FDIC-insured banks had net income of $18.5 billion in first quarter 2020, a decline of $42.2 billion (69.6 percent) from a year ago. Just over half of banks reported year-over-year declines in net income. Deposits rose by $1.2 trillion in the first quarter from the previous quarter. [Continue]
Muscatine, Iowa-based CBI Bank & Trust completed its acquisition of Walcott Trust & Savings Bank over the weekend. [Continue]
An Arizona subsidiary of Heartland Financial USA in Iowa is buying branches from Johnson Financial Group, Racine, Wis. [Continue]
LendSmart, an infant mortgage-origination fintech, was active in the 2020 iteration of the Independent Community Bankers of America’s ThinkTech Accelerator in Little Rock, Ark., until the program got cut short due to the coronavirus. [Continue]
Paul Kohler, president and CEO of Charter Bank, Eau Claire, has been elected to serve as the 2020-2021 chair of the Wisconsin Bankers Association. [Continue]
In February, the Federal Housing Finance Agency announced it would seek input on expanding the field of membership in the FHLB system to nonbank mortgage lenders and real estate investment trusts. [Continue]
The U.S. economy will experience about a 6 percent contraction this year, but will begin to recover from its severe second-quarter downturn in the third quarter. [Continue]
Peoples Bank SB, Muncie, Ind., has converted from an Indiana-chartered stock savings bank to an Indiana-chartered commercial bank. [Continue]
Augusta, Wis.-based Unity Bank has completed its acquisition of First Citizens Bank of Polson, Mont., its first office in the state. [Continue]
Regulators are reducing exam schedules, making it easier for banks to do business online, waiving notification requirements and taking other steps to make it easier for bankers to serve as many customers as possible during a crisis that has plunged the nation into recession. [Continue]