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The transaction, set to close in the fourth quarter, adds $750 million in deposits and three locations to Trustar’s footprint. That frees Forbright to focus on national digital lending.
The Federal Reserve and the Alabama State Banking Department ordered SouthPoint Bancshares to take steps “to serve as a source of financial and managerial strength” for its subsidiary SouthPoint Bank.
While there’s plenty of industry chatter about cloud-native and API-powered capabilities, Flagstar Bank executives found “a lot of variation” as they evaluated different core systems.
The OCC chief made crypto-inclusive remarks at a blockchain symposium, adding that protecting traditional banks is not his job.
Caroline Ellison and Gary Wang are prohibited from trading for five years from the date of their initial consent orders.