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has proven a challenging, complicated venture for the nation’s banks. As more financial institutions (FIs) warm up to the idea, one bank in Maryland is taking significant steps to address cannabis companies’ FinServ challenges. That bank was very quick out of the gate saying, ‘I want to work with the industry,’” he said.
Independent Banker’s annual listing top-performing communitybanks of 2021 alongside interviews with some of the winners. In true communitybank fashion, each has its own story to tell and its own path to success. In true communitybank fashion, each has its own story to tell and its own path to success.
As an early-career CPA, Carissa Rodeheaver began her communitybanking career as a trust administrator nearly three decades ago. Now, she's at the same bank, as chairman, president and CEO of Oakland, Maryland-based First United Bank and Trust.
As communitybanks navigate this process, there are plenty of resources available to answer questions and provide guidance. Three sources of information on FedNow As communitybanks look to take advantage of this new opportunity, they seek resources to help them navigate the journey.
billion-asset First State CommunityBank in Farmington, Mo. The dos and don’ts of data analysis can make the difference in a bank’s payments strategy (see sidebar below). Applying data Data can support communitybanks in helping their customers better manage their finances. The results? Giorgio says. “If
Experts say communitybanks can use education, biometrics and solid cybersecurity practices to fight this growing area of crime. Say a scammer calls a communitybank customer and gains their trust by using information obtained from a major data breach. By Elizabeth Judd. Examples of remote authentication fraud.
Here’s how communitybanks can enhance their payments offerings. of banks’ revenues come from payments. Payments account for up to 30% of bank revenue, and that income stream is under attack. As 2023 kicks off, communitybanks can respond to today’s payments landscape by addressing five key trends.
The bank faced credit setbacks in the nation's capital and margin pressure this year. But it made a series of new hires to reduce risk and diversify its loan portfolio, preparing for a new era of demand as the industry awaits interest rate cuts.
The bank took a big hit on an office property in Washington, D.C., during the first quarter. This month, it filed a shelf registration statement for an offering of up to $150 million that could be used to bolster capital or refinance debt.
With the SBA’s Paycheck Protection Program set to re-opening for applications tomorrow, a Marylandbank CEO this weekend recounted his bank’s experience getting up and running during the early days of the program. The post MarylandBank CEO Reflects on First Round of PPP Applications appeared first on ABA Banking Journal.
A career banker with multiple financial institutions, including the long-admired Mercantile from Maryland, Mike elevated up the credit and lending vertical to his current position. Mark Semanie, Maryland Market President, Wesbanco. Mark did not come into banking until his mid 30's.
The bank cut its dividend, raised capital, hired multiple top executives and vowed to reduce its commercial real estate concentration after a bruising first half of 2024.
Fallout from recent global events presents an obstacle to generating revenue for communitybanks. It’s certainly an interesting time to be a communitybank, but there are still plenty of ways to make efficiencies with an eye on profitability. ? But one of the biggest problems in communitybanking today is a fear of risk.
As communitybanks grow, their vendor partnerships usually also do, which can lead to challenges with organization, data security and more. To address these issues, some communitybanks have turned to artificial intelligence. Greg Ohlendorf, First CommunityBank and Trust. Photo by MirageC/Getty Images.
Across the world, people are using super apps to send messages, purchase tickets and, of course, bank online. What are they, and how can communitybanks stay on top of this trend? Communitybank considerations. So, what does this intersection of regulation and technology competition mean for communitybanks?
The acquisition would deepen Orrstown's presence in its home state and Maryland. Codorus Valley Bancorp in recent years had faced pressure from an activist investor to consider selling.
The payments space can be dizzying for even the most enterprising communitybank. Banking-as-a-service (BaaS). Central bank digital currency (CBDC). The financial services industry is acting on this digital demand, incorporating fintech solutions, instant payments offerings and crypto banking products.
So how do social payments fit in communitybanks’ long-term future? In fact, a 2020 NerdWallet survey found that 68% of consumers have maintained a balance in their mobile payment app, and on average, those who use them have allowed up to $287 to accrue before they transfer it to their bank. DJ Seeterlin, Chesapeake Bank.
Atlantic Union to buy Sandy Spring in Maryland; deals also announced in Tennessee and Texas. The post Bank acquisitions announced in three states appeared first on ABA Banking Journal.
With vigor and a strong commitment to service, Ron Paul leads a rapidly growing communitybank in Maryland. Bank assets: $5 billion. Ronald Paul first encountered communitybanking as a real estate developer in the early 1980s. He became an enthusiastic advocate of relationship-based banking.
The FedNow Service is launching in early 2023, giving communitybanks about a year to plan. Here’s how community bankers, payments experts and fintech vendors suggest using the time to prepare. With less than a year until the scheduled launch of the FedNow Service, communitybanks are still awaiting updates on specifics.
Here’s what communitybanks need to know about these products and how they can take advantage of this model. BNPL: The communitybank play. Those drawbacks present opportunities for communitybanks to emphasize their roles as trusted financial partners. Colleen Morriso n is a writer in Maryland.
It marked the 21st deal of the year involving a credit union buying a bank. Hanscom Federal Credit Union in Massachusetts said it would acquire Peoples Bancorp and its insurance agency.
An event at EMS in June brought together (L–R) Clear Mountain Bank president/CEO Dave Thomas, ICBA president Rebeca Romero Rainey, FHLBank Pittsburgh president/CEO Winthrop Watson, and Tim Critchfield, EMS owner/president. Name: Clear Mountain Bank. In 2021, the bank was named West Virginia Community Lender of the Year.
By connecting to the Apple Watch in October, the $580 million-asset communitybank became the first in Oklahoma to let customers carry their bank on their arm. Communitybanks must improve their customers’ mobile banking experience to remain competitive with national banks,” says Roberts, who directly helped develop the app.
Driver Management, a bank investor, alleges that First United in Maryland made false claims and improperly lobbied lawmakers to keep its nominees off the board. The bank asserts that it acted properly in response to an attempted hostile takeover.
When Rockland Trust synced up with an ICBA ThinkTECH Accelerator grad to launch a virtual digital banking platform, it took relationships between the communitybank and its customers to a whole new level. For Rockland Trust, a $20 billion-asset communitybank in Rockland, Mass., By Colleen Morrison.
said that its insurance unit bought The Advantage Group, which offers personal, business and life insurance to clients in Maryland, northern Virginia and Washington. Sandy Spring Bancorp in Olney, Md.,
The combination has helped make him the star lender at Farmers & Merchants Bank, a $120 million-asset communitybank in Miamisburg, Ohio. With a flat local economy, “98 percent of our business comes from happy customers,” says Shon Myers, the bank’s president and CEO. Clinton Morton, Famers & Merchants Bank.
When CommunityBank of Bergen County unveiled its online mortgage hub this summer, the bank put “ease of use” at the top of its goals for the site, says President and CEO Peter Michelotti. “I Sam Vallandingham, president and CEO of The First State Bank in Barboursville, W.Va., Hubs of Opportunity. By Elizabeth Judd.
The Internet of Things, also known as the Industrial Internet, is where networked smart devices communicate to powerfully automate a multitude of complex tasks for both consumers and businesses, potentially including communitybanks. Michael Blankenheim is a freelance writer in Maryland. in Stamford, Conn.,
Faced with several transitional issues, here’s how these communitybanks gained support from their new providers to adapt to the change. Two years before changing core processors, Asian Bank began conducting weekly meetings to brainstorm attributes its dream core provider would possess. When Del Norte Bank in Del Norte, Colo.,
At some communitybanks, budgeting for technology has become a more important focus over the past several years. If the project is something that can make a bank more profitable in the short term or long term, the bank should make the purchase, whether it was budgeted for or not. State Bank and Trust Co.
Once upon a time, communitybanks were more than happy to leave the chore of choosing technical devices and running networks to their chief technology officers. One increasingly prominent way for communitybank chief information officers to help formulate strategy is to collaborate more closely with marketing heads and with others.
He points out that because gamification is a way to get users to return to an activity, it could prove particularly attractive for communitybanks, which tend to take a lead role in financial education and forging strong customer relationships. Elizabeth Judd is a freelance financial writer in Maryland.
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