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NexTier Bank to acquire Mars Bank

Housing Wire

NexTier , the holding company of NexTier Bank , will acquire Mars Bancorp , the holding company of Mars Bank. The combined company and branch locations will operate under the NexTier Bank brand, both banks said in a release Thursday. With the acquisition, NexTier Bank will have total assets in excess of $2.6

Banks 376
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United Bank to consolidate its mortgage subsidiaries

Housing Wire

United Bank will consolidate its mortgage subsidiaries into one unified mortgage business amid the housing industry struggles with elevated interest rates. United Bank has been delivering mortgage services through three channels, including two mortgage subsidiaries — Crescent Mortgage Co. million in third-quarter 2023, up from $6.4

Banks 374
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Banks report tightened lending standards for nearly all residential mortgages: Fed survey

Housing Wire

Banks reported having tightened lending standards across almost all categories of residential real estate loans over the fourth quarter of 2023 amid an elevated interest rate environment. banks said they saw weaker demand for all types of residential real estate loans except for government (46.2%) and subprime mortgage loans (41.6%).

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First National Bank of Pennsylvania settles redlining case for $13.5M

Housing Wire

Accused of redlining by regulators, First National Bank of Pennsylvania (FNB) has agreed to settle the case for $13.5 FNB was involved in the case as a successor in interest of Yadkin Bank , which it acquired in 2017. In addition, the bank discouraged these customers from obtaining home loans, according to the complaint.

Banks 398
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Patriot Bank to pay $1.9M to settle DOJ’s redlining accusations

Housing Wire

Tennessee-based community bank Patriot Bank agreed to pay $1.9 Over the same six-year period, other banks received nearly 3.5 Patriot Bank denied any allegations of redlining. million to resolve allegations from the Department of Justice (DOJ) that it engaged in redlining discriminatory practices.

Banks 416
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Citizens Bank to exit the wholesale channel

Housing Wire

Providence, Rhode Island-based Citizens Bank , the 28th largest U.S. Citizens was among the few large depository banks operating in retail, wholesale and correspondent in the mortgage space. However, shrinking mortgage volume caused by high mortgage rates and fiercer competition have challenged the bank’s strategy.

Banks 430
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Opinion: Bank capital requirements would put squeeze on mortgage market

Housing Wire

In September, the nation’s banking regulators released a proposal to increase the capital required of banks with more than $100 billion in assets. The effort was intended to decrease systemic risk, but by focusing narrowly on the risk posed by banks, it would likely increase risk in the mortgage market.

Banks 437