MB Financial Bank’s mortgage division has received its fifth Top Workplace award in recent years based solely on the results of an employee feedback survey administered by Energage, LLC (formerly WorkplaceDynamics), a research firm that specializes in organizational health and workplace improvement. [Continue]
Responding to recent and widespread consumer abuses and other compliance breakdowns by Wells Fargo, the Board of Governors of the Federal Reserve on Feb. 2, 2018 announced it would restrict the growth of the firm until it sufficiently improves its governance and controls. Concurrently with the Fed Board’s action, Wells Fargo will replace three current board members by April and a fourth board member by the end of the year. [Continue]
The Consumer Financial Protection Bureau has finalized its prepaid accounts rule, delaying its effective date one year to April 1, 2019. [Continue]
The long-term principals at Marquette Asset Management (MAM), a wealth management firm based in Minneapolis, have purchased the business from UMB Financial Corporation of Kansas City, Mo. Terms were not disclosed. [Continue]
Some of KleinBank customers are about to shift to being credit union members. Wings Financial Credit Union, Apple Valley, Minn., agreed to purchase three of the Chaska, Minn.-based bank’s branches Wednesday. When the acquisition is completed, sometime in the second quarter, customers at the affected branches, located in Coon Rapids, Ostego and Plymouth, will automatically become Wings members. [Continue]
First Commonwealth Financial of Indiana, Pa., continued its push into Ohio with the announced acquisition of Foundation Bank in Cincinnati on Wednesday. The $58 million stock and cash deal will mark First Commonwealth’s entry into the Cincinnati market, now the sixth piece of an extensive reach into its neighboring state. [Continue]
Meta Financial Group pursued an avenue toward a national commercial and industrial lending platform and thus the holding company of $5.2 billion MetaBank, Sioux Falls, S.D., has agreed to purchase Crestmark Bank, Troy, Mich., a $1.1 billion operation. [Continue]
Earlier this month, the Consumer Financial Protection Bureau was dealt a setback in federal court in California.
The bureau was seeking penalties and restitution from a lender for violations of law. The court agreed with the CFPB in levelling a $10 million fine but denied the bureau’s bid to assess $287 million in restitution and penalties. [Continue]
Audience polling conducted at the 24th annual Acquire or Be Acquired conference in Phoenix on Jan. 29 offered insights into bankers: Forty-nine percent of bankers at the conference identified themselves as buyers. Just over half the audience (52 percent) said deposits are the most important feature of any bank they would consider for acquisition. Market … Read more
Peter Dahl, former CEO of Crown Bank, Edina, Minn., has signed an FDIC order of prohibition, thereby relinquishing any future he might have had in banking. [Continue]