Consumer Finance

With South Florida's economy expected to continue outperforming the rest of the nation, Banesco USA is laying plans to extend its reach into Broward, the wealthy and populous county just north of its Coral Gables home base.

The proposed sale of Territorial Bancorp faced competing offers that delayed its closing by several months. But Hope ultimately won shareholder and regulatory approvals.

"I can't just go fishing in the ocean," said Grasshopper Bank CEO Michael Butler, referring to his bank's ability to gather deposits. "JPMorgan Chase is out there with a yacht, and I'm driving a small speedboat."

Holly O'Neill, who was No. 5 on American Banker's list of the Most Powerful Women in Banking last year, will oversee a new department combining BofA's retail and preferred units. Aron Levine, who previously led preferred banking, is leaving the company.

The $381 million deal for Alabama-based Southern States Bancshares would give FB entree to the sprawling Atlanta market. CEO Christopher Holmes said the bank would likely focus on nearby suburban communities initially.

Small lenders across the country, including Forte Bank in Wisconsin, promoted and recruited chief executives in recent weeks.

Javice sold her student-aid startup, Frank, to JPMorgan in 2021. Two years later, the bank accused her of creating fake profiles to boost the number of customers.

In a surprise move, the Consumer Financial Protection Bureau said that it will not enforce or supervise lenders for the final payday lending rule. The bureau also plans to  narrow the scope of the rule.

The bank now offers personal loans up to $50,000 to State Farm customers, the latest step in its effort to broaden its customer base by teaming up with other companies.