I am convinced community banks feel the impact of inflation more than big banks. Inflation means upward pressure on interest rates, and community banks generally need to increase the interest rates they pay on CDs and savings accounts more rapidly than the largest banks because people still feel larger banks are safer than smaller banks. No matter what regulatory changes occur, most people still believe too-big-to-fail is real. [Continue]
We’re asked to upload images with our phones all the time. Insurance cards, driver’s licenses, checks. And we’ve all experienced the less-than-stellar experience of struggling to get our item exactly in the frame or a multi-step process of needing to crop and rotate so that the image is accepted. [Continue]
Charles Evans and Esther George were both born on January 15, 1958, which means they bumped up against the Federal Reserve’s mandatory retirement age for bank presidents last month. Leadership changes, therefore, are underway at the Chicago and Kansas City Federal Reserve Banks: Austan Goolsbee was named the new president and CEO of the Federal Reserve Bank of Chicago. The Federal Reserve Bank of Kansas City has yet to permanently fill the vacancy created by George’s departure; she was replaced on an interim basis by Kelly Dubbert, first vice president and chief operating officer. [Continue]
Banks with success stories to share frequently share a common attribute, wrote Kyle Hershberger, president at Cross Financial in Omaha, Neb. Their bank’s culture and teamwork rate as a strength and competency. Strong teams focus on “we before me.” [Continue]
Buy Now, Pay Later,” that point-of-sale tool consumers are increasingly using to break purchases into bite-sized payments, may be the flavor of the month to some, but it doesn’t whet Greg Ohlendorf’s appetite. [Continue]
Security challenges for financial institutions are evolving quickly and continually. Increases in cyberattacks, online fraud and ATM thefts are top of mind for the security teams responsible for protecting people and assets. [Continue]
Having access to funds in real-time is more important than ever. Community bankers recognize this, and many are actively planning their faster payment strategies to keep up with customer expectations. [Continue]
While the pandemic significantly impacted all industries, many have clawed their way back even as inflation, labor shortages and supply chain constraints continue. Child care has been a slightly different story, with a crucial industry failing to rebound since 2020 put it in freefall. [Continue]
Economists see a recession as likely in 2023 but are not in agreement on the scope of the pending downturn. [Continue]
First Bank, Creve Coeur, Mo., authorized to establish a branch in Roseville, Calif. Legacy Bank & Trust Company, Mountain Grove, Mo., filed to establish branches in Dallas and Plano, Texas . . . This content is only accessible to members with a current subscription. If you are a subscriber but don’t have online access, please contact … Read more