Banking News and Analysis | Banking Dive
Oportun inks deal to sell credit card portfolio. The deal, expected to close in November, is a push by the online lender to pursue profitability by simplifying its business and focusing on its core products. Banking Dive provides in-depth journalism and insight into the most impactful news and trends shaping the banking industry.
BB&T completes acquisition of SunTrust to form Truist
Dec 9, 2019 · BB&T finalized its $28 billion purchase of SunTrust on Friday, completing a deal which will form Truist, the sixth-largest bank in the nation. The transition to the new Truist brand could take up to two years, the company said in a statement. Truist will be headquartered in Charlotte, North Carolina, where 2,000 former BB&T and SunTrust ...
Bank of America customer data exposed in IT provider breach
Feb 13, 2024 · A November 2023 “cybersecurity event” at Infosys McCamish Systems exposed Bank of America customer data, according to a breach notification letter from the bank’s outside counsel filed with the Office of the Maine Atto r ney Gene r al.. Customers’ first and last names, addresses, business email addresses, dates of birth and Social Security numbers may have …
Wells Fargo faces new class-action suit over fake-accounts response
Mar 1, 2024 · Wells Fargo was hit with a new lawsuit Thursday alleging the bank did not do enough to reimburse customers affected by its 2016 fake-accounts scandal, Reuters reported. The class-action lawsuit, filed in a San Francisco federal court by Amanda Gonzales, a schoolteacher from New Mexico, comes on the heels of Wells Fargo recently sending letters to …
7 personnel moves that spotlight Truist’s reorganization
Oct 9, 2023 · 7. Truist’s deposits unit gets a boost. Jon Ambler will lead the deposits team overseeing consumer and small business deposits, according to Wilson’s memo. The unit takes an elevated role in Truist’s consumer and small business banking division, reflecting “the strategic core value of deposits,” Wilson said. purchase licensing rights.
What makes a neobank? A primer can explain. | Banking Dive
Nov 1, 2023 · Neobanks are primarily digital banks that do not have any brick-and-mortar presence. The transaction value in the neobanking sector is projected to reach $1.43 trillion in 2023 and grow at an annual rate of 16.12%, resulting in a projected total of $2.6 trillion by 2027, according to a study by Statista.
WesBanco to buy Ohio’s Premier Financial in $959M deal
Jul 26, 2024 · Dive Brief: Wheeling, West Virginia-based WesBanco has agreed to acquire Defiance, Ohio-based Premier Financial Corp. and its Youngstown-based bank subsidiary in an all-stock deal worth roughly $959 million, the banks said Friday.; The transaction, expected to close in the first quarter of 2025, would create a bank with roughly $26.9 billion in assets, …
Chime customers can deposit funds at Walgreens for free
Dec 14, 2021 · Chime’s new partnership with Walgreens will allow the neobank’s customers to deposit cash for free at the retailer’s more than 8,500 locations, the fintech announced in a blog post Monday. The San Francisco-based company claims 78% of its estimated 12 million customers live near a Walgreens location. The latest fintech-retail partnership ...
Synapse signs deal with TabaPay, files for bankruptcy
Apr 24, 2024 · Amid a turbulent time in the banking-as-a-service sector, fintech Synapse has forged a deal with TabaPay, the money movement platform announced Friday. TabaPay has put forward a purchase price of $9.7 million to acquire the assets of Synapse, according to the agreement. The deal is pending bankruptcy court approval, Lindsay Davis, TabaPay’s ...
U.S. Bank to take over State Farm banking operations
Mar 6, 2020 · Dive Brief: In a move to exit the banking business, State Farm later this year will begin turning over its deposit and credit card accounts to U.S. Bank in a strategic alliance the insurance company announced on Thursday. “State Farm has been committed to helping people for nearly 98 years,” president and CEO Michael Tipsord said.