Structure of the Federal Reserve System

Customers Bancorp, Inc. Declares Quarterly Cash Dividend on Its Series E and Series F Preferred Stock

Retrieved on: 
Monday, October 30, 2023

Customers Bancorp, Inc. (NYSE:CUBI) announced that the Board of Directors has declared a quarterly cash dividend on its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E (NYSE: CUBIPrE) of $0.68319767 per share.

Key Points: 
  • Customers Bancorp, Inc. (NYSE:CUBI) announced that the Board of Directors has declared a quarterly cash dividend on its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E (NYSE: CUBIPrE) of $0.68319767 per share.
  • The dividend is payable on December 15, 2023, to shareholders of record on November 30, 2023.
  • The Board of Directors has also declared a quarterly cash dividend on its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F (NYSE: CUBIPrF) of $0.65931017 per share.
  • The company is reminding shareholders that, in accordance with Federal Reserve Board rules implementing the Adjustable Interest Rate (the “LIBOR Act”), after June 30, 2023, Customers Bancorp Inc. is no longer using the three-month LIBOR as a reference rate for determining the dividend rate of the Company’s Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E, par value $1.00 per share (“Series E Preferred Stock”), and Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F, par value $1.00 per share (“Series F Preferred Stock”).

PacWest Bancorp and Banc of California Receive Final Regulatory Approval for Merger

Retrieved on: 
Friday, October 20, 2023

LOS ANGELES, Oct. 19, 2023 (GLOBE NEWSWIRE) -- PacWest Bancorp (“PacWest”) (Nasdaq: PACW) today announced that the Board of Governors of the Federal Reserve System granted its approval of the previously announced combination of PacWest and Banc of California, Inc. (“Banc of California”) and their respective bank subsidiaries, Pacific Western Bank and Banc of California, N.A.

Key Points: 
  • LOS ANGELES, Oct. 19, 2023 (GLOBE NEWSWIRE) -- PacWest Bancorp (“PacWest”) (Nasdaq: PACW) today announced that the Board of Governors of the Federal Reserve System granted its approval of the previously announced combination of PacWest and Banc of California, Inc. (“Banc of California”) and their respective bank subsidiaries, Pacific Western Bank and Banc of California, N.A.
  • In addition, on October 5, 2023, the California Department of Financial Protection and Innovation granted its approval of Banc of California acquiring control of Pacific Western Bank and of the merger of Banc of California, N.A.
  • No further regulatory approvals are required to complete the proposed transaction.
  • “The receipt of regulatory approvals marks an important milestone on our transaction timeline,” said Paul Taylor, President and Chief Executive Officer of PacWest.

SMBC Opens Representative Office in Washington D.C. as Growth in U.S. Deepens

Retrieved on: 
Wednesday, October 25, 2023

Sumitomo Mitsui Banking Corporation (SMBC), a member of SMBC Group, today announced the opening of a representative office in Washington, D.C. to deepen ties with key stakeholders in the nation’s capital as the bank continues to expand its support of the U.S. economy.

Key Points: 
  • Sumitomo Mitsui Banking Corporation (SMBC), a member of SMBC Group, today announced the opening of a representative office in Washington, D.C. to deepen ties with key stakeholders in the nation’s capital as the bank continues to expand its support of the U.S. economy.
  • The debut of the bank’s representative office coincides with recent key hires, including Randy Ross as Head of Government Affairs and Public Policy, and Althea Pieters as Head of Regulatory Strategy.
  • Mr. Ross and Ms. Pieters bring years of experience both in government and in representing the financial services sector to strengthen SMBC’s relationships with regulators, industry groups, and lawmakers.
  • Before that, he managed Nomura’s Washington D.C. operations and served as the Financial Services Committee Designee and Legislative Director to U.S.

Metropolitan Commercial Bank Announces Settlements with Federal Reserve and New York State Department of Financial Services

Retrieved on: 
Thursday, October 19, 2023

Metropolitan Bank Holding Corp. (NYSE: MCB), the holding company for Metropolitan Commercial Bank (the “Bank”), today announced that the Bank has entered into Consent Orders with the Board of Governors of the Federal Reserve System (the “Federal Reserve”) and the New York State Department of Financial Services (“DFS”) to resolve Federal Reserve and DFS concerns related to the Bank’s relationship with a program manager that processed government stimulus funds and expanded unemployment insurance benefits during the COVID-19 pandemic and was a target of fraud.

Key Points: 
  • Metropolitan Bank Holding Corp. (NYSE: MCB), the holding company for Metropolitan Commercial Bank (the “Bank”), today announced that the Bank has entered into Consent Orders with the Board of Governors of the Federal Reserve System (the “Federal Reserve”) and the New York State Department of Financial Services (“DFS”) to resolve Federal Reserve and DFS concerns related to the Bank’s relationship with a program manager that processed government stimulus funds and expanded unemployment insurance benefits during the COVID-19 pandemic and was a target of fraud.
  • The Consent Orders relate to a unique challenge that arose for a short period at the height of the COVID-19 pandemic.
  • At the same time, as federal and state authorities have acknowledged, third-party fraud ballooned rapidly under these pandemic-era programs, creating oversight challenges for banks.
  • We appreciate that the Federal Reserve and New York Department of Financial Services have acknowledged the actions and enhancements we voluntarily undertook, including terminating the relationship with the third-party program manager at issue in August 2020, and supplementing our oversight mechanisms.

Banc of California Receives Final Regulatory Approval for its Merger with PacWest Bancorp

Retrieved on: 
Thursday, October 19, 2023

Banc of California, Inc. (“Banc of California”) (NYSE: BANC) and PacWest Bancorp (“PacWest”) (Nasdaq: PACW) today announced that the Board of Governors of the Federal Reserve System granted its approval of the previously announced combination of Banc of California and PacWest and their respective bank subsidiaries, Banc of California, N.A.

Key Points: 
  • Banc of California, Inc. (“Banc of California”) (NYSE: BANC) and PacWest Bancorp (“PacWest”) (Nasdaq: PACW) today announced that the Board of Governors of the Federal Reserve System granted its approval of the previously announced combination of Banc of California and PacWest and their respective bank subsidiaries, Banc of California, N.A.
  • In addition, on October 5, 2023, the California Department of Financial Protection and Innovation granted its approval of the merger of Banc of California, N.A.
  • “We are very pleased to have received regulatory approval at this time,” said Jared Wolff, Chairman, President and CEO of Banc of California.
  • We are excited to be bringing Banc of California and Pacific Western Bank together and unlock the strength of our combined platform to create a robust, well-capitalized and highly liquid institution.

Customers Bancorp, Inc. to Host Third Quarter 2023 Earnings Webcast on Friday, October 27, 2023

Retrieved on: 
Friday, October 13, 2023

Customers Bancorp, Inc. (NYSE: CUBI), the parent company of Customers Bank (collectively, “Customers”), will host a webcast at 9:00 AM EDT on Friday, October 27, 2023, to report its earnings results for the three months ending September 30, 2023.

Key Points: 
  • Customers Bancorp, Inc. (NYSE: CUBI), the parent company of Customers Bank (collectively, “Customers”), will host a webcast at 9:00 AM EDT on Friday, October 27, 2023, to report its earnings results for the three months ending September 30, 2023.
  • The webcast will be conducted by Customers Bancorp Chair & CEO Jay Sidhu, Customers Bancorp President and Customers Bank President & CEO Sam Sidhu, Customers Bancorp Chief Financial Officer Carla Leibold, Customer Bank Chief Financial Officer Philip Watkins, and Customers Bank Chief Credit Officer Andrew Bowman.
  • The live audio webcast, presentation slides and earnings press release will be made available at the Customers Bank Investors webpage .
  • The third quarter 2023 earnings press release will be issued after the market closes on Thursday, October 26, 2023.

The Wall Street Technology Association (WSTA) is Pleased to Welcome Lina Gladstein to its 2023 Board of Directors

Retrieved on: 
Thursday, September 28, 2023

NEW YORK, Sept. 28, 2023 /PRNewswire-PRWeb/ -- The Wall Street Technology Association (WSTA®), a not-for-profit financial services organization that provides technology and business professionals a forum to learn from and connect with each other, is pleased to welcome Lina Gladstein to its 2023 Board of Directors.

Key Points: 
  • The Wall Street Technology Association (WSTA®), a not-for-profit financial services organization that provides technology and business professionals a forum to learn from and connect with each other, is pleased to welcome Lina Gladstein to its 2023 Board of Directors.
  • NEW YORK, Sept. 28, 2023 /PRNewswire-PRWeb/ -- The Wall Street Technology Association (WSTA®) , a not-for-profit financial services organization that provides technology and business professionals a forum to learn from and connect with each other, is pleased to welcome Lina Gladstein to its 2023 Board of Directors.
  • Lina Gladstein is a genuine people leader, recognized as an expert relationship manager and an innovative thinker.
  • In addition to her work, Lina is actively involved in the community of her organization, serving as a leadership advisor for the WoMEN Resource Network.

Saluda Grade Ventures Successfully Exits Spring EQ Investment Via Cerberus Acquisition

Retrieved on: 
Wednesday, September 27, 2023

Saluda Grade , a private alternative real estate advisory and asset management firm, announced today a successful exit for a portfolio company in Saluda Grade Ventures (SGV), its growth equity investment management business.

Key Points: 
  • Saluda Grade , a private alternative real estate advisory and asset management firm, announced today a successful exit for a portfolio company in Saluda Grade Ventures (SGV), its growth equity investment management business.
  • SGV, through its Saluda Grade Alternative Lending & Fintech Growth Fund I LP & Saluda Grade Alternative Lending & Fintech Growth Fund II LP had invested equity capital into Spring EQ to fuel its growth in the home equity debt origination sector.
  • Saluda Grade has developed a strong relationship with mortgage entrepreneur Jerry Schiano, Spring EQ’s chief executive.
  • The sale of Spring EQ to an affiliate of Cerberus Capital Management, L.P. represents Mr. Schiano’s third successful monetization of a platform he launched and subsequently scaled into an attractive acquisition target.

Nearly Half of U.S. Consumers Report Their Financial Livelihood Fluctuates Seasonally

Retrieved on: 
Wednesday, September 27, 2023

SAN FRANCISCO, Sept. 27, 2023 /PRNewswire/ -- LendingClub Corporation (NYSE: LC), the parent company of LendingClub Bank, America's leading digital marketplace bank, today released key findings from the 26th edition of the Reality Check: Paycheck-To-Paycheck research series, conducted in partnership with PYMNTS Intelligence. The Seasonal Financial Distress Deep Dive Edition examines the impact of seasonal spending on consumers' ability to manage expenses and put aside savings. This edition draws on insights from a survey of 4,218 U.S. consumers conducted from Aug. 2 to Aug. 15, supplemented by analysis of other economic data.

Key Points: 
  • "The data underscores the pervasive nature of financial challenges affecting a majority of consumers," said Alia Dudum, LendingClub's Money Expert.
  • However, the problem is that there is more month at the end of the money, and seasonality is affecting consumers' financial distress."
  • Nearly half of all consumers say their financial standing fluctuates seasonally.
  • While nearly half of consumers report cutting back on nonessential expenditures to deal with seasonal financial challenges, the most frequently cited coping strategy across all financial lifestyles is using credit.

iHuman Inc. Announces Second Quarter 2023 Unaudited Financial Results

Retrieved on: 
Thursday, September 21, 2023

BEIJING, Sept. 21, 2023 /PRNewswire/ -- iHuman Inc. (NYSE: IH) ("iHuman" or the "Company"), a leading provider of tech-powered, intellectual development products in China, today announced its unaudited financial results for the second quarter ended June 30, 2023.

Key Points: 
  • BEIJING, Sept. 21, 2023 /PRNewswire/ -- iHuman Inc. (NYSE: IH) ("iHuman" or the "Company"), a leading provider of tech-powered, intellectual development products in China, today announced its unaudited financial results for the second quarter ended June 30, 2023.
  • Average total MAUs[2] for the second quarter were 20.33 million, a year-over-year increase of 11.7%.
  • Ms. Vivien Weiwei Wang, Director and Chief Financial Officer of iHuman, added, "We reported another solid set of results which reflects our commitment and continued focus on driving sustainable growth and profitability.
  • Please see "Non-GAAP Financial Measures" and "Unaudited Reconciliation of GAAP and non-GAAP Results" at the end of this press release.