First Citizens Completes Strategic Branch Acquisition in Midwest and Plains
First Citizens BancShares of Raleigh, North Carolina, has finalized the acquisition of 138 bank branches from Toronto-based BMO Financial Group. The branches span 11 states including North Dakota, South Dakota, Wyoming, Nebraska, Kansas, Missouri, Oklahoma, Idaho, western Minnesota, eastern Oregon, and southern Illinois.
This transaction propels First Citizens' assets past the $225 billion mark. The acquisition adds approximately $5 billion in deposits and around $650 million in loans. BMO Financial Group is restructuring its U.S. footprint by exiting slower-growth Midwest markets to focus resources on high-growth areas such as California.
City National Bank Appoints Chad Lloyd to Lead U.S. Mortgage Operations
City National Bank has named Chad Lloyd Senior Vice President and Head of its U.S. mortgage business under RBC. Reporting directly to COO David Cameron, Lloyd will oversee the expansion and development of diversified mortgage and home equity loan products for both RBC and City National clients.
With over 25 years of experience, Lloyd previously served as Senior VP for consumer and commercial loans at Comerica, managing loan portfolios exceeding $11 billion. He also held senior roles with Truist Financial and contributed significantly during the SunTrust-BB&T merger process.
Checkout.com Gains License to Establish Limited Purpose Bank in Georgia
London-based payments processor Checkout.com has received approval from the state of Georgia to launch a Limited Purpose Bank (MALPB) subsidiary. This specialized banking license permits non-bank firms to manage and maintain membership in payment networks.
Jordan Reynolds, CEO and Head of North American Banking at Checkout.com, highlighted that the license will enable tighter control over payment processes and support more flexible enterprise merchant solutions. The company is currently building teams in San Francisco, Atlanta, and New York.
Fifth Third Bancorp Completes Comerica Merger After Seven-Month Integration
Fifth Third Bancorp has successfully merged Comerica Bank’s systems and branding after a seven-month integration period. The merger impacts nearly 600,000 customers and 293 branches across Arizona, California, Florida, Michigan, and Texas.
The bank plans to leverage this acquisition to accelerate its expansion in Texas, committing nearly $1 billion in investments over the next five years. It aims to open 150 new financial centers by 2029 and reach a total of 1,750 branches by 2030.
PayNearMe Enhances AI Capabilities Through Acquisition of Marr Labs
Payment technology firm PayNearMe has acquired assets and key personnel from Marr Labs, a conversational AI startup supported by Y Combinator. This move is intended to advance automation features in PayNearMe’s PayXM payment experience platform.
Danny Shader, founder and CEO of PayNearMe, stated that conversational AI will improve customer service and compliance. Marr Labs’ co-founder and CTO Han Shu emphasized the importance of integrating data with business workflows to enable intelligent agents to handle complex payment tasks efficiently.
Mercury Bank Moves Closer to Launch After FDIC Approval
Salt Lake City-based Mercury Bank received approval from the Federal Deposit Insurance Corporation (FDIC) for deposit insurance, marking a significant milestone toward full launch. The bank still requires Federal Reserve master account approval before commencing operations, which it anticipates by 2027.
This approval follows similar progress by new digital bank VALT Bank, which also secured FDIC insurance this month with plans to open later this year.
Financial Technology Association Appoints Ebony Sunala Johnson as COO and General Counsel
The Financial Technology Association named Ebony Sunala Johnson as its first Chief Operating Officer and Chief Legal Officer. Johnson will oversee legal and operational functions within the association.
With prior regulatory compliance experience at Block, Truist, and the Consumer Bankers Association, Johnson brings extensive government and financial institution expertise. FTA President and CEO Penny Lee praised her qualifications as instrumental in advancing industry policy development.
New Leadership Transition Underway at New York Credit Union Association
The New York Credit Union Association announced that long-serving President and CEO William J. Mellin will retire at the end of this year, remaining through December to facilitate leadership transition. Under Mellin's tenure, credit union assets grew from $36 billion to over $133 billion, and membership rose from 4 million to 7.5 million.
Chief Operating Officer Chris Pajak will oversee daily operations until a successor is appointed.
HSBC Private Bank Strengthens Senior Leadership to Serve Ultra-High-Net-Worth Clients
HSBC Private Bank has named Hannes Hofmann as global head of its family office business, based in London. Hofmann will integrate efforts with the corporate and institutional banking teams to support client needs.
Additionally, Cayman Wills will join as head of U.S. private banking on September 20, focusing on expanding high-net-worth client relationships particularly in New York and other major markets. Both executives bring substantial experience from top-tier banking institutions.
JPMorgan Expands Global Corporate Banking Presence in Greece
JPMorgan Chase is broadening its global corporate banking operations in Greece to better serve medium and large enterprises. Konstantinos Makrydakis will lead this initiative while continuing to oversee investment banking activities.
Greece’s economy has been steadily recovering, outperforming many peers with unemployment reaching its lowest since 2008. This expansion aligns with the country's ongoing economic restructuring and development needs.