MetroCorp Bancshares (MCBI) in Houston has commenced a public stock offering to raise $40 million of common equity.
The $1.5 billion-asset company said in a press release Thursday that the proceeds could be used to support organic growth or acquisitions, including failed-bank deals. The company said it could also use some of the proceeds to redeem the $45 million of preferred stock held by the Treasury Department.
At March 31, Metro's total risk-based capital ratio was 17.59%.
The Consumer Financial Protection Bureau sued Walmart and payment app Branch Messenger, accusing them of illegally opening 1 million deposit accounts and charging $10 million in fees. Branch said the agency refused to engage in any meaningful way about the matter.
Bank of America must overhaul anti-money laundering protocols and hire third-party consultants, but will not face growth limits, following OCC action for compliance deficiencies.
Releasing the GSEs from government conservatorship is on the agenda for the incoming Trump administration. Doing so could threaten the 30-year fixed rate mortgage.
Economists say the U.S. economy is leaving 2024 healthy, with unemployment low, inflation manageable and growth robust. Unknown variables — including the depth and scope of President-elect Donald Trump's immigration and tariff policies — could change that course, but likely not until 2026.
Hanscom Federal Credit Union in Massachusetts said it would acquire Peoples Bancorp and its insurance agency. It marked the 21st deal of the year involving a credit union buying a bank.
The OCC's 2024 annual report said that while the federal banking system remains stable, it faces challenges such as rising credit costs, declining net income and increasing nonperforming loans.
