Highlight of the Week
Square Adds Banking Business With Checking/Savings Accounts
-Square has added financial features for small businesses with no account minimums, overdraft fees, or recurring fees.
-The cash register and card reader fintech continues its aggressive push into banking features to accompany its in-store options.
Rate Curves
Rapid Report:
United Community Bank and Reliant Bank Announce Merger
-United Community Bank has acquired Reliant Bank in an all-stock transaction with an aggregate value of approximately $517 million.
-United is headquartered in Tennessee and offers a highly experienced management team. Reliant Bank brings outstanding customer services and deep relationships throughout Tennessee. The deal is expected to help United continue its strategy to expand into high-growth southeastern markets.
Low-Income Lending Rules Set for Overhaul
-Top U.S. regulators announced they are working towards jointly modernizing rules for banks lending hundreds of billions of dollars annually in lower-income communities.
-Fed officials have suggested they will offer more credit for the number of loans to retail customers and smaller businesses. Banks would not get credit for providing a small number of large loans.
The Milwaukee Bucks Win The N.B.A Championship
-Giannis Antetokounmpo scored 50 points and led the Bucks to a 4th straight win against the Phoenix Suns to close out the series in Milwaukee.
