduced refi activity and ongoing commoditization are forcing smaller institutions to take a hard look at exiting the mortgage origination business.
Community banks sustained a 27% decline in mortgage banking income last quarter, confirming the laments of individual banks during earnings season. Some banks are getting creative to try to revive their business in coming quarters, but it will be tough.
The Salt Lake City company has long lagged in mortgages, and now is the time to get more aggressive as big rivals pull back and small competitors struggle with qualified-mortgage rules, CEO Harris Simmons says.
Delays in software upgrades are forcing many small banks to play a waiting game when it comes to complying with new regulation.
Lawsuits tied to the Truth in Lending Act are on the decline—but bankers would be wise to delay any celebration.