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The Justice Department said FNB will pay $13.5 million to settle the redlining charges, of which the bulk will go into a fund to help subsidize loans for Black and Latino borrowers in Charlotte and Winston-Salem, two housing markets where the DOJ found discrimination.
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North Carolina credit unions are looking to expand their operations, but the legislation is facing strong opposition from the state’s banks.
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Local startups are hopeful. But venture capital experts warn benefits will be more incremental than torrential.
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The Raleigh-based bank bought SVB in a deal negotiated by the Federal Deposit Insurance Corporation — an independent U.S. government agency designed to help financial institutions.
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North Carolina-based First Citizens will buy Silicon Valley Bank, the tech industry-focused financial institution that collapsed earlier this month. The deal could reassure investors at a time of shaken confidence in the banking industry.
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Credit Suisse executives say it's too early to talk about job cuts. It announced plans to eliminate 9,000 positions late last year.
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Wells Fargo will focus on loans for minority home buyers.
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The money that Mechanics & Farmers will receive is part of a federal program designed to support small businesses.
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First Horizon has a large presence in the Triangle and Triad. In February, Toronto-based TD Bank announced it would buy First Horizon for $13.4 billion.
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Credit unions and banks across the state are closing lobbies and using only drive-up windows during this coronavirus outbreak.The North Carolina State…