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The Pittsburgh-based regional bank expects to save $325 million next year as it reduces its staff by 4%. Executives said the cuts are necessary because revenue has fallen amid a surge in interest rates and a decline in loan volumes.
By Jim DobbsOctober 13 -
Commercial real estate borrowers, including vulnerable office tower landlords, are increasingly struggling to make payments and, as a result, more lenders are expected to report higher credit costs.
By Jim DobbsSeptember 29 -
Merchants Bancorp says it will sell a total of four branches to two buyers and focus more on its core residential mortgage lending business. Banks of all sizes have been pruning branch networks in recent years.
By Jim DobbsSeptember 11 -
As the Latino population in the U.S. expands, so does the business case for banks and credit unions that want to tailor services for this audience.
By Ken McCarthySeptember 6 -
Followers of Islam cannot pay interest on loans. Androscoggin Bank figured out a way to structure a new product that addresses that challenge and paves a path to more homeownership.
By Jim DobbsAugust 28 -
The Columbus, Georgia, bank is selling a $1.3 billion portfolio as part of a plan to pay off higher-cost funding. Though there are rising concerns about the office sector, Synovus said the loans it's offloading have pristine credit quality.
By Jim DobbsJuly 20 -
The average credit union member had saved $286 less in March compared to a year earlier. That was the largest per-member drop in credit union history, fueled by rising costs of living and more aggressive competition.
By Ken McCarthyJuly 14 -
The American Bankers Association's Economic Advisory Committee said access to loans is likely to further soften, while defaults and credit losses could increase in the second half of the year.
By Jim DobbsJune 20 -
The beleaguered bank said it is selling 74 loans totaling about $2.6 billion to a subsidiary of Kennedy-Wilson Holdings. The move is part of a plan to pursue strategic asset sales, trim expenses and shore up its balance sheet.
By Jim DobbsMay 24 -
The companies cited an inability to secure regulatory approvals after postponing multiple times a closing that had been originally expected last fall.
By Jim DobbsMay 4