During shutdowns, some wondered if banks would be left with a surplus of space in their buildings if remote work became the new norm. As Covid-19 vaccines rolled out and bank employees trickled back to their offices, those worries have so far been unfulfilled. Still, with more employees working from home and consumers embracing remote banking, some institutions have reduced their space needs — possibly forever. [Continue]
Minnetonka, Minn.-based American Equity Bank is acquiring the loan company Luminate Home Loans this month in an all-stock transaction. [Continue]
The Midwestern economy is strong but not without challenges, and inflation has not been as transitory as he initially projected, said Neel Kashkari, president of the Federal Reserve Bank of Minneapolis. [Continue]
FDIC Chair Jelena McWilliams is resigning early after allegations that prominent Democratic board members were attempting to take control of the agency. [Continue]
“This report helps quantify the national impact of Bank On and how consumers are opening and using safe, affordable transaction accounts,” said Daniel Paul Davis, vice president of community development and the community affairs officer at the St. Louis Fed. “The use of these accounts demonstrates the market for Bank On-certified accounts.” [Continue]
The year 2021 was unlike any other for community banks. Even as Covid-19 variants blanketed parts of the country with illnesses and deaths, creating uncomfortable reminders of 2020, more Americans became inoculated against the virus. The economy strengthened, and many bank employees returned to their offices, easing previous fears of an influx of available commercial space. Still, more familiar challenges roared back: President Joe Biden’s administration, inaugurated in January, has already proposed tightening policies relating to overdrafts, reporting requirements and M&A, three issues that could have significant impacts on community bankers in the coming years. With a toast to 2021, BankBeat.biz has compiled the five stories that especially captivated the industry during the previous 12 months: [Continue]
Digital engagement with bank services — enrollment in online portals or mobile apps, and opt-in rates for electronic statements or billpay — has grown exponentially during the pandemic. Megabanks and super regionals spend big on technology, and continue to gain market share. In order to compete, community banks face pressure to invest in their technology offerings. [Continue]
The tax-free status of credit unions and that industry’s continuing expansion promise to be on the minds of community bankers for the foreseeable future. The tension between banks and credit unions also continues to be debated at state capitols and among federal policymakers. And yet, in small pockets of the financial services landscape, banks and credit unions are finding ways to come together. [Continue]
Stephanie Christian immediately knew banking was the right fit. A Webster City, Iowa, high school student in 2002, she landed a drive-thru teller gig at WCF Financial Bank through her school’s work program. The position sparked her desire to learn more about finance and to serve her community. Christian’s love for community banking quickly developed, fueling her to eventually make a 200-mile daily round trip. [Continue]
As reported by the Star Tribune, the St. Paul measure caps rent hikes at 3 percent beginning next year. [Continue]