Gateway Mortgage Group’s dream of being a national, diversified financial services player will hinge on its effort to turn a community bank into an online-only platform.
The business, which has $827 billion in assets under administration, includes operations in the U.S., the Philippines and India, according to the buyer, Principal Financial Group.
The companies had planned to make Chemical CEO David Provost the new leader before October's market gyrations led them to break off talks. When they revisited the deal, several things changed — including Provost's role.
The bank is pledging to lend another $2 billion in a market where it has invested $3.6 billion in various community development initiatives since 2016. Most of the new funds will be used to make loans to small businesses that operate in low- and moderate-income neighborhoods.
Alliance Bank Central Texas may have found a way around National Credit Union Administration regulations that make it difficult for banks to buy credit unions.
