Small Financial Institutions to Get Break on Call Report Requirements
Financial institutions under $5 billion in assets will soon be able to submit smaller quarterly call reports with less information on them.
Financial institutions under $5 billion in assets will soon be able to submit smaller quarterly call reports with less information on them.
New Valley Bank & Trust, the first de novo bank in Massachusetts in nearly a decade, has received initial regulatory approvals from federal and state regulators, and is now launching fundraising mode.
The FDIC has approved New Valley Bank & Trust’s application for deposit insurance.
State Street Bank and Trust Company broke away from the pack this year, adding a huge amount of assets to its business to grab a commanding lead in market deposit share in Massachusetts.
The parent company of Salem Five Bank has completed its acquisition of Lowell-based Sage Bank. The acquisition was announced in April and Salem Five expects a full conversion this fall.
Eastern Bank has received the highest possible grade for its performance under the Community Reinvestment Act.
Commercial investors will get more flexibility and save money on small-ticket transactions now that federal regulators have increased the threshold requiring an independent third-party appraisal.
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency issued a final rule that increases the threshold for commercial real estate transactions requiring an appraisal from $250,000 to $500,000.
Community banks had another strong quarter, but the majority of the 5,294 community banks in the U.S. saw declines in noninterest income as the pace of loan growth slowed.
The banking industry boosted earnings in the second quarter of 2017 with net income for the quarter surpassing $48 billion, a 10.7 percent increase from one year ago, according to data from the Federal Deposit Insurance Corp.
The nation’s biggest banks’ first quarter 2017 results have contained positive results in the net interest income sphere – a continuation of a trend that started in 2016. Bank of America reported a 20.6 percent increase in net interest income over that of fourth-quarter 2016.
The banking industry saw fourth quarter earnings rise 7.7 percent from the prior year, boosted largely by interest income, the FDIC said this week.
U.S. officials on Tuesday limited Wells Fargo & Co.’s ability to grow its business, punishing the bank for not having a sufficient plan to protect markets in the case of bankruptcy.
Banking industry profits rose in the third quarter and community banks enjoyed a particularly profitable period, even as regulators cautioned bankers about credit risk and reaching for yield in a persistently low interest rate environment.
FDIC-insured banks saw net income tick up during the second quarter, but rising past-due loans and charge-offs to C&I borrowers raised regulators’ attention in the period ended June 30.
The Federal Deposit Insurance Corp. will host a meeting of the Advisory Committee on Community Banking this Wednesday.