Banking Dive

Banking Dive offers thorough reporting and analysis on the latest news and trends in the banking sector. Their newsletter and website delve into various subjects, including commercial banking, retail banking, credit unions, and other related areas. As a prominent publication under Industry Dive, Banking Dive employs skilled business journalists who inspire ideas and influence the priorities of over 7 million decision-makers across competitive industries.

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BMO to buy wealth manager Burgundy in $456M deal

1 week ago | bankingdive.com | Dan Ennis

BMO agreed to acquire Toronto-based Burgundy Asset Management in a C$625 million ($456 million) deal expected to close by the end of the year, the institutions announced Thursday. “In large part due to Burgundy’s success, we have found it more difficult than expected to transition ownership of Burgundy from the founders and current leadership to the next generation of our people,” Tony Arrell, a co-founder of the wealth manager, told clients Thursday in a note seen by The Globe and Mail.
Black-owned Redemption acquires Utah bank

1 week ago | bankingdive.com | Caitlin Mullen

In March 2023, less than a month after a group of Black investors said they were purchasing a Utah community bank, Silicon Valley Bank failed. That led Redemption Holding Co. to do “a hard reset” with its acquisition of Holladay Bank & Trust, said Ashley Bell, the holding company’s CEO. Bank valuations tumbled and “there was a lot of uncertainty at that time, from a regulatory posture, about what was going to be the new benchmark of scrutiny,” he said.
GENIUS Act puts renewed spotlight on stablecoins, digital assets

1 week ago | bankingdive.com | Grace Noto

The Senate lawmakers who passed the Guiding and Establishing National Innovation for U.S. Stablecoins, or GENIUS, Act on Tuesday aim to create a regulatory framework for the issuance of stablecoins — a step that could enable finance leaders to consider more use cases for the crypto asset.
Synctera’s new risk chief doubles down on compliance planning

1 week ago | bankingdive.com | Rajashree Chakravarty

Synctera’s compliance-first attitude is a differentiator among fintechs where compliance tends to take a backseat for not being “a money maker,” said Deb Bonosconi, the fintech’s new chief risk and compliance officer. Having joined the San Francisco-based firm in May, Bonosconi said her role at Synctera involves engaging with various teams on product development and technology and onboarding new fintech clients.
Primis to sell some of its stake in medical fintech

1 week ago | bankingdive.com | Gabrielle Saulsbery

Primis Financial will sell a portion of its stake in doctor-focused fintech Panacea Financial Holdings for $22 million, which it will use to fund a share repurchase program and accelerate growth, the Virginia bank announced last week. Primis signed a nonbinding term sheet with an undisclosed buyer 2½ months after the bank deconsolidated Panacea from its balance sheet in March.
JPMorgan Chase to launch deposit token

1 week ago | bankingdive.com | Gabrielle Saulsbery

JPMorgan Chase will soon bring banking to the blockchain with the launch of its stablecoin-like token for institutional clients, JPMD. The USD deposit token, which will serve as a digital representation of commercial bank deposits, will soon debut on Base, Coinbase’s public Ethereum-based blockchain. The permissioned token will only be available to JPMorgan’s institutional clients, differentiating itself from publicly available stablecoins like PayPal’s PYUSD and Circle’s USDC.
Ramp raises $200M, valued at $16B

1 week ago | bankingdive.com | Justin Bachman

Fintech startup Ramp has raised $200 million, at a $16 billion valuation, led by billionaire Peter Thiel’s Founders Fund, the New York City-based company said Tuesday. Ramp investors in the latest funding included Thrive Capital, the firm founded by Joshua Kushner, the brother of President Donald Trump’s son-in-law, Jared Kushner; and 8VC, a venture capital firm co-founded by Joe Lonsdale, a co-founder of Palantir Technologies, with Thiel.
CFPB again delays small-biz data collection rule’s compliance timeline

1 week ago | bankingdive.com | Dan Ennis

The Consumer Financial Protection Bureau is extending by nearly a year the dates by which prolific small-business lenders must collect race, gender, LGBTQ status and demographic data from borrowers, the agency said in a notice published Wednesday in the Federal Register.
PNC’s mobile branch manager braces for hurricane season

1 week ago | bankingdive.com | Caitlin Mullen

Hurricane season is Chris Hill’s least favorite season. Hill, PNC’s mobile branch manager, said the Pittsburgh-based lender sees an increased need for its mobile branches to respond to affected areas within its branch footprint, as natural disasters such as hurricanes have grown more intense and frequent. Last year, hurricanes Beryl, Helene and Milton affected operations within PNC’s footprint, and the bank deployed mobile units to eight locations affected by those disasters.
Citizens exec: ‘Crazy’ tariff volatility seems to have abated

1 week ago | bankingdive.com | Caitlin Mullen

As tariff uncertainty lingers, Citizens’ commercial bank clients have settled into the uncertainty, “now that we’re three months into this and people have kind of seen the movie,” said Don McCree, the regional lender’s commercial banking chief. “I’m kind of feeling like the trade movie is behind us,” he said during an appearance last week at a Morgan Stanley investor conference.