Sun Bancorp Inc. in Vineland, N.J., narrowed the size of its loss in the fourth quarter after moving more nonperforming assets off its books.
The loss of $1.5 million, or 2 cents a share, compared to a loss of $28.2 million a year earlier, the $3.2 billion-asset company said late Wednesday. Nonperforming assets fell 20% from the third quarter and 37% from a year earlier, to $112.7 million.
Since selling a 25% stake to private equity firm WL Ross & Co. in 2010, the company
California Department of Financial Protection and Innovation Clothilde "Cloey" Hewlett will step down Dec. 30.
Industry observers say the U.S. securities industry's migration to next-day settlement in May 2024 was a technology success story, which has encouraged the U.K. and the EU to follow suit.
The use cases are growing and banks don't want to risk being left behind, especially with younger customers who are more open to the technology.
St. Paul, Minnesota-based Bremer Financial agreed to sell for $1.4 billion in cash and stock. It followed a yearslong legal battle between the bank and its largest shareholder that ended with a settlement this year.
Reps. Andy Barr, R-Ky., and French Hill, R-Ark., leading Republicans on the House Financial Services Committee, pushed back against Federal Deposit Insurance Corp. Chair Martin Gruenberg's characterization of the Synapse collapse in his July brokered deposits proposal.
While companies tend to amp up warnings to consumers about fraud and scams during the holidays, institutions may also need to bulk up their defenses.
