Small businesses’ optimism fell in December as owners continued to view inflation as the top threat to their operations, according to the National Federation of Independent Business. The index for small business optimism fell 2.1 points last month to 89.8, the 12th straight month that it has fallen below the 49-year average of 98. Owners … Read more
Nearly all community bankers believe that a recession has already started, according to the fourth quarter 2022 Community Bank Sentiment Index released by the Conference of State Bank Supervisors. The index, released Jan. 10, fell six points to 85 as community bankers continued expressing concerns over regulations, monetary policy, cyberattacks, and the broader economic outlook. … Read more
Omaha-based First National of Nebraska is acquiring Minneapolis-based Northland Capital Holdings and its subsidiary Northland Securities, Inc. The deal is expected to close in the first quarter of this year. Once the sale closes, Northland Securities will operate as a subsidiary of First National. A prominent underwriter of tax-exempt bonds in the Midwest, Northland Securities … Read more
Hannibal, Mo.-based HNB National Bank is acquiring Louisiana, Mo.-based Mercantile Bank. The merger was announced in a Jan. 5 press release in the Hannibal Courier Post. The financial terms of the deal were not disclosed. The merger is expected to close during the second quarter of this year. By acquiring the $134 million Mercantile Bank, … Read more
The Independent Community Bankers of America is pushing back against the Small Business Administration’s proposal to expand its signature lending program to nonbanks. A Jan. 5 letter written by ICBA First Vice President James Kendrick comes as the SBA considers lifting its 41-year moratorium of licenses for new small business lending companies from 14 and … Read more
Champaign, Ill.-based CIB Marine Bancshares announced Jan. 3 that it plans to hire approximately 30 mortgage loan officers as it expands its mortgage lending department into Arizona, Connecticut, Florida, Massachusetts, New York and Rhode Island. The parent company of the $754 million CIBM Bank hired Frank Binetti as director of mortgage operations. Binetti, a 35-year … Read more
Regulators are warning banks that exposure to the crypto industry leaves customers at greater risk of falling victim to scams and fraud. The Federal Reserve Board of Governors, FDIC and the Office of the Comptroller of the Currency outlined their concerns in a Jan. 3 report. Though they did not technically explicitly call on banks … Read more
U.S. GDP increased by 3.2 percent in the third quarter of 2022, according to the Bureau of Economic Analysis. The jump “reflected increases in exports, consumer spending, nonresidential fixed investment, state and local government spending, and federal government spending,” according to the report. The increase came following a 0.6 percent fall during the second quarter. … Read more
The Office of the Comptroller of the Currency authorized Toronto-based Ceridian National Trust Bank to open in Minneapolis. The authorization, announced Jan. 3 in a press release, allows the bank to operate as a trustee for the payroll trust of the business human resources software technology company Ceridian. The trust’s structure is expected to help … Read more
Supply manager sentiments fell once again in December as recessionary fears continued to grow, according to Creighton University’s Mid-American Economy report. The Business Conditions Index fell by one point to 47, the second straight month that the reading has been below the growth-neutral score of 50. Approximately 60 percent of supply managers said the economy … Read more