The Long Island bank is the latest financial institution to use new equity to restructure its balance sheet and unload low-yielding assets. Its stock price tumbled after the shares were priced at a considerable discount.
Banks will feel the fallout from a court's decision to strike down a Nasdaq rule that would have mandated more disclosure about the racial and gender composition of corporate boards.
Upbound currently focuses on lease-to-own products. Brigit will help it expand its offerings, but the fintech faced an FTC complaint last year.
The bank said it redeployed proceeds from the sale into high-yielding investments. It also said it would end an employee pension plan to curb expenses.
A close result was complicated by an hour-long adjournment of the New York-based company's annual meeting that angered dissident investors and left them mulling legal action.
The Canadian bank received approval from the Federal Reserve to increase its ownership stake in KeyCorp to up to 14.9%. The investment is expected to close by the end of this month.
The post-pandemic increase in consumers falling behind on their credit card bills seems to be tapering off. "For 2025, we're seeing a lot of stability in delinquencies," an industry researcher said.
FinTech Forward, a collaboration of American Banker and BAI, brings together the research, media, and event capabilities of banking's top two professional information and education organizations.
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Upbound currently focuses on lease-to-own products. Brigit will help it expand its offerings, but the fintech faced an FTC complaint last year.
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Execs from U.S. Bancorp and Keybank discuss how emerging technology makes it easier to replicate the near invisible checkout that car-sharing riders enjoy.
December 12
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The merger pairs the fintech's consumer lending platform with Gen Digital's identity-protection services, such as Norton, LifeLock and ReputationDefender.
December 10
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The bank suggests it's a scapegoat for Synapse's wrongdoing in a case of banking-as-a-service gone awry.
December 10
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Customers of fintechs affected by Synapse's bankruptcy have been waiting since May for money they had in their accounts, and $65 million to $85 million still appears to be missing.
December 9
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The demand for embedded finance is not going away, but the initial rollout of banking as a service relied far too much on middleware providers without expertise in compliance and oversight. BaaS 2.0 must feature a more bank-centric approach.
December 3
Mobile phones are only going to become a bigger part of how banks interact with their customers, so several institutions are looking to enhance that experience. They are focusing on better ways of opening accounts, verifying identities, interacting with customers and offering new services and features. Here are some of the improvements announced this year.
In the age of big data, banks should be king. After all, which industry knows more about people and how they behave than the holders of deposits? But all that data is useless without leaders who know how to effectively analyze it. American Banker recently polled data and analytics chiefs at banks about the trials and tribulations of big data and the art of finding insightful information. Here are some of their responses.
The era of banks and fintech companies cozying up to each other is in full bloom. Fintechs realize they can better disrupt the industry from within, while banks are looking for partners to help them navigate the digital world. Here's a look at how banks worldwide are buying, investing in and in some cases lending to fintech firms.