Banking News

Banking News – including business banking, financial services, consumer finance, bank technology, and related banking industry news, issued by the Send2Press Newswire service.


NAMMBA Announces Partnership with MCT

ORLANDO, Fla., July 14, 2021 (SEND2PRESS NEWSWIRE) — The National Association of Minority Mortgage Bankers of America (NAMMBA) announced today a partnership with San Diego based Mortgage Capital Trading (MCT®). The relationship is an important step in both company’s efforts to affect positive change – addressing the housing needs of underserved communities as well as encouraging and developing a more diverse work force in the mortgage sector.

Chelsea Groton Bank Proudly Offers Homebuyer Assistance Program for Persons with Documented Disabilities

GROTON, Conn., July 12, 2021 (SEND2PRESS NEWSWIRE) — Chelsea Groton Bank is pleased to partner with the Connecticut Housing Finance Authority (CHFA) to help borrowers with documented disabilities to purchase their first home, through the Home of Your Own Program.

Pete du Pont Freedom Foundation Receives $200,000 Grant from Barclays

WILMINGTON, Del., June 29, 2021 (SEND2PRESS NEWSWIRE) — The Pete du Pont Freedom Foundation has received an additional $200,000 from Barclays US Consumer Bank to support the statewide expansion of the Foundation’s Equitable Entrepreneurial Ecosystem (E3). As part of the grant, $50,000 will be allocated to fund a comprehensive research study on Black and Brown entrepreneurs and their economic impact in Delaware.

Chelsea Groton Bank Approves $244K in Grants During Spring Giving Cycle

GROTON, Conn., June 10, 2021 (SEND2PRESS NEWSWIRE) — This spring, the Chelsea Groton Foundation provided $244,319 to 67 non-profit organizations from Connecticut and Rhode Island. Over 60% of the Foundation’s approved funding went to organizations providing Health and Human Services, including critical needs such as healthcare, food, clothing and shelter.

Promontory MortgagePath Adds Industrial Bank, Optus Bank as First MDIs, CDFIs in Its Minority-Owned Financial Institution Initiative

DANBURY, Conn., June 1, 2021 (SEND2PRESS NEWSWIRE) — Promontory MortgagePath LLC, a leading provider of comprehensive digital mortgage fulfillment services, announced Industrial Bank and Optus Bank as the first participants in its initiative to support community development financial institutions (CDFIs) and minority depository institutions (MDIs).

Atlantic Bay Mortgage Group┬« Surpasses 10,000 Paperless eClosings with DocMagic’s Total eClose™ Solution

TORRANCE, Calif., May 25, 2021 (SEND2PRESS NEWSWIRE) — DocMagic, Inc., the premier provider of fully-compliant loan document preparation, automated regulatory compliance, and comprehensive eMortgage services, announced that Atlantic Bay Mortgage Group®, a national independent mortgage banker, has successfully processed more than 10,000 paperless eClosings.

Chelsea Groton Bank Marks Year Defined by Pandemic As ‘Record’ In Every Way

GROTON, Conn., May 4, 2021 (SEND2PRESS NEWSWIRE) — Chelsea Groton Bank reported impressive financial, educational, technical and community-based accomplishments at its 166th Annual Meeting which was conducted over Zoom on Tuesday, April 27, 2021. President and CEO Michael Rauh presented the Bank’s 2020 results to Bank officers, Board members and Corporators.

Oregon Bankers Association Subsidiary Endorses Promontory MortgagePath’s Mortgage Fulfillment Services, Digital Mortgage Platform

DANBURY, Conn., April 19, 2020 (SEND2PRESS NEWSWIRE) — Promontory MortgagePath LLC, a leading provider of comprehensive digital mortgage fulfillment services, announced today Synergy by Association, Inc., a wholly-owned subsidiary of the Oregon Bankers Association (OBA) has officially endorsed its mortgage fulfillment services and proprietary point-of-sale technology Borrower Wallet®.

Chelsea Groton Bank, in Partnership with NCDC and GNACC, Offers Free Online Business Seminars for Local Entrepreneurs

GROTON, Conn., April 1, 2021 (SEND2PRESS NEWSWIRE) — Chelsea Groton Bank kicks off their 8-week “CU Grow: Online Small Business Bootcamp” on April 1, 2021. The FREE small business series, designed for aspiring and established entrepreneurs, is offered through the Bank’s financial education program, Chelsea University, in partnership with the Norwich Community Development Corporation (NCDC) and the Greater Norwich Area Chamber of Commerce (GNACC).

Chelsea Groton Bank Introduces Local Chelsea|LIVE Video Banking Team and New Ways to Connect

GROTON, Conn., March 4, 2021 (SEND2PRESS NEWSWIRE) — Chelsea Groton Bank is pleased to introduce Chelsea|LIVE Video Banking, a new digital personal experience that gives members the flexibility to bank when, where and how it’s most convenient.

Chelsea Groton Bank and Foundation Together Gave Record $1 Million in 2020

GROTON, Conn., Jan. 13, 2021 (SEND2PRESS NEWSWIRE) — Last year, Chelsea Groton Bank and its Foundation provided more than $1 Million to non-profit organizations in our communities. The Foundation recently approved $405,820 in grants to 68 non-profit organizations from Connecticut and Rhode Island, which put the full year’s giving total above the $1 Million mark for the first time ever. (*UPDATED*)

Community State Bank Implements Fully Paperless eClosing Process with DocMagic’s Total eClose™ Platform

TORRANCE, Calif., Nov. 23, 2020 (SEND2PRESS NEWSWIRE) — DocMagic, Inc., the premier provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, announced that Southeast Wisconsin-based Community State Bank has implemented its full suite of eClosing solutions to transform the bank’s mortgage closing process, making it 100 percent digital.

Velocity Credit Union Provides Employees Paid Time Off to Vote Early

AUSTIN, Texas, Oct. 9, 2020 (SEND2PRESS NEWSWIRE) — Velocity Credit Union understands the importance of voting. To remind its employees that their vote is their voice and to encourage them to use it, the financial institution has announced a company-wide perk: paid time off to vote.

Velocity Credit Union gives members free access to their FICO® Scores

AUSTIN, Texas, Aug. 5, 2020 (SEND2PRESS NEWSWIRE) — Velocity Credit Union credit card holders can now access their FICO Scores at no charge through monthly statements and online banking. FICO Scores will be refreshed on a quarterly basis and checking them will not affect credit ratings.

Arvest Bank to roll out SimpleNexus mobile-first mortgage platform

LEHI, Utah, July 28, 2020 (SEND2PRESS NEWSWIRE) — SimpleNexus, developer of the leading digital mortgage platform for loan officers, borrowers and real estate agents, today announced that more than 200 retail loan officers at Arvest Bank (Arvest) will soon begin offering borrowers and referral partners a more streamlined mortgage experience powered by SimpleNexus.

Independent Bankers Association of Texas Announces Promontory MortgagePath as Its Newest Endorsed Service Provider

AUSTIN, Texas, July 27, 2020 (SEND2PRESS NEWSWIRE) — The Independent Bankers Association of Texas (IBAT) is pleased to announce that Promontory MortgagePath, LLC (PMP) has been selected as the newest IBAT Endorsed Service Provider for its ability to deliver a tailored, modern and cost-effective set of mortgage solutions.

Centier Bank Slashes Man-Hours Spent Calculating Incentive Compensation by 99% with LBA Ware’s CompenSafe

MACON, Ga., June 16, 2020 (SEND2PRESS NEWSWIRE) — LBA Ware, a leading provider of incentive compensation management (ICM) and business intelligence software solutions for the mortgage industry, today announced that Centier Bank (Centier), Indiana’s largest private, family-owned bank, has implemented CompenSafe to automate incentive compensation for its residential lending department.

Bank of Southern California NA Funds More Than $487.8 Million in PPP Loans

SAN DIEGO, Calif., May 11, 2020 (SEND2PRESS NEWSWIRE) — Bank of Southern California, N.A. (OTC Pink: BCAL), a community business bank headquartered in San Diego, announced today that it has funded more than $487.8 million in Paycheck Protection Program (PPP) loans. These results, as of 9:30 p.m. PDT on May 7, 2020, provided 1,940 local businesses affected by the Coronavirus (COVID-19) with critical financing to retain or restore jobs for 51,523 individuals.

Bank of Southern California, N.A. Announces Q1 2020 Results and Response to Pandemic

SAN DIEGO, Calif., May 5, 2020 (SEND2PRESS NEWSWIRE) — Bank of Southern California, N.A. (OTC Pink: BCAL) today reported results for the first quarter ended March 31, 2020. Total assets increased to $852 million at March 31, 2020, up from $830 million in the prior quarter and an increase of 10.8% compared to March 31, 2019.

Bank of Southern California, NA and CalWest Bancorp, the Holding Company for CalWest Bank, Announce Changes to Merger Agreement

SAN DIEGO and RANCHO SANTA MARGARITA, Calif., April 29, 2020 (SEND2PRESS NEWSWIRE) — Bank of Southern California, N.A. (OTC Pink: BCAL) and CalWest Bancorp (OTCBB: CALW), today announced that they have renegotiated the terms of their merger and have agreed to amend the initial Definitive Agreement announced on October 21, 2019 following shareholder meetings held on April 22, 2020.

Alpine Bank Selects CompenSafe by LBA Ware for Efficient, Accurate and Scalable Compensation Plan Management

MACON, Ga., March 26, 2020 (SEND2PRESS NEWSWIRE) — LBA Ware™, a leading provider of incentive compensation management (ICM) and business intelligence software solutions for the mortgage industry, announced that full-service community bank Alpine Bank has implemented CompenSafe™ to automate incentive compensation for its mortgage loan originators and fulfillment staff.

TCF Bank Renews Partnership with the Michigan Chronicle to Invest $100,000 in Detroit Students and Educators

DETROIT, Mich., Feb. 25, 2020 (SEND2PRESS NEWSWIRE) — TCF Bank announced today that it will renew its partnership with the Michigan Chronicle to provide scholarships to Detroit high school seniors through the Michigan Chronicle/TCF Bank S.W.A.G. (Students Wired for Achievement and Greatness) Scholarship Awards. For 2020, the bank will award scholarships between $5,000 and $20,000 per student to 15 awardees.

GreenState Credit Union Drives First-Lien Mortgage Production with the Help of SimpleNexus

LEHI, Utah, Feb. 18, 2020 (SEND2PRESS NEWSWIRE) — SimpleNexus, developer of the leading digital mortgage platform for loan officers, borrowers and real estate agents, announced that loan officers (LO) at GreenState Credit Union (GreenState) are using the SimpleNexus digital mortgage app to achieve record first mortgage production.

Allegent FCU steps up to the Reese’s Peanut Butter Cup Challenge, Cranberry Twp., Pennsylvania

WEXFORD, Pa., Jan. 31, 2020 (SEND2PRESS NEWSWIRE) — Capturing the buzz of a current Hershey’s Reese’s Peanut Butter commercial spot – Allegent FCU actually sells Reese’s Peanut Butter Cups at a financial institution! The Hershey Company’s branded Reese’s spot teased the Federal Credit Union into accepting the challenge and partnering with Reese’s in fulfilling the commercial spot’s thought: that Reese’s are “sold literally everywhere business is done, I’m pretty sure you could buy them at a bank.”

Velocity Credit Union commits to downtown Austin with construction of its new branch

AUSTIN, Texas, Jan. 29, 2020 (SEND2PRESS NEWSWIRE) — Velocity Credit Union, a fixture of the Austin financial scene since 1947, has begun site preparation for its new branch office in downtown Austin. To be located on the southeast corner of 12th and Sabine Streets, the new facility is being built immediately across Sabine Street and just to the east of Velocity’s current downtown location (610 E. 11th Street).

Bank of Southern California N.A. Announces Fourth Quarter and Year End 2019 Results

SAN DIEGO, Calif., Jan. 29, 2020 (SEND2PRESS NEWSWIRE) — Bank of Southern California, N.A. (OTC Pink: BCAL) today reported results for the fourth quarter ended December 31, 2019. Total assets ended the year at $830 million at December 31, 2019, an increase of 8.1% compared to December 2018. Total loans increased 6.6% to $677 million and total deposits increased 7.0% to $672 million compared to the prior year as well.

Bank of Southern California, N.A. Completes Capital Offering and Plans to Form Holding Company

SAN DIEGO, Calif., Dec. 16, 2019 (SEND2PRESS NEWSWIRE) — Bank of Southern California, N.A. (OTC Pink: BCAL / OTCMKTS: BCAL), a community business bank headquartered in San Diego, announced today the successful completion of a capital raise of approximately $12 million through the issuance of common stock in a private placement to institutional and accredited individual investors at a price of $12 per share. The Bank also announced its plans to reorganize into a holding company, Southern California Bancorp.

Mid America Mortgage Executives to Speak at Upcoming MBA, ALTA Events

ADDISON, Texas, Nov. 26, 2019 (SEND2PRESS NEWSWIRE) — Mid America Mortgage, Inc. (Mid America) announced today that two of its executives will be sharing their expertise at upcoming events for the Mortgage Bankers Association (MBA) and the American Land Title Association (ALTA), respectively.

Bank of Southern California NA Names Troy Perry Managing Director, Business Banking

SAN DIEGO, Calif., Nov. 6, 2019 (SEND2PRESS NEWSWIRE) — Bank of Southern California, N.A. (OTC Pink: BCAL), a community business bank headquartered in San Diego, is pleased to announce that Troy Perry has joined the company as Managing Director of Business Banking. He will be responsible for broadening Bank of Southern California’s market presence by actively seeking new business opportunities throughout Los Angeles’ Westside.

Bank of Southern California, N.A. Announces Third Quarter 2019 Results

SAN DIEGO, Calif., Oct. 25, 2019 (SEND2PRESS NEWSWIRE) — Bank of Southern California, N.A. (OTC Pink: BCAL) today reported results for the third quarter ended September 30, 2019. Total assets grew to $839 million at September 30, 2019, a 14% increase compared to the third quarter of 2018.

Bank of Southern California, NA and CalWest Bancorp, the Holding Company for CalWest Bank, Announce Agreement to Merge

SAN DIEGO and RANCHO SANTA MARGARITA, Calif., Oct. 21, 2019 (SEND2PRESS NEWSWIRE) — Bank of Southern California, N.A. (OTC Pink: BCAL) and CalWest Bancorp (OTCBB: CALW), today announced the signing of a definitive agreement and plan of merger (the “Agreement”) whereby CalWest Bank will merge with and into Bank of Southern California. The merger is subject to customary closing conditions, including the receipt of all regulatory approvals and the approval of the shareholders of CALW and BCAL.

Bank of Southern California NA Names Jacob Mathews Managing Director of Business Banking

SAN DIEGO, Calif., Oct. 16, 2019 (SEND2PRESS NEWSWIRE) — Bank of Southern California, N.A. (OTC Pink: BCAL), a community business bank headquartered in San Diego, is pleased to announce that Jacob Mathews has joined the company as Managing Director of Business Banking. He will be responsible for expanding Bank of Southern California’s client base by actively seeking new business opportunities in Los Angeles County and Orange County.

Bank Execs Share the Next Generation Customer Experience at #NEXTDC19

EDMOND, Okla., Sept. 20, 2019 (SEND2PRESS NEWSWIRE) — NEXT Mortgage Events LLC, creator of NEXT women’s executive mortgage summit and Housing Finance Strategies, a Washington, D.C.-based advisory firm, have announced that executives from Roostify, Chase Home Lending and TD Bank, America’s Most Convenient Bank, will be featured speakers at #NEXTDC19, the women’s executive summit focused on housing policy and fintech.

Bank of Southern California N.A. Names Joel Ewan Senior Vice President, Credit Administration

SAN DIEGO, Calif., Aug. 12, 2019 (SEND2PRESS NEWSWIRE) — Bank of Southern California, N.A. (OTC Pink: BCAL), a community business bank headquartered in San Diego, has announced the appointment of Joel Ewan as Senior Vice President, Credit Administration. In this newly created role, he will be responsible for managing, implementing, and evaluating credit policy initiatives as well as analyzing and structuring commercial credit for clients across multiple industry sectors.

Bank of Southern California NA Announces Justin Roscoe as AVP, Training Officer

SAN DIEGO, Calif., Aug. 5, 2019 (SEND2PRESS NEWSWIRE) — Bank of Southern California, N.A. (OTC Pink: BCAL), a community business bank headquartered in San Diego, has named Justin Roscoe as Assistant Vice President, Training Officer. In this newly created role, he will lead all learning and development, and career pathing programs for the Bank. In addition, he will be responsible for developing a structured recruiting process and company-wide internship program.

Bank of Southern California N.A. Announces Second Quarter 2019 Results

SAN DIEGO, Calif., July 24, 2019 (SEND2PRESS NEWSWIRE) — Bank of Southern California, N.A. (OTC Pink: BCAL) today reported results for the second quarter ended June 30, 2019. Total assets were $767 million for the second quarter of 2019, a 47% increase compared to the second quarter of 2018. Quarterly net income increased 20% to $1.57 million compared to $1.31 million in Q2 of 2018.

Bank of Southern California NA Names Ian McKay Managing Director

SAN DIEGO, Calif., July 17, 2019 (SEND2PRESS NEWSWIRE) — Bank of Southern California, N.A. (OTC Pink: BCAL), a community business bank headquartered in San Diego, has expanded its business development team with the hiring of Ian McKay as Managing Director of Business Banking. He will focus on developing and managing a portfolio of small to medium sized businesses located throughout Orange County.

Level One Bank Enlists CompenSafe to Automate Incentive Compensation After Doubling Its Mortgage Division

MACON, Ga., July 16, 2019 (SEND2PRESS NEWSWIRE) — LBA Ware, provider of the leading automated incentive compensation and sales performance management platform for mortgage lenders, announced today that Level One Bank (NASDAQ: LEVL) has chosen CompenSafe to automate incentive compensation for mortgage loan originators and support staff across the community bank’s mortgage loan center and branch locations

Bank of Southern California, N.A. Names Robby Piper Senior Managing Director

SAN DIEGO, Calif., July 1, 2019 (SEND2PRESS NEWSWIRE) — Bank of Southern California, N.A. (OTC Pink: BCAL), a community business bank headquartered in San Diego, is pleased to announce that Robby Piper has joined the company as Senior Managing Director, Business Banking. He will be responsible for expanding Bank of Southern California’s client base.

Bank of Southern California NA Names Kamran Khosrovani Branch Managing Director

SAN DIEGO, Calif., June 12, 2019 (SEND2PRESS NEWSWIRE) — Bank of Southern California, N.A. (OTC Pink: BCAL), a community business bank headquartered in San Diego, announced today that it has hired Kamran Khosrovani as Branch Managing Director of Business Banking in Los Angeles. He will focus on client acquisition and retention as Bank of Southern California looks to further expand its presence throughout the greater Los Angeles region.