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In This List

Ex-Yadkin bankers planning NC de novo; Fed sanctions Community Trust Bank

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Street Talk Episode 66 - Community banks tap the debt markets while the getting is good

Street Talk Episode 67 - Veteran investor tabs Mick Mulvaney to help with latest financial stock-focused fund

Street Talk Episode 65 - Deferral practices trap US bank portfolios in purgatory


Ex-Yadkin bankers planning NC de novo; Fed sanctions Community Trust Bank

The Federal Reserve slapped Pikeville, Ky.-based Community Trust Bank Inc. with a consent order over its unfair and deceptive practices, requiring the bank to pay approximately $4.8 million in restitution to about 11,000 customers. Community Trust had failed to adequately disclose instructions and the payment system to customers in connection with its offering of deposit account add-on products.

A group of former Yadkin Financial Corp. bankers are organizing a de novo bank, to be called Dogwood State Bank, in Raleigh, N.C., American Banker reports. Steve Jones will serve as the CEO of the new bank, which the group aims to open in the second quarter of 2019. Jones was the former chief banking officer of Yadkin, which sold to F.N.B. Corp. in 2017. He then served as F.N.B.'s chief banking officer for the Carolinas. Jones, meanwhile, is aiming to raise $75 million to $100 million in startup funds, according to the Triangle Business Journal.

Elsewhere, consumer credit company Synchrony Financial reported second-quarter net earnings attributable to common shareholders of 92 cents per share, a 50.8% increase from the year-ago period's 61 cents per share. Net interest income increased 2.7% year over year to $3.74 billion from $3.64 billion, primarily driven by loan receivables growth.

In cryptocurrency news, the SEC again rejected Bats BZX Exchange Inc.'s bid to list and facilitate trading of Winklevoss Bitcoin Trust, an exchange-traded fund based on the value of bitcoin. The agency disapproved the proposal citing concerns about the level of market surveillance.

Discover Financial Services Chairman and CEO David Nelms said the payments processor will continue to cut back on origination activity in personal loans, noting that there is "less opportunity" for near-term profitable growth in that portfolio.

In other parts of the world

Asia Pacific: Ex-China banking regulator sentenced to prison; SBI Life Q1 profit rises

Europe: Sabadell profit down after TSB woes; former Julius Bär exec arrested

Middle East & Africa: More Gulf banks post Q2; Nedbank sees higher results; Greek bank to exit Egypt

Now featured on S&P Global Market Intelligence

BB&T's short shopping list could be stymied by market's deal aversion: BB&T's desire to pursue sizable deals could be derailed as investors have shown enough distaste for large-bank mergers.

E*TRADE takeout still possible as board finalizes 2-year review: Several analysts expect E*TRADE to be up for sale soon as the board's two-year review nears conclusion.

Payment fintechs leave their mark on small business lending: A handful of fintech companies are using data from non-lending relationships to become larger providers of working capital.

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Hang Seng increased 0.08% to 28,804.28, and the Nikkei 225 rose 0.56% to 22,712.75.

In Europe, around midday, the FTSE 100 was up 0.58% to 7,707.50, and the Euronext 100 was up 0.24% to 1,078.64.

On the macro front

The GDP report, the consumer sentiment report and the Baker-Hughes Rig Count report are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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