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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The Bank Term Funding Program, rolled out by the central bank on Sunday night, offers par value for underwater securities that banks pledge to obtain short-term loans. Industry insiders expressed optimism on Monday that it will buy time for institutions that have been hit by rising interest rates.
By John ReostiMarch 13 -
Though housing is experiencing severe rate-related stress, mortgage banking remains central to the Denver-based bank's business model. The Texas market has held up better than much of the rest of the country, company executives say.
By John ReostiDecember 20 -
After resolving a longstanding consent order from the Office of the Comptroller of the Currency and a shareholder lawsuit, Sterling Bank's CEO — an experienced turnaround artist — says the bank is largely done fixing the fallout from its fraud-ridden Advantage Loan program.
By John ReostiSeptember 30 -
The same day Provident Financial Services announced it had agreed to buy Lakeland for $1.3 billion, the seller disclosed an ongoing fair-lending investigation by the Justice Department. Provident said it has "not heard anything" that would give it pause.
By John ReostiSeptember 27 -
Farmers Bank plans to develop new revenue from home loans, despite seeing many bigger lenders flee the same market.
By John ReostiAugust 17 -
The lawsuit filed by the Philadelphia company's CEO claims an opposing board faction lacks a quorum. Hill seeks to bar the group from reinstalling founder Harry Madonna.
By John ReostiMay 18 -
With its sale to Blue Ridge Bankshares set to close within months, FVC Bankcorp is moving to diversify by taking a 29% stake in Atlantic Coast Mortgage.
By John ReostiSeptember 1 -
Infrastructure will command most of lawmakers’ attention, but expect banks to keep pushing for bills that would ease the transition away from a key benchmark rate and help them serve legal cannabis businesses.
By Kate BerryAugust 24 -
The lender's founder and CEO says the acquisition of Roscoe State Bank will give it new products and referral sources.
By John ReostiJune 14 -
Less than two years after shutting down its biggest business amid fraud allegations, the Michigan company has sold branches, settled a shareholder lawsuit and returned to profitability under turnaround specialist Thomas O’Brien.
By John ReostiMay 7