National City Corp. of Cleveland has acquired Wayne Bancorp. Inc., a company with 23 branches in northern Ohio.
The fill-in acquisition was announced Tuesday. National City, which paid $180 million in cash for the Wooster, Ohio, company, plans to convert Wayne's systems to its platform by mid-December. National City bought Allegiant Bancorp Inc. of St. Louis in April and Provident Financial Group Inc. of Cincinnati in July.
The Dallas bank is replacing longtime CEO Scott Kavanaugh, who stepped down Thursday, with veteran banking executive Thomas Shafer. Shafer previously led Chemical Bank, which was acquired by TCF Financial in 2019.
The Federal Reserve released the volume of activity on its instant payments network since its launch last summer, showing a surge in usage between July and August.
The niche buy now/pay later firm is looking for differentiation in a crowded market with recognizable brands like Klarna, Affirm and Afterpay.
The 2.0 version, expected to launch next year, will provide more detailed responses based on more complex, humanlike thought processes.
The breach, which occurred earlier in November, did not directly impact customer operations, but a threat actor stole data meant for customers.
The North Carolina-based bank rolled out a multiyear program to provide loans, investments and philanthropic support to communities in the western part of the state.
