Genesis Bank in Newport Beach, California, agreed to buy EH National Bank in Beverly Hills for an undisclosed amount of cash. EH National operates as the $300 million-asset Excel Bank, which has three branches, $238 million in loans and $242 million in deposits. The transaction is expected to close by mid-2025.
M&A News is reported by Paul Davis and reprinted with permission as an adaptation of the material from TheBankSlate.com.
A federal court in Maryland issued a temporary restraining order preventing the Trump administration from firing probationary employees at 16 federal departments and agencies, including the CFPB, FDIC and Treasury Department.
Bank Term Funding Program data shows that credit unions made up just 28% of borrowers but received over 40% of total loans.
ABA offered four policy recommendations for Trump administration officials as they develop an “action plan” to advance the development and implementation of artificial intelligence technologies in the U.S.
The Social Security Administration announced that beneficiaries will no longer be able to change their direct deposit bank information through a phone call, part of what it says is a crackdown on fraud.
Preliminary results show consumer sentiment fell 6.8 points in March to 57.9, down 21.5 points from one year ago.
Noting that the CFPB's final rule on medical debt reporting would harm "banks’ lending risk, consumers’ default risk, and the availability of credit," ABA expressed support for a Congressional Review Act resolution that would overturn the 2025 rule.
