Cap Markets

The de novo, which raised $33 million in initial capital, will become the state's third new bank since the 2008 financial crisis.

The decision is seen as a setback for the banking industry, which had been pushing for an extension, and a win for Democrats, who have argued that a pandemic is no time for banks to be shedding capital.

Keith Costello, who is looking to form Locality Bank, was president and CEO of First Green Bank when it was sold in 2018.

Big banks led the push to offer multibillion-dollar bonds that fund affordable housing, education and nonprofits that serve needy communities. But Truist's recent $1.25 billion bond is a sign that regionals want to attract progressive institutional investors — and burnish their images.

Organizers of the proposed Our Community Bank still need to raise $18 million before opening.

Payservices would use deposits largely to support its existing business. It has no plans to make loans.

Unify Financial is sponsoring a $300M securitization of prime auto loans. The $3.3 billion-asset institution is only the second CU to sell securities backed by auto loans since the NCUA gave the green light for credit union securitizations nearly four years ago.

Comerica, Regions and KeyCorp executives say their companies will proceed with caution despite the green light from the Federal Reserve to buy back stock in case they have to cover a surge in loan growth as the economy recovers.

Hector Negroni, a leader in pushing the needle in municipal finance, talks policy, infrastructure, ESG and a growing global audience for investing in state and local governments.

Six startups that seek to cater to Black and Hispanic consumers outside the financial mainstream are attracting heavy interest from investors. However, the new banks will vie with megabanks eyeing those same customers and with established minority-owned institutions suddenly brimming with new capital.