ICBA, ABA push back on Biden OCC nominee
The banking industry is pushing back against President Joe Biden’s nomination of noted Wall Street critic Saule Omarova as Comptroller of the Currency. [Continue]
Creighton survey reveals slowing, still positive economic forecast
A monthly economic survey indicates slowing but still optimistic economic growth expectations in the Midwest for the fourth straight month. [Continue]
One Community Bank to open new location
One Community Bank will open an 1,800-square-foot branch in Middleton, Wis., early next year. [Continue]
U.S. Bancorp to buy MUFG Union Bank
Minneapolis-based U.S. Bancorp is paying about $8 billion in a cash and stock deal to acquire MUFG Union Bank, San Francisco. U.S. Bank is paying about $5.5 billion in cash for the core regional banking franchise from Japan’s Mitsubishi UFJ Financial Group. The deal, which is expected to close in the first half of 2022, does not include MUFG’s global corporate and investment bank or certain middle and back office functions. [Continue]
Indiana bank buying in Kentucky
German American Bancorp., in Jasper, Ind., is buying Citizens Union Bancorp of Shelbyville, Ky., in a cash and stock deal worth $154 million. [Continue]
Charles Funk receives IBA’s Leach Award
Charles Funk, president and CEO of Iowa City-based MidWestOne Bank has received the Iowa Bankers Association’s 2021 James A. Leach Leadership Award. The award was presented to Funk on Sep. 21 at the association’s annual convention in Des Moines. Funk is “a natural leader” and “a champion of leadership,” stated one of several letters supporting his selection, this one penned by bank colleagues Bill Bywater, Sue Evans, Barb Finney, Soni Harney and Thais Winkleblack. [Continue]
Minnesota Bank & Trust moving into St. Paul
Edina-based Minnesota Bank & Trust is crossing the Mississippi with its first office in St. Paul, Minn., opening next week. [Continue]
Financial groups urge Congress to reject IRS reporting proposal
Financial trade groups released a letter opposing a proposed requirement to report deposits and withdrawals on accounts with more than $600. [Continue]
Study: More Americans in severe credit crunch during pandemic
More Americans are facing severe debt during the pandemic, according to a recent report from the consulting firm Inside 1031. [Continue]
Montana’s First Interstate nearly doubles with Great Western buy
Montana’s First Interstate BancSystem, Inc., will buy South Dakota’s Great Western Bancorp, Inc., in an all-stock deal worth $2 billion. Once the acquisition closes in 1Q 2022, First Interstate will be one of the region’s largest financial institutions, with more than $32 billion in assets and more than 300 branches across 14 states. [Continue]