Fed limits Wells Fargo’s growth; bank to replace 4 directors

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]

KleinBank sells branches to Wings Credit Union

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]

Pennsylvania bank continues prolonged Ohio push

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]

Court denies CFPB suit for restitution against lender

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 response to poll questions offers insight

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

Associated gets go-ahead on acquisition

Associated Bank’s first acquisition in more than a decade has received regulatory approval, the Green Bay, Wis., bank announced Tuesday. Associated agreed to purchase Bank Mutual Corporation in mid-July for $482 million. Both the Office of the Comptroller of the Currency and the Federal Reserve Board needed to sign off on the merger, which will increase Associated’s size to $32.7 billion in assets. [Continue]