Bank News: Deposit challenges, bad BaaS, unfamiliar businesses, and C-Suite changes

Bank News: Alma Bank to acquire in-state peer American Community Bank. Federal Reserve approves Santander-Webster merger. Augustus (formerly Ivy) receives FDIC approval to launch bank. Huntingdon Bank sees increased deposit cost competition. WSFS sees persistent deposit competition. Central Bancompany sees stable deposit costs. Seacoast reports lower deposit costs. BCB Bancorp got “too deep” in unfamiliar businesses, which resulting in a $14.8 million second quarter loss. Coastal Financial stock drops more than 40% after loss related to BaaS partnership. Federal Reserve issues enforcement action against Iuka Bancshares. Northwest Bank reshuffles C-suite. Chime’s CFO steps down. This episode examined multiple articles from Banking Dive and S&P Global Market Intelligence.