The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

Citi invests in Numerated as part of broader collaboration

Citi invests in Numerated as part of broader collaboration

Citigroup has invested in commercial lending platform Numerated. Citi will also engage Numerated to provide a financial spreading solution for the bank’s enterprise lending operations. The companies did not disclose the amount of the investment, which was made through Citi’s markets strategic investments unit. The investment “underscores our dedication to driving innovation on a global scale,” Katya Chupryna, director at Citi’s markets strategic investments unit, said in the release. “We

June 20, 2024
Apple abandons BNPL product Apple Pay Later

Apple abandons BNPL product Apple Pay Later

That didn’t last long. Apple announced that it is abandoning Apple Pay Later roughly a year after introducing the program. The company said in a statement that its customers using Apple Pay will be able to apply for installment loans through credit cards, debit cards and lenders later this year. “With the introduction of this new global installment loan offering, we will no longer offer Apple Pay Later in the U.S.,” the

June 18, 2024
Fintech Unit laying off 15% of its staff

Fintech Unit laying off 15% of its staff

Unit is laying off 15% of its staff. Itai Damti, the embedded finance fintech’s co-founder and CEO, announced the cuts in a post. “We believe that our company needs to think in longer time frames,” Damti said. “Banks in the fintech ecosystem have slowed down in the last year due to increased regulatory scrutiny,” he added. “While we believe that the slowness is temporary and Unit will actually benefit from

June 18, 2024
Regulatory delays lead Louisiana banks to call off merger

Regulatory delays lead Louisiana banks to call off merger

MC Bancshares in Morgan City, La., and Heritage NOLA Bancorp in Covington, La., have called off their planned merger. The $454 million-asset MC Bancshares agreed in July 2023 to buy the $171 million-asset Heritage NOLA in a roughly $6.5 million deal that was supposed to close by the end of last year. MC Bancshares withdrew its application to buy Heritage NOLA in mid-March. Regulatory delays led the banks to ultimately

June 17, 2024
ABCT Holdings in Texas raises $3 million via private placement

ABCT Holdings in Texas raises $3 million via private placement

ABCT Holdings in Woodway, Texas, raised $3.1 million through a private placement. The parent company of the $954 million-asset Alliance Bank Central Texas raised the capital by selling common stock, according to data compiled by Performance Trust Capital Partners. The number of shares sold, pricing, and investors wasn’t disclosed.

June 17, 2024
Oakwood in Texas Nixed 11th-hour Offer to Finalize Sale to Business First

Oakwood in Texas Nixed 11th-hour Offer to Finalize Sale to Business First

An eleventh-hour offer by an unnamed bank failed to sway the board of Oakwood Bancshares in Oakwood, Texas, from agreeing to sell to Business First Bancshares in Baton Rouge, La. The privately held bank sent an offer to the $843 million-asset Oakwood two days before its exclusivity period with the $6.7 billion-asset Business First was set to expire. Uncertainty over the last-minute proposal led the board to stay the course

June 17, 2024
Canada’s VersaBank gets one step closer to buying U.S. bank

Canada’s VersaBank gets one step closer to buying U.S. bank

VersaBank in Ontario, Canada, received approval from the Office of the Comptroller of the Currency to buy Stearns Bank Holdingford in Minnesota. The $3.3 billion-asset VersaBank agreed to buy the $78 million-asset Stearns in June 2022. The deal would allow VersaBank to expand its receivable purchase program business.  The Fed recently approved the proposed acquisition. VersaBank said it is now seek approval from the Office of the Superintendent of Financial Institutions. "OCC

June 14, 2024
Fed orders Evolve Bank in Ark. to improve oversight of fintech partners

Fed orders Evolve Bank in Ark. to improve oversight of fintech partners

Evolve Bancorp in West Memphis, Ark., which is embroiled in legal wrangling tied to the bankruptcy of Banking-as-a-Service middleware firm Synapse, is now dealing with an enforcement action from the Federal Reserve. The Fed said in a press release that the cease-and-desist order addresses deficiencies in the $1.6 billion-asset bank's anti-money laundering, risk management and consumer compliance programs. The action came after a 2023 exam determined that the bank engaged

June 14, 2024