Commercial banks and savings institutions nationally saw a decrease in net income of 70% from a year ago, according to a new report by the FDIC.

Shortfall on campus includes investments leaders have made in students while at the same time, being aware that it may have to lay off staff and administrators. 

Greg Smithers joined FirstBank as Memphis market president July 7 after leaving Iberiabank, where he had been regional president for Tennessee and Arkansas.

There’s a possibility that a third application will be released, which would be a “super EZ” application for loans under a certain amount.

President of the St. Louis Federal Reserve believes the incentives are strong on both sides of the aisle in Congress to come to a deal on additional stimulus.

Start-up Indigo Ag, with its North American commercial operations headquartered in Downtown Memphis, continues to raise investor funding, but has a goal to become self-sufficient by the end of this year.

Banks could not give guidance on future quarters, given unknowns surrounding the coronavirus and its potential impact on the U.S. economy and consumers.

Pinnacle granted payment deferrals on $4.4 billion in loans and issued $2.2 billion in Paycheck Protection Program (PPP) loans to customers affected by the pandemic.

Loan loss provisions increased to $538 million, up from $145 million the previous quarter.

Home sales and construction activity were among the brightest spots in economic activity in the Federal Reserve District that includes Memphis. 

Paycheck Protection Program forgivable loan applications resume with Aug. 8 deadline and nearly $130 billion still left in the program till.

Loan-loss provisions significantly impacted earnings as banks responded to potential credit problems due to the pandemic.

After closing, approximately 56% of the combined company will be held by legacy First Horizon shareholders and approximately 44% will be held by legacy Iberiabank shareholders.

With the new flexibility measures in place, bonuses, hazard pay and pay for furloughed employees can be included in payroll expenses as well as taxes withheld from employees’ paychecks.

Roughly 28,000 businesses shutdown by the pandemic will be eligible to receive a share of funding, governor says.

A dozen businesses including recording studios and a prominent music venue were approved for grants to help small, inner-city businesses recover from COVID-19.

Federal Reserve economist Kevin Kliesen says pace of recovery will depend on the speed restrictions are lifted and "the willingness of individuals to resume normal life."

New company got a boost for sanitizing and disinfecting properties because of COVID-19, but its focus is restoration and mitigation from weather damage.

The Memphis-based bank has processed more than 700 Paycheck Protection Program loans, totaling $90 million in loan volume.

The company's 937 employees in Memphis have worked from home during the pandemic, but a number reconvened Thursday to donate food and money for the Mid-South Food Bank.

The second round of the Paycheck Protection Program's forgivable-loan funds is running out. Banks are scrambling to help small businesses before the money is gone.

James D. "Jimmy" Edwards died on Oct. 23, 2018. This week, a $1,200 stimulus check arrived in the mail for the late Memphian.

Pinnacle Financial Partners, for one, does not "feel rushed by any means to reopen our lobbies."

With three decades of experience in financial services, capital markets and investor relations, Taylor will lead the Memphis company in a new era merged with Iberiabank.

The combined company will operate under the First Horizon name and be headquartered in Memphis.