Signature Bank in New York has run off about $1.5 billion of crypto-related deposits so far this quarter. The $110.4 billion-asset bank disclosed in its mid-quarter report that it continues to reduce the size of deposit relationships tied to the crypto industry. As of March 1, overall deposits were down $826 million from the end of 2022, or roughly 0.9%. Excluding the runoff of crypto deposits, total deposits would be

Webster Financial in Stamford, Conn., will delay filing its annual report after identifying a potential material weakness. The $71.3 billion-asset company, which acquired Sterling Bancorp last year, said in a regulatory filing that the potential issue is tied to internal controls related to its IT operations. Specifically, the matter is tied to “logical access for certain information technology systems,” the filing said. Webster said it does not expect that its

Longview Community Bank in Mount Pulaski, Ill., has agreed to buy Bank of Chestnut in Chestnut, Ill. The $68.3 million-asset Longview filed an application with the Federal Deposit Insurance Corp. on March 1 to buy the $20.2 million-asset Bank of Chestnut. The price wasn’t disclosed. Bank of Chestnut said on its website that it “will continue to offer expanded banking services in Chestnut with the same great people.”

First Fidelity Bank in Oklahoma City has started offering a Banking-as-a-Service product. The $2.7 billion-asset First Fidelity said in a press release that it developed the BaaS product with Episode Six, a payments infrastructure provider in Austin, Texas. Unifimoney, a digital wealth management platform for community banks and credit unions, is First Fidelity’s first BaaS client. “Open banking is as much if not more of an opportunity for community banks

Buy Now, Pay Later borrowers are more likely to show signs of financial distress compared to non-users, according to a new report from the Consumer Financial Protection Bureau. The CFPB said in the report that BNPL users are more likely to also be active users of other credit products such as credit cards, personal loans and student loans. BNPL “borrowers are more likely to be highly indebted or have revolving

Add another regional bank to the list of financial institutions doing away with overdraft fees for consumer accounts. Wintrust Financial in Rosemont, Ill., said in a press release that it also eliminated item return fees. Business accounts will remain under the existing overdraft and item return fee structure. “Given the number of ways to engage customers through technology, the industry continues to move toward the use of financial education and

Avidia Bank in Hudson, Mass., will soon have a new president and CEO.   The $2.5 billion-asset bank said in a press release that it had hired Rob Cozzone, chief operating officer from Rockland Trust, to succeed Mark O’Connell when he retires in May.   “Avidia’s genuine commitment to the community and its tradition of innovation and excellence in customer service is admirable,” Cozzone said in the release. “The bank

Silvergate Capital in La Jolla, Calif., warned that recent securities sales will negatively affect its regulatory capital levels and could lead to the company and its bank becoming “less than well-capitalized.” The $11.4 billion-asset Silvergate said in a filing seeking more time to file its annual report that it sold securities at a loss in January and February "primarily to repay in full the company's outstanding advances from the Federal