Net income for the nation’s community banks dropped 14.2 percent in the fourth quarter of 2017, to $4.1 billion, down $681 million from fourth quarter 2016. A reduction in corporate tax rates under the new tax law prompted one-time write-downs on deferred tax assets, which contributed to a $1.8 billion increase in income tax expense compared with the same period last year, according to the FDIC. [Continue]
The Michigan Department of Insurance and Financial Services placed the Ukrainian Future Credit Union, Warren, Mich., into conservatorship and appointed the National Credit Union Administration as conservator on Feb. 23. [Continue]
Bankers cut the ceremonial red and Ben Franklin-studded ribbon at the grand opening of Blackhawk Bank’s Janesville, Wis., location late January. Janesville’s Economic Director declared the day “Blackhawk Bank Day,” honoring the bank’s ongoing commitment to the community. [Continue]
Oregon Community Bank, Oregon, Wis., announced Feb. 17 its plans to merge with Grand Marsh State Bank, Grand Marsh, Wis. When the merger is complete, Grand Marsh State Bank, with two locations operating roughly an one hour’s drive north of Madison, will be renamed Adams Community Bank. [Continue]
First National Bank of Omaha, Neb., announced Feb. 22 it will no longer issue an NRA branded Visa card. The company declined to say when its contract with the NRA expired, but said it would not renew its licensing agreement at that time. “Customer feedback has caused us to review our relationship with the NRA. … Read more
A composite outlook of bank CEOs, presidents, and CFOs from across the United States suggests increasing optimism about the banking industry and overall economic conditions. The Bank Confidence Index, which is calculated using the results of Promontory Interfinancial Network’s Bank Executive Business Outlook Survey, tracks banker expectations in four key areas: access to capital, loan demand, funding costs, and deposit competition. [Continue]
Glacier Bancorp, Inc., Kalispell, Mont., announced the completion of its acquisition of Collegiate Peaks Bank, Buena Vista, Colo. Doing business with five locations in the Mountain and Front Range communities of Colorado, the $533 million Collegiate Peaks Bank will operate as a separate banking division under the name Collegiate Peaks Bank, a division of Glacier Bank, with its existing management team. Collegiate is Glacier’s 15th banking division. [Continue]
Choice Financial Holdings, Inc., Fargo, N.D., announced it is acquiring Venture Bank, Bloomington, Minn., giving the growing organization a formidable foothold in the Minneapolis-St. Paul marketplace. The deal was announced Feb. 20 and is pending regulatory approval. [Continue]
Bridgewater Bancshares, Inc., holding company for the fast-growing Bridgewater Bank in Bloomington, Minn., announced Feb. 16 it is going public. It has filed a registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering of shares of its common stock. [Continue]
The Federal Reserve Board on Feb. 15 ordered Minneapolis-based U.S. Bancorp to improve risk management and oversight of its banking subsidiaries’ compliance with U.S. economic sanctions, and Bank Secrecy Act and anti-money-laundering requirements. The Fed also required US Bancorp to ensure its personnel make timely and complete disclosures to regulatory authorities. The Fed imposed a $15 million penalty. [Continue]