U.S. Bancorp in Minneapolis and Japan’s Mitsubishi UFJ Financial Group have pushed back the termination date for U.S. Bancorp’s proposed purchase of MUFG Union Bank. The companies said in a press release Friday that the date was moved from Sept. 30 to Dec 31. Both parties said they remain committed to completing the transaction, which still needs regulatory approval.The announcement comes days after the $558 billion-asset U.S. Bancorp said it was

Banc of California in Santa Ana has acquired payments platform Global Payroll Gateway. The $9.5 billion-asset Banc of California said in a press release that it will pay $24 million in cash and stock for Global Payroll and unit Deepstack Technologies. Based in Jupiter, Fla., Deepstack provides merchant processing, payments acceptance and disbursements, among other things. Banc of California said it would use Deepstack to market payment processing services to a range

Unity National Bank of Houston has entered into a written agreement with the Office of the Comptroller of the Currency requiring the bank to improve its processes.The OCC said in the order that it intervened after it found “unsafe or unsound” practices tied to strategic and capital planning, credit risk management, the loan-loss allowance methodology, corporate governance and internal controls. The $247 million-asset bank is required to form a compliance committee

The Consumer Financial Protection Bureau Financial said financial institutions that offer Buy Now, Pay Later (BNPL) services should treat them similar to credit card products. The CFPB made that assessment as part of the release of its first comprehensive report on BNPL products. The agency, which obtained data from Affirm, Afterpay, Klarna, PayPal and Zip, noted that they originated 180 million loans totaling more than $24 billion in 2021 – a tenfold

Agility Bank in Houston exceeded the amount of capital regulators required it to raise. Organizers said in a press release that they brought in $41 million in capital – exceeding the $30 million they were instructed to raise. More than 350 investors, majority female, participated in the capital raise.Bank of America was also among the investors.Agility, which opened in May, is a minority depository institution formed to focus on women.“This incredibly

DLP Bancshares in St. Augustine, Fla., has acquired Community State Bank in Starke, Fla.DLP, a consortium of private investors, said in a press release that it also made a “significant capital contribution” to the $225 million-asset Community State as part of the transaction. The price wasn’t disclosed. Community State "is a tremendous asset to its community, and we have plans to honor its rich history of quality and client service while

Majority, a Miami neobank that is focusing on U.S. immigrants, has raising more capital.The company said in a press release that it had raised $37.5 million in Series B funding, consisting of $30 million in equity from Valar Ventures and Heartland Capital and $7.5 million in debt financing from a U.S. bank.Majority had previously raised $19 million of seed funding in mid-2021 and $27 million of Series A funds a

Allegiance Bancshares and CBTX have received approval from the Federal Reserve three weeks after moving the deadline for the Houston companies’ merger. The companies, which plan to rebrand as Stellar Bancorp, announced their merger in November. They disclosed late last month that they had pushed the termination date back from Aug. 2 to Nov. 1. The Fed noted in its approval that the companies had agreed to create an action plan for