The Oklahoma State Banking Department has closed Bank of Union in El Reno.
Acting as receiver for the $331 million-asset failed bank, the Federal Deposit Insurance Corp. entered into an agreement on Friday to sell $225.5 million in assets and $328.8 million in deposits to BankFirst (BANF) in Oklahoma City. The FDIC said it will retain the failed bank's remaining assets for later disposition.
The failure the second so far this year is expected to cost the Deposit Insurance Fund $70 million.
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.
BNY announced expanded employee benefits and a boost in its minimum wage for all U.S.-based employees; Synovus has added former FIS executive Greg Montana to its executive board; National Bank Holdings sold off a fifth of its securities portfolio; and more in this week's banking news roundup.
The Capital One-Discover merger, the war against Visa and Mastercards' swipe fees and budding payment technologies were most popular with American Banker readers in 2024.
Financial institutions that build a presence on the social media platform could gain a first-mover advantage and a communications channel with potential customers, experts say.
The Consumer Financial Protection Bureau sued three of the largest U.S. banks for fraud perpetrated on the bank-owned payment network Zelle, alleging shoddy safeguards and millions in consumer losses.
