Most bank customers embrace digital banking but still seek connections with personal bankers on certain matters, according to an annual survey of U.S. banking professionals and consumers. According to the survey, consumers still value support from a personal banker, especially for more complex tasks like loan applications and detailed financial advice. Banks should respond by … Read more
Waterloo, Iowa-based Veridian Credit Union is entering Minnesota by acquiring Eden Prairie-based American Investors Bank and Mortgage. The deal, announced Dec. 6 in a press release, is expected to close next summer. The price of the deal has not been disclosed. Founded in 1934 as John Deere Employees Credit Union by a few employees of … Read more
A majority of consumers prioritize quality fraud protection programs before opening bank accounts, according to a recent FICO survey. Thirty-three percent prioritize fraud protection, according to the survey, which included responses from more than 14,000 consumers in 14 countries. Thirty-one percent cited ease of use as their top consideration. Sixteen percent prioritize receiving “good value … Read more
Consumer credit conditions remained strong in the second quarter of this year as numbers continued to revert to pre-pandemic averages, according to the American Bankers Association’s second quarter Credit Card Market Monitor. The total number of accounts opened increased 5 percent on an annualized basis, bringing the number of open accounts higher than at the … Read more
U.S. economic activity was limited in recent weeks as interest rates and inflation continued to limit growth, according to the Federal Reserve’s Nov. 30 Beige Book. [Continue]
Illinois-based Morton Community Bank is acquiring Springfield, Ill.-based Marine Bank. The merger is expected to close in the second quarter of next year. Morton Community Bank will grow to a $5.7 billion bank and add 11 branches to its footprint. The acquisition continues the bank’s recent growth. Two years ago, Morton Community Bank acquired several … Read more
The Midwest economy is softening amid warning signs of a pending recession, according to Creighton University’s November Mid-America Business Conditions Index. The index, which tracks the sentiments of supply managers in a nine-state region, fell five points last month to 48, the first time the reading has fallen below the growth-neutral score of 50 since … Read more
FDIC-insured institutions made $71.7 billion in the third quarter, an 11.3 percent increase from the previous quarter. [Continue]
Chicago-based Byline Bancorp, Inc., is acquiring Oak Brook, Ill.-based Inland Bank and Trust in a $165 million, cash-and-stock deal. The transaction, expected to close in the second quarter of next year, will expand Byline’s suburban Chicago footprint to 47 branches. By acquiring the $1.2 billion Inland Bank, Byline will grow to include $8.5 billion in … Read more
The stability of the global financial system continues to be tested by high inflation, slowed economic growth, and cryptocurrency safety risks, according to the Financial Stability Board’s 2022 annual report. [Continue]