Efforts to create city- or state-owned banks in Los Angeles, Seattle and New Jersey have suffered setbacks of late, but public banking advocates are taking the long view.
It will also invest in mortgage and small-business lending and in neighborhood revitalization efforts there. The moves are part of a nationwide expansion by the largest U.S. bank.
Provident Financial said it increased its allowance against a commercial loan after discovering that the borrower overstated the value of its collateral.
