In Georgia, Pinnacle Financial Corp. has agreed to acquire SBT Bancorp Inc. and unit Southern Bank & Trust in a cash-and-stock transaction
Elsewhere in New York, Evans Bancorp Inc. is buying in-state peer FSB Bancorp Inc. for about $34.7 million. Per the deal terms, FSB Bancorp stockholders can elect to receive either 0.4394 of an Evans Bancorp common share or $17.80 in cash for each FSB Bancorp common share, subject to possible adjustment and 50/50 proration.
A December survey by the Federal Reserve showed that those banks who opted to stay on the sidelines despite increased demand for overnight lending
Cannabis banking proponents are standing pat even as Senate Banking Committee Chairman Mike Crapo, R-Idaho, raised concerns over the House-passed Secure and Fair Enforcement Banking Act, or SAFE Banking Act
The Federal Reserve is looking into a second glitch this year in the central bank's automated clearinghouse system
The U.S. Securities and Exchange Commission charged Springer Investment Management Inc., doing business as Springer Financial Advisors, and owner Keith Springer with defrauding
The SEC also charged Edward Espinal, of Wayne, N.J., and his company, Cash Flow Partners LLC over an alleged $5 million Ponzi scheme
The Financial Industry Regulatory Authority has fined Robinhood Markets Inc. unit Robinhood Financial LLC $1.3 million for best execution violations related to its customers' equity orders and related supervisory failures between October 2016 and November 2017. Robinhood also agreed to retain an independent consultant to do a comprehensive review of the firm's best execution procedures and systems as part of the settlement.
U.S. House Financial Services Committee Chair Maxine Waters, D-Calif., said lawmakers will summon the board members of Wells Fargo & Co. and press them to explain their roles in managing the San Francisco-based bank over a sales scandal that erupted in 2016, Reuters reports. Wells Fargo should be broken up in order to be properly managed, Waters reportedly said. The bank's former CEOs, John Stumpf and Tim Sloan, had resigned shortly after facing the lawmakers in 2016 and 2019, respectively. Charles Scharf is the third Wells Fargo CEO since 2016.
After the U.S. and the U.K. governments, the Monetary Authority of Singapore, too, is putting JPMorgan Chase & Co.'s precious metals trading
Five Democratic senators have called on JPMorgan CEO Jamie Dimon to demonstrate commitment through action over complaints of racial discrimination
FleetCor Technologies Inc. reached an impasse in its discussions with the Federal Trade Commission regarding claims relating to the company's advertising and marketing practices
In other parts of the world
Asia-Pacific: Bank Indonesia keeps rates unchanged; Indian asset manager files for IPO
Europe: BoE holds rate, gets new boss; BBVA sees $1.5B charge; Intesa, Nexi reach deal
Middle East & Africa: MSCI Kuwait status upgrade; PrivatBank sues Israeli bank; Nigeria outlook change
Now featured on S&P Global Market Intelligence
US community banks struggle to lower deposit costs; investors taking notice: Despite rate cuts by the Federal Reserve, deposit costs have not declined as many bankers had hoped. Investors have taken notice, rewarding U.S. community banks with stronger deposit franchises.
Delinquencies, charge-offs mixed at US card issuers in November: The average delinquency ratio among master trust portfolios at six major U.S. credit card issuers increased 1 basis point month over month to 1.51% in November. Meanwhile, the average net charge-off ratio rose 17 basis points month over month to 2.22%.
New Jersey's largest community banks keep buying: New Jersey's largest community banks remain active on the M&A front as financial results continue to underwhelm.
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng was up 0.25% to 27,871.35, and the Nikkei 225 slid 0.20% to 23,816.63.
In Europe, around midday, the FTSE 100 inched up 0.19% to 7,588.55, and the Euronext 100 gained 0.61%% to 1,149.96.
On the macro front
The GDP report, the corporate profits report, the personal income and outlays report, the consumer sentiment report, the Kansas City Fed manufacturing index and the Baker-Hughes Rig Count 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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