Mary de Wet

New York

Managing Editor at American Banker

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Articles

How many credit unions have acquired banks in 2025?

2 months ago | americanbanker.com | Mary de Wet

Credit unions are continuing to acquire community banks, although at a slower pace than in 2024, when 22 deals were announced. The trend is a lightning rod for controversy in the banking industry, whose representatives argue that credit unions — due to their tax-exempt status — have an unfair advantage in the M&A market. But advocates of these deals note that the banks are willing sellers, and that these acquisitions happen only because banks can't find other banks to merge with in their markets.
Banks on deck for quarterly earnings amid tariffs mayhem

2 months ago | americanbanker.com | Allissa Kline |Mary de Wet

Banks begin reporting their quarterly earnings today, for a period that covers President Donald Trump's return to the White House and his rapid-fire remaking of nearly all levels of the U.S. government. And while earnings season typically includes a fair share of reflection on banks' performance during the prior three-month period, this time things are different.
TD Bank's quarterly earnings fall short of expectations

Feb 27, 2025 | americanbanker.com | Mary de Wet

This news is developing. Please check back here for updates. TD Bank Group's earnings fell in its fiscal first quarter, weighed down by its U.S. operations as the bank restructures its balance sheet and manages the fallout of money-laundering compliance failures. The Toronto-based bank reported 2.79 billion Canadian dollars (US$1.95 billion) in net income for the three months ended Jan. 31, down from CA$2.82 billion a year ago.
TD Bank's quarterly earnings fall short of expectations

Feb 27, 2025 | today.westlaw.com | Mary de Wet

This news is developing. Please check back here for updates. TD Bank Group's earnings fell in its fiscal first quarter, weighed down by its U.S. operations as the bank restructures its balance sheet and manages the fallout of money-laundering...
Credit unions bought a record-breaking 22 banks in 2024

Dec 16, 2024 | americanbanker.com | Mary de Wet

UPDATE: This article includes two more deals that were announced in late December. Twenty-two credit unions made deals to buy community banks in 2024, more than any other year. The trend highlights the difficulties banks are having finding merger partners in their markets and credit unions' desire to diversify into business lending and expand their footprints. Critics say credit unions have an unfair advantage in the M&A market due to their tax-exempt status.
Lake Shore Savings freed from breach-related consent order

Dec 3, 2024 | americanbanker.com | Mary de Wet

The Office of the Comptroller of the Currency has lifted Lake Shore Savings Bank's "troubled condition" status. The OCC also put an end to a consent order requiring the $700 million-asset bank to correct deficiencies related to information technology, security and anti-money-laundering efforts. The moves resolve issues arising from the bank's handling of a cybersecurity attack more than two years ago.
Lake Shore Savings freed from breach-related consent order

Dec 2, 2024 | today.westlaw.com | Mary de Wet

The Office of the Comptroller of the Currency has lifted Lake Shore Savings Bank's "troubled condition" status. The OCC also put an end to a consent order requiring the $700 million-asset bank to correct deficiencies related to information technology,...
BNY gains Treasury's Direct Express benefits contract

Nov 21, 2024 | americanbanker.com | Mary de Wet |Kate Berry

The Treasury Department has named Bank of New York Mellon to take over the lucrative contract previously held by Comerica Bank to operate the Direct Express debit card program serving government beneficiaries. The decision had been expected. With the contract, BNY gains a free liquidity source of more than $3 billion in deposits a month. The nation's oldest bank has been making a push into faster payments and laying the groundwork to expand payments to the underbanked.
BNY gains Treasury's Direct Express benefits contract

Nov 21, 2024 | finance.yahoo.com | Mary de Wet

Using the mega-backdoor Roth strategy, high earners who want to supercharge their retirement savings can stash up to $70,000 in their 401(k)s in 2025. - MarketWatch photo illustration/iStockphoto Open-enrollment season is here, and as people plan out their budgets for 2025, some lucky high earners may consider supercharging their retirement savings using a rare but increasingly popular strategy for their employer-sponsored 401(k)s.
BNY gains Treasury's Direct Express benefits contract

Nov 20, 2024 | today.westlaw.com | Mary de Wet |Kate Berry

UPDATE:This article includes Comerica's comment about receiving an extension of service and background about Comerica's lawsuit against the Consumer Financial Protection Bureau. The Treasury Department has named Bank of New York Mellon to take over...