The assets and some liabilities of Silicon Valley Bank, which failed March 10, now belong to Raleigh-based First Citizens Bank. Late Sunday, First Citizens emerged as the winner in the FDIC’s competitive bidding process and entered into an agreement with the FDIC. On Monday morning, all 17 branches of Silicon Valley Bridge Bank opened as branches of First Citizens ...

Shares of Wilmington-based Live Oak Bank have been on a roller-coaster ride in the past week due to the failure of Silicon Valley Bank and the market’s reaction.  Live Oak’s stock closed on Wednesday last week at $33.28. As news of Silicon Valley Bank’s troubles began impacting the markets late last week, Live Oak’s shares fell 8.3% Thursday ...

Normally, a butterfly flapping its wings in Silicon Valley would not set off flutters in the Wilmington market. But the failure on Friday of a key financial institution there has sent tremors through the banking industry nationwide, with many bank stocks sliding.   Silicon Valley Bank, a lender to some of the biggest names in the technology world, became the second- ...

Every year, dozens of individuals in the Cape Fear area undergo many hours of training and then dedicate themselves to multiple weeks of public service: a taxing endeavor, literally and figuratively.  These are tax preparation volunteers, the local members of the IRS’ Volunteer Income Tax Assistance (VITA) program, and they maintain tax-prep centers in New Ha ...

Wilmington-based fintech firm nCino has announced another partnership, this time with Rich Data Co. (RDC), whose artificial intelligence decision-making platform will be used to “enhance the lending process” for nCino customers.  RDC, founded in 2016, is based in Sydney, Australia. “The combined value delivered by this partnership will equip fi ...

F.N.B. Corp., parent of FNB Bank, has launched three programs designed to expand access to credit in communities of color, the company announced recently. One is the Special Purpose Credit Program (SPCP), which “aims to pro-mote homeownership and economic equality and is available to consumers in majority-minority neighborhoods throughout the FNB footprint,” ...

The U.S. Department of Justice's Antitrust Division recently closed an investigation into Wilmington-based nCino’s hiring and wage practices, and is taking no further action. Nor is the DOJ imposing any fines, sanctions or penalties as part of the investigation, officials said.   The review resulted from a lawsuit filed in early 2021 against both nCin ...

Small businesses seem to be optimistic about their opportunities for growth, even while they view the economy as lackluster.   That’s one of the most striking results of a Voice of the Customer survey of its borrowers Live Oak Bank commissioned this past fall.   “Customers are positive about their financial position, with the majority anticipating ...

Like every other aspect of banking, mortgage lending continues to change as technology streamlines processes and gives would-be borrowers access to more lender options. “The mortgage industry over time has evolved to be more automated,” said Chris Turner, a mortgage originator in Wrightsville Beach for Northpointe Bank. “I have been licensed in several ...

A new home-grown financial technology company has sprung up in Wilmington.   Lumos Technologies Inc. provides data insights and analytics as a service, with a focus on improving small business access to financing, said Brett Caines, one of Lumos’ three founders.   The fledgling company’s target customer base is made up of financial institutions th ...