John Reosti is a reporter covering community banks in particular and the financial services industry in general. He also focuses on the Small Business Administration, the National Credit Union Administration Board and issues connected to the CECL accounting standard.
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Regulators' decision to lift a seven-year-old cap on the size of the megabank's balance sheet will produce benefits over the long haul, but it won't result in any sudden gains, according to CFO Michael Santomassimo.
June 10 -
The Seattle-based company, which had made home loans for more than a century, announced it was quitting the mortgage business in January. It booked nearly 400 small business loans in the first quarter and expects that total to grow as its team gains traction.
April 15 -
Banks seeking to offload CRE assets are finding a receptive marketplace while regulators have managed to keep the situation in balance, observers say.
January 14 -
The Stamford, Connecticut-based bank hired Steven Sugarman to be its president. The former bank CEO, who now heads one of the country's largest mission-based lenders, will help drive an effort to close a capital gap.
January 2 -
Some lenders are once again hiring mortgage lenders, but memories of the painful staffing cuts they were forced to make over the past two years remain top of mind.
November 18 -
The Vienna, Virginia-based credit union will pay tens of millions of dollars in penalties over what the agency said was "junk fees" charged to Navy Federal's customers.
November 7 -
HomeStreet and FirstSun are working to devise a new formula after the Texas Department of Banking and the Federal Reserve declined to approve their merger application.
November 1 -
The veteran turnaround executive was hired in 2020 to salvage the troubled banking company after the Justice Department launched a far-reaching probe of its mortgage lending practices. It agreed to sell to Florida-based EverBank.
October 8 -
The $17 billion-asset Suffolk-based company is convinced paying $120 million for an in-state rival is a more productive use of capital than share buybacks
September 24 -
The sale of the $318 million-asset portfolio comes five weeks after the Greenville, South Carolina-based company agreed to sell its investment advisory unit.
September 3
