News Topic: Community banks

The Small Business Administration began accepting applications Monday, but lenders such as JPMorgan Chase are holding off in hopes that Congress will grant blanket forgiveness for smaller Paycheck Protection Program loans. ... Read full article

The company said it has concerns about a large amount of accounts receivable it bought in July. ... Read full article

Cypress Trust Co. has requested deposit insurance from the Federal Deposit Insurance Corp. ... Read full article

The coronavirus pandemic has forced some branches to close, but demand for in-person advice remains strong. ... Read full article

Many sellers are ditching the loans to avoid the cumbersome forgiveness process. For others, the Paycheck Protection Program was never a strategic fit. ... Read full article

Besides reauthorizing the Paycheck Protection Program, Congress should upgrade the loan forgiveness process, offer businesses the chance to take out a second loan and ensure the pricing satisfies lenders, bankers say. ... Read full article

Community bank earnings are usually easy to understand, but loan deferrals and modifications as well as the complexities of the Paycheck Protection Program are skewing financial statements. ... Read full article

First Bank of Central Ohio would be based near Columbus, where another group opened a bank last year. ... Read full article

Keith Leggett, a former economist at the American Bankers Association, has overseen Credit Union Watch since 2009. ... Read full article

No two properties are alike, so lenders are tailoring their approaches for modification, forbearance and repayment of loans to a sector devastated by the pandemic. ... Read full article

A proposal to expand credit unions’ access to subordinated debt drew plenty of fire from bankers, but there are also concerns the regulation could be problematic for the institutions it aims to help. ... Read full article

A Small Business Administration notice has surfaced that explains what steps lenders must take to seek approval of their forgiveness decisions under the Paycheck Protection Program. But lenders say lawmakers and regulators must do more to cut red tape. ... Read full article

Financial institutions want to protect customers and employees from the coronavirus but are caught in the middle of a politically charged public health debate. The stance taken by the industry’s largest trade group gives them cover. ... Read full article

Simmons First, which is based in Arkansas, plans to shutter 23 locations later this year, while Great Southern in Missouri has hired a firm to take a look at its network. ... Read full article

The company said the acquisition should lower its funding costs and shore up its net interest margin. ... Read full article

Many bankers want to focus more on the forgiveness process, assessing the status of deferrals and pursuing traditional lending opportunities. ... Read full article

The agency's request for information seeks comment on the idea of the FDIC partnering with a standards-setting organization to develop best practices for technology firms, among other things. ... Read full article

The California company said Russell Colombo "is committed to remaining in the job as long as needed." ... Read full article