Lenders have until the end of 2021 to phase out their use of the London Interbank Offered Rate in setting interest rates, but ServisFirst Bancshares and its CEO Tom Broughton see little reason to wait when a replacement is already available.
The proposed changes laid out by banking regulators would clear up confusion about what qualifies for CRA credit within so-called Opportunity Zones. But not all community development advocates are convinced that the changes are for the better.
Mullis has thrived as a traditional community banker, leading the redevelopment of historic buildings in a small, struggling Georgia town and successfully growing Morris Bank in a mostly rural market.
Many lenders are establishing a firm bottom on variable interest rates amid intense competition for commercial credits, rising deposit costs and the possibility that the Fed could take rates to unprecedented lows.
Don Kimble assured investors Wednesday that the bank is being "very diligent" in lending to an industry some experts say is already in a recession. Echoing other banking executives, he also predicted that consumer lending would drive overall loan growth in the near term.
Top officials at Bank of America and Wells Fargo said that commercial loan demand is weak, even as U.S. consumers show strength. Their comments echo recent findings by the Federal Reserve.
