Flagstar plans to hire 80 to 90 more commercial bankers this year; PNC’s COO is leaving the bank; Fed joins FDIC, OCC in withdrawing crypto-skeptical guidance; Warren grills FDIC’s Hill over DOGE incursion
The transaction, set to close in the fourth quarter, would add 30 locations and $5.7 billion in assets to Eastern. The Boston bank has tended to expand through acquisition every two years.
The bank reported another quarterly loss, although executives are targeting profitability in the fourth quarter. “We’re going to look like a completely different company when we end the year,” CEO Joseph Otting said.
E. William Parsley’s departure thins the ranks of executives beneath CEO Bill Demchak but may clarify new President Mark Wiedman’s position as a potential successor.
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The guidance withdrawals “ensure the Board's expectations remain aligned with evolving risks and further support innovation in the banking system,” the Federal Reserve said Thursday.
Four senators argued DOGE’s presence could threaten the $137 billion Deposit Insurance Fund, potentially undermining the FDIC's ability to oversee orderly bank resolutions.
Regulatory willingness to work with crypto seems to have inspired Coinbase, and reportedly others, to engrain themselves deeper into the traditional financial sector.
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