Retail
The Office of the Comptroller of the Currency conditionally approved three national trust charters on Friday: de novos Agora National Trust Bank and Catena Trust Bank, and Bastion Platforms Trust Co., which is converting from a state charter. The approvals come with conditions, including minimum tier 1 capital and liquid asset requirements. Bastion white-labels stablecoins, Agora issues AUSD, and Catena Labs is developing financial infrastructure for AI agents. Full approvals depend on satisfying OCC conditions.
Nola Bank, Louisiana's first new lender in 16 years, opened Sept. 14 after receiving final regulatory approval on Sept. 11. The New Orleans-based de novo raised $29.2 million and aims to challenge bigger-bank dominance by focusing on small businesses and the underbanked. CEO Joe Omner noted the region's consolidation and the impact of Hurricane Katrina on new bank formation. The bank is applying for minority depository institution status with a multiracial designation. It emphasizes local decision-making, technology, and community ties to compete with larger institutions.
PNC CFO Rob Reilly said the bank would pass on an acquisition if it impeded its AI priorities, emphasizing the risk of distraction from AI's potential. Regions CEO John Turner said M&A could divert attention from its deposit system conversion set for 2027, and Citizens CEO Bruce Van Saun said his company doesn't want to get distracted while growing its private bank and executing its Reimagine the Bank initiative. The executives' comments come amid high expectations for bank M&A in 2026, but larger deals have been scarce. Industry experts and other bank leaders weighed in on the factors behind the lull and the outlook for consolidation.
Allison Robinson, head of U.S. retail distribution at TD Bank, said Wednesday that the goal of opening 100 U.S. branches by 2028 is a "strategy for the present," not a simple restart of the 2023 expansion plan. The bank announced last week plans to open 100 new branches in the United States by the end of 2028 and hire additional retail and commercial banking staff. Despite regulatory constraints such as asset caps, bank executives remain optimistic about growth prospects.
KeyCorp announced on Monday the appointment of Chris Doll as Chief Strategy Officer and Deputy Chief Financial Officer, effective immediately. Doll will report to CFO Clark Khayat and join the financial leadership team and executive committee of the $191 billion-asset bank. Previously, Doll served as Executive Vice President and CFO at City National Bank for nearly three years, and earlier spent 13 years at Fifth Third.
The testimony of former JPMorgan executive Jes Staley at the House hearing was released on Wednesday. The testimony showed that he had advocated for keeping Epstein's account, shared confidential information with him, discussed Epstein with CEO Jamie Dimon, and may have informed him of the client's high-risk status.
First Financial Corp. announced on Thursday that it will acquire First Illinois Corp. for approximately $111.3 million. The transaction is expected to close in the fourth quarter, bringing Hickory Point Bank and Trust under its umbrella and adding 8 branches in central Illinois for First Financial. The combined bank will have total assets of approximately $6.9 billion, deposits of $5.5 billion, and loans of $4.9 billion.