News Topic: Community banks

The assertion by former Goldman Sachs executive Gary Cohn that smaller banks won't be viable in a high-tech world overlooks their success in partnering with fintechs, according to the Independent Community Bankers of America. ... Read full article

Agility Bank, one of two women-led groups seeking charters, is looking to open next spring. ... Read full article

The Dallas bank has begun encouraging larger borrowers to seek forgiveness of Paycheck Protection Program loans first as it holds out for the government to streamline the process for loans below $150,000. ... Read full article

Gary Cohn, former head of the Trump administration’s National Economic Council and onetime top executive at Goldman Sachs, says technological changes will continue to make it harder for smaller financial institutions to compete and force many to be sold. ... Read full article

First City Bank of Florida had suffered “longstanding capital and asset quality issues” that were unrelated to the pandemic, the FDIC said. ... Read full article

The Illinois company will shutter 17 locations, or about 15% of its branches, early next year. ... Read full article

The New York bank, which is conducting a search for its next leader, also said it expects to report strong third-quarter earnings. ... Read full article

The South Carolina company has agreed to buy the parent of Security Federal Bank. ... Read full article

Organizers of Scottsdale Community Bank must raise $16 million. The goal is to hit that goal and open by early 2021. ... Read full article

Many community banks need brokered deposits to help fund loans, so policymakers must strike the right balance between promoting liquidity and guarding against reckless lending. ... Read full article

The company, which recently completed an audit, set aside funds to cover issues tied with a lending program it discontinued last year. The move cleared the way for Sterling to file an overdue annual report with the Securities and Exchange Commission. ... Read full article

The industry says the 2017 cut in the corporate rate helped position lenders to support the economy when the pandemic hit. But a plan proposed by Democratic nominee Joe Biden could strain banks’ capital investment and hiring, observers say. ... Read full article

The Small Business Administration has been covering six months of principal, interest and fees for loans that existed on Sept. 27. There are concerns the moves are masking weaknesses in lenders' 7(a) portfolios. ... Read full article

The company said Todd Brice will retire in March. A search firm will consider internal and external candidates. ... Read full article

A survey conducted by the Conference of State Bank Supervisors found that concerns about operating conditions have led a large percentage of small banks to steer clear of acquisitions and new tech investments. ... Read full article

Whether it was their nimble shift to digital, or willingness to interact in new ways with customers in branches, bank employees have met head-on the business challenges posed by the outbreak. ... Read full article

Michael Rechin will step down at the end of this year. The Indiana company tapped CFO Mark Hardwick as its next CEO, while Michael Stewart, its chief banking officer, will become president. ... Read full article

The West Virginia company has an agreement to buy WinFirst Financial for $21.7 million in cash. ... Read full article