Bankruptcy Blogs

M&T to buy People's United; rate rise adds to pressure on homebuyers

02/22/21

M&T Bank in Buffalo has a deal for Bridgeport, Conn.-based People’s United for more than $7 billion; more people are buying homes sight unseen online as interest rates start to climb.

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M&T ends M&A drought with $7.6B deal for People's United

02/22/21

The deal for the $63 billion-asset People's United would create a company with more than $200 billion of assets and a branch network stretching from Maine to Virginia. Buffalo-based M&T has not made an acquisition since buying Hudson City Bancorp in late 2015.

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M&T poised to buy People’s United for more than $7 billion

02/21/21

The tie-up between the two Northeastern banks, which could be announced as early as Monday, would be the latest in a string of recent deals among regionals facing competitive and economic challenges.

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CFPB goes on hiring spree as it looks to ramp up enforcement

02/21/21

The agency is recruiting more attorneys and shuffling personnel under new Democratic leadership as it prepares to toughen oversight of the financial services industry.

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Consumers and Price Volatility: Texas Electricity Prices

02/21/21

Some Texas consumers who didn't lose power are now finding themselves socked with massive electric bills, as high as $17,000. The reason? They were paying variable kW/h pricing for their electricity at wholesale rates, without any sort of price collar. The Washington Post explains: 

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Citi said to consider divesting some foreign consumer units

02/19/21

The company is mulling the sale of certain retail operations the Asia-Pacific region as part of incoming CEO Jane Fraser's plan to streamline operations, according to people familiar with the matter.

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Santander’s CRA rating upgraded to ‘outstanding’

02/19/21

The Boston-based bank said the Office of the Comptroller of the Currency gave it the highest grade possible on its most recent Community Reinvestment Act examination. Santander had received a “needs to improve” grade in 2017 and had a “satisfactory” rating in 2018.

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SPACs supercharging fintechs

02/19/21

MoneyLion and Opportunity Financial are following in the footsteps of financial technology businesses that have raised billions of dollars from special purpose acquisition companies. The quick injection of funds is expected to accelerate their growth as well as make them more competitive with banks and other mainstream financial services firms.

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Bankers plead for answers from SBA on forgiving big PPP loans

02/19/21

The Small Business Administration wants to vet Paycheck Protection Program loans of $2 million or more, but lenders have grown tired of waiting for months with no updates.

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Citigroup tells Texas employees they can use office for shelter

02/19/21

Citigroup told employees in Texas they could take shelter in the firm’s offices as the state grapples with the effects of a snow and ice storm earlier this week.

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