Community and regional banks may not be able to outspend their larger rivals, but they can be more nimble in implementing the necessary culture change.
Sen. Sherrod Brown, the Senate Banking Committee's top Democrat, said the banks failed to provide enough information on how their proposed combination would affect employees and consumers.
It was early on a February morning when Charlotte, North Carolina, Mayor Vi Lyles got the call: BB&T would combine with SunTrust in the largest bank deal in a decade and wanted to place its headquarters in her city.
As competitive pressures mount for midsize banks, more institutions are likely to follow the lead of BB&T-SunTrust and amass more resources for investing in AI, digital platforms and other cutting-edge technologies.
BB&T-SunTrust deal came together with remarkable speed; Citi and Chase take on fintechs at their own game; CECL spells trouble for small banks, consumers; and more from this week’s most-read stories.
The Federal Reserve and Federal Deposit Insurance Corp. will hold two public meetings on BB&T's planned purchase of SunTrust to consider the deal's impact on the U.S. banking system
The combined bank would be chartered in North Carolina, with the FDIC serving as its lead federal regulator, N.C. Banking Commissioner Ray Grace says. The merger partners had other options, including the Fed and the OCC.
The banks have no choice but to pick a new name, marketing experts say, but good luck: The best ones may already be taken, made-up names can sound forced, and any change might nudge more customers to rethink their loyalties.
Community banks can’t afford the digital banking services customers demand; Vanguard's "banklike" cash management service couldn't match banks' offerings.
