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Friday Express: De novo planned in Raleigh, NC; Discover to curb originations

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Friday Express: De novo planned in Raleigh, NC; Discover to curb originations

* Synchrony Financial posted second-quarter earnings per share of 92 cents, higher than the year-ago figure of 61 cents.

* The Federal Reserve ordered Pikeville, Ky.-based Community Trust Bank to pay about $4.8 million to about 11,000 customers for failing to adequately disclose information on its offering of deposit account add-on products.

* A group of former Yadkin Financial bankers, including former CEO Scott Custer, are planning to open a bank in Raleigh, N.C., to be called Dogwood State Bank, the American Banker reports. The group expects to open the bank in the second quarter of 2019.

* Discover Financial Services Chairman and CEO David Nelms said although the payment processor will not exit its personal loans portfolio, it will continue to scale back on its origination activity.

* The U.S. Securities and Exchange Commission again disapproved a proposal from Bats BZX Exchange to list and facilitate the trading of Winklevoss Bitcoin Trust.

* Arthur J. Gallagher CEO Pat Gallagher Jr. sees continued growth for the insurance broker through M&As amid an "unquenchable" supply of brokers.

* U.S. defense contractor Raytheon is transferring $923 million in pension obligations to Prudential Insurance Co. of America.

The Daily Dose: Express Edition is updated as of 6:30 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.