U.S. Bancorp in Minneapolis, which is looking to buy MUFG Union Bank, has agreed to a five-year community benefits plan totaling more than $100 billion.The $586 billion-asset company reached the agreement with the National Community Reinvestment Coalition and the California Reinvestment Coalition. About 60% of the total will support efforts in California. “Banks are the economic engines of our communities. As such, we can make meaningful and significant impacts in

Heartland Financial USA in Dubuque, Iowa, has amended its first-quarter earnings to account for two separate instances of fraud that led to “material loan collateral deficiencies.”The $19.2 billion-asset company said in a press release Monday that it discovered the issues after reporting its earnings on April 25. Heartland said the collateral issue led it to increase its first-quarter provision expense by $9 million, which reduced its earnings by 14%, to

Ponce Financial Group in Bronx, N.Y., warned that its first-quarter earnings will be hurt by a “significant write-off and writedown” tied to its relationship with fintech startup Grain Technologies.The $1.7 billion-asset company disclosed in a regulatory filing that Grain had been the victim of cyber fraud. About 25,000 microloans totaling $17 million have been deemed as fraudulent and put back to Grain. As a result, Ponce said it will write-off about

State Street in Boston has a new president and vice chairman. The $322 billion-asset company said in a Monday press release that it had appointed Louis D. Maiuri to serve as president and head of institutional services, effective immediately.  Maiuri, who remains chief operating officer, joined the company in October 2013. He previously served as deputy chief executive officer of asset servicing at BNY Mellon. State Street also named Eric Aboaf as its

National Bank of Coxsackie in New York has formed a new small business lending platform. The $467 million-asset bank said in a press release Saturday that NBC Express lets small businesses apply online for installment loans.  Applications through funding are handled through digital channels. "We understand that time is an invaluable resource to small business owners, and we want to make the process of obtaining a term loan or line of

Citizens Bank of Edmond in Oklahoma has launched a mortgage platform that focuses on VA financing.Jill Castilla, the $370 million-asset bank’s president and CEO, said in a LinkedIn post that the decision to create ROGER came after she and her husband tried to use VA financing to buy a home last year. “We went to work with another (much bigger) bank to get the deal done,” she wrote, adding that

CUNA Mutual Group plans to rebrand as TruStage in 2023. The company, which already sells TruStage insurance products to credit unions and consumers, said the name change will include all of its enterprise, business-to-business and consumer brands. “We were born out of the credit union movement more than 85 years ago and founded on the principle of people helping people,” Bob Trunzo, CUNA Mutual Group’s CEO, said in a Thursday press release. As

An investment group that focuses on fintech and blockchain companies has hired the former chief financial officer of Bryn Mawr Trust to oversee growth and parternships.JAM FINTOP said in a press release Friday that Mike Harrington will help with engagement with the group’s more than 80 bank investors. “As a career banker I have witnessed firsthand the challenges that community banks experience every day to remain relevant and competitive with the