Pan American Bank & Trust has been selected by the nationally renowned industry publication, American Banker, as one of the Best Banks To Work For in 2018 nationwide. "Being selected is a tribute to the strength of our culture, including our commitment to each other, our clients and our communities," stated Frank C. Cerrone, President & CEO of Pan American Bank & Trust. CDBA members FNBC Bank, BankPlus, and Community Bank also make the list.
Urban Partnership Bank recently announced that they have reached an agreement to merge with Providence Bank & Trust, a $628 MM assets bank with 12 locations throughout the Chicagoland area and Northwest Indiana, pending regulatory approval. Urban Partnership Bank was originally founded in 2010 to take over the Shore Bank franchise.
The Office of the Comptroller of the Currency is currently asking the public for input regarding how banks should be graded on their lending to communities in need. The answers they receive will ultimately help inform the upcoming revamped Community Reinvestment Act policy. While most agree that the 40-year old law needs updating, opinion differs in the various approaches to how.
Several groups across the country are identifying special niches in which to operate de novo banks. Before the financial crisis, many de novos were built to grow and eventually sell. Now, that model is changing towards permanence. Becoming well known in a niche could be a way for new banks to add value and stand out in a competitive market. In this effort, these groups are striving to create banks for niche communities such as veterans and minorities.
Interested in learning about the inner workings of the CDFI Fund? Watch the live broadcast of the CDFI Fund Advisory Board Meeting from 9:00 AM – 2:00 PM on Thursday, August 23rd. Broadcast can be found at this link.
It is Metro Bank's mission to stimulate economic growth within the distressed neighborhoods of Louisville, KY. For the past 21 years, the Bank has fulfilled this commitment by performing over 60% of its activity in these distressed neighborhoods. Now, to further show its drive for positive impact, Metro Bank is expanding its target market to include additional low-income communities and other underserved populations in all of Jefferson County.
The basic business of banking is balancing risk and reward. But in this new climate, what must a traditional bank do to expand its client base and retain strong employees? Well, perhaps banks can gain an upper hand on both fronts by finding ways to do good while also profiting. In this article, Andrew Waxman suggests banks identify underbanked sectors and provide innovative financial tools that can enable profitable capital development. Secondly, banks should empower employees to work on tools that will provide them a "human" as well as "financial" return.
Dominik Mjartan, the new president and CEO of South Carolina Community Bank, hopes technological innovations can jolt the struggling bank back to profitability. By digitizing loan files via Sageworks and securing fintech partners to offer more technological solutions for customers, Mjartan hopes to transform the bank for modern needs.
Cities with soaring housing costs have had some success in lowering rents, but that relief has not reached the low-income renters most at risk of losing their housing. Nationally, the pace of rent increases is slowing, with the average rent in at least six cities falling since last summer. However, the decline is primarily in high-end rentals, not for the apartments and other units that house working-class residents who need it most.
Peoples Financial Corporation, parent of The Peoples Bank, announces the completion of its 110,000 common share repurchase program authorized by its board in December of 2017. The board believes this is an efficient use of capital and monitors prevailing market conditions in consideration of future share repurchase programs. As of June 30, 2018, the company reported 5,037,719 common shares outstanding.