PNC Bank acquired a portfolio of $16.6 billion in capital commitments facilities from Signature Bridge Bank through an agreement with the Federal Deposit Insurance Corporation as receiver.
The Federal Deposit Insurance Corporation released an internal review evaluating its supervision of Signature Bank. According to the review, “the root cause of [Signature Bank’s] failure was poor management.”
JPMorgan Chase acquired the substantial majority of assets and assumed the deposits and certain other liabilities of First Republic Bank from the Federal Deposit Insurance Corporation. As part of the purchase, JPMorgan Chase is assuming all insured and uninsured deposits.
The New York State Department of Financial Services closed Signature Bank over the weekend and appointed the FDIC as receiver. The FDIC transferred all deposits and assets to a bridge bank that began operations on Monday.
The Federal Deposit Insurance Corporation approved the proposed merger of First Citizens BancShares, the parent company of First Citizens Bank & Trust Company, and CIT Group, the parent company of CIT Bank.
Bell Bank hired Steve Flaten as senior vice president of credit risk and regulatory affairs. Flaten recently retired from the Federal Deposit Insurance Corporation after a 33-year career.
The federal bank regulatory agencies announced optional extension of the regulatory capital transition for the new credit loss accounting standard.
The Fed, FDIC, NCUA, OCC, CFPB) and state banking regulators issued an interagency statement for financial institutions working with borrowers affected by the coronavirus. FASB concurs with the approach.
The FDIC reached a $335 million settlement with PricewaterhouseCoopers related to professional negligence claims brought by the FDIC against accounting firm arising out of the audits of the failed Colonial Bank.
The Federal Reserve Board and the FDIC will jointly hold two public meetings on the proposed merger of BB&T and SunTrust Banks.