The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

Country Bank for Savings in Mass. lines up new CEO

Country Bank for Savings in Mass. lines up new CEO

Country Bank for Savings in Ware, Mass., will have a new CEO. The $1.9 billion-asset bank said in a press release that Mary McGovern will take over the role on Aug. 1. McGovern, who was named president earlier this year, will succeed Paul Scully, who is retiring. She has also been the bank’s chief operating officer. Scully has served as CEO for the past 19 years.

July 11, 2024
TD Bank forms community advisory board under $20B impact plan

TD Bank forms community advisory board under $20B impact plan

TD Bank has agreed to a three-year, $20 billion community impact plan. The bank said in a press release that it had formed an 11-member community advisory board in conjunction with the plan. The board includes members from groups such as Asian Pacific Community Development, National Association for Latino Community Asset Builders and the Urban Institute. The plan “reinforces TD’s commitment to financial inclusion, sustainable growth and social progress in

July 11, 2024
Inadequate remediation progress leads to $136M penalty for Citigroup

Inadequate remediation progress leads to $136M penalty for Citigroup

Citigroup will pay a total of $136 million for not moving quickly enough to address four-year-old consent orders that require the New York company to address its internal control systems and compliance risk management. The Office of the Comptroller of the Currency and the Federal Reserve said that the $2.4 trillion-asset company hasn’t made enough progress tackling violations in their October 2020 consent orders. The OCC said that Citigroup had

July 10, 2024
Mission Driven Bank Fund raises $65M in second round

Mission Driven Bank Fund raises $65M in second round

The Mission Driven Bank Fund has completed its second close after raising $65 million. The Cleveland fund, which invests in minority depository institutions (MDIs) and community development financial institutions (CDFIs), has raised more than $177 million since its formation. The fund’s limited partners include Lake City Bank, Enterprise Bank & Trust, Hancock Whitney Bank and Banner Bank. The investment "aligns with our mission, purpose and core values and supports working

July 10, 2024
Proposed Miami de novo secures approval from state regulator

Proposed Miami de novo secures approval from state regulator

A de novo bank planned in Miami has received approval from its state regulator. Florida’s Office of Financial Regulation has signed off on BankMiami, Mary Usategui, the proposed bank’s CEO, disclosed on her LinkedIn account. Organizers, who submitted applications earlier this year, still need approval from the Federal Deposit Insurance Corp. “We continue to welcome strategic investors who will share our pride in creating a new bank that reflects the

July 10, 2024
Amalgamated in Chicago rebrands ahead of St. Louis expansion

Amalgamated in Chicago rebrands ahead of St. Louis expansion

Amalgamated Bank of Chicago has rebranded as ABOC as part of a plan to expand beyond its home market. The $1.1 billion-asset bank said in a press release that the new name represents “a modern look that reflects its rich heritage while setting the stage for future growth.” "We believe the time is right to broadly communicate the things that set us apart: a strong foundation, profound trust, in-depth financial and

July 10, 2024
Forbright Bank in Md. has CRA rating cut to ‘needs improvement’

Forbright Bank in Md. has CRA rating cut to ‘needs improvement’

Forbright Bank in Potomac, Md., which was recently hit with a consent order, had its Community Reinvestment Act rating downgraded to “needs improvement.” While the consent order and the CRA downgrade both came from the Federal Deposit Insurance Corp., the issues are unrelated. The consent order for the $6.7 billion-asset bank is tied to “deficiencies and weaknesses in the supervision and direction of management” by the board. The CRA downgrade

July 9, 2024
Fifth Third to pay $20M to address CFPB claims

Fifth Third to pay $20M to address CFPB claims

Fifth Third Bancorp in Cincinnati will pay $15 million to settle a lawsuit from the Consumer Financial Protection Bureau tied to alleged fake checking accounts. The $214 billion-asset company also agreed to pay $5 million – and pay redress to customers – to address claims that it overcharged customers for force-placed auto insurance. The CFPB claimed that the force-placed or maintained unnecessary duplicative insurance more than 37,000 times from 2010

July 9, 2024