Comerica in Dallas plans to “organically” exit the mortgage warehouse business. The $91.2 billion-asset company disclosed in a presentation for a banking conference hosted by Morgan Stanley that the exit will be largely completed by the end of this year. Comerica said the exit should improve capital efficiency and improve its loan-to-deposit ratio by 150 basis points. The strategy should allow for an exit at “full value” compared to selling

Majority, a challenger bank aimed at U.S. migrants, has raised nearly $9.8 million in its fourth round of funding. Valar Ventures and Heartcore Capital, existing Majority investors, participated in the latest round. The neobank plans to open a community meetup space in Laredo, Texas, and publish a financial handbook for Mexicans later this year, according to TechCrunch. Majority has offices in Houston and in the Florida cities of Miami, Orlando

The Bancorp in Sioux Falls, S.D., has renewed its banking services agreement with Chime Financial. The $7.6 billion-asset company said in a press release that it entered into a “long-term extension” that will allow it to continue to hold Chime member deposits, among other things. “We are thrilled to not only renew, but to also expand our partnership with Chime, as it solidifies our dedication to driving the future of

Plains Bancshares in Plains, Kan., has applied with regulators to buy Alden Bancshares in Sterling, Kan. The parent of the $381.4 million-asset Plains State Bank also plans to rebrand as Bank of the Plains on June 20. The bank will pay an undisclosed amount of common stock to buy the parent of the $21.9 million-asset Alden State Bank. “Our two banks bring a rich history of community support having a

Entrust Bank, a de novo planned for Los Altos, Calif., aims to become a minority depository institution (MDI) focused largely on the area’s Asian-American population. Organizers said in their application with the Federal Deposit Insurance Corp. that most of the proposed bank’s board represent minority groups. Entrust will primarily target small and midsize businesses, real estate owners and individuals in Santa Clara and San Mateo counties. The organizing group, which

The Consumer Financial Protection will soon seek comments for an open banking rule with plans to finalize the rule next year. CFPB Director Rohit Chopra provided the update in a blog post. The bureau is required by a section of the Dodd-Frank Act to finalize the rule. The CFPB aims to use a new personal data rights rule to shift to open banking by removing obstacles for switching banks, jumpstarting

Citizens Financial Group in Providence, R.I., has hired about 50 private bankers and support staff that had been at First Republic Bank. The $222 billion-asset Citizens said in a press release that the bankers are in Boston, New York, San Francisco and Florida. “The addition of these talented and seasoned private bankers helps Citizens significantly boost our growth plans in wealth management and business banking,” Brendan Coughlin, Citizens’ vice chairman

First State Bank & Trust in Fremont, Neb., has rebranded as RVR Bank. The $460.4 million-asset bank said on its website that the name change took place on June 1. The change applied to First State and Two Rivers Bank, which was acquired in December 2021. “The signs on the outside might be changing, but the values and people on the inside remain the same,” the bank said. “As we’ve