Banking & Financial Services

GDP Sees Biggest Drop Since Recession

Gross Domestic Product fell 4.8 percent during the first quarter, which reportedly the first quarterly decline since 2014 and the biggest drop since the first quarter of 2008, when it dropped 8.4 percent. The U.S. Bureau of Economic Analysis says… more

UMB Posts Rare Quarterly Loss

UMB Financial Corp. reported a loss of $3.4 million during its first quarter, a sharp contrast from its other recent financial periods. During last year's fourth quarter, the bank's earnings were $66.5 million, and it brought it $57.7 million over… more

Euronet Worldwide Expands in U.S. With Acquisition

Euronet Worldwide might be based in Leawood, but most of the consumer financial services it provides, such as banking ATMs, are found overseas. That is changing with its acquisition of Dolphin Debit, a full-service ATM outsourcing company with 1,900 of… more

Top KC-Area Financial Execs Talk COVID-19

Both Commerce Bancshares and Waddell & Reed Financial released their quarterly earnings today, and COVID-19 impacts on their businesses were top of mind for their executives. In the case of Kansas City-based Commerce, which saw net income fall to $51.9… more

Q&A With … Kiley Sidman, Chase

Kiley Sidman is the Kansas City market director of Chase Consumer and Community Banking, as the chain expands through the metro area. Q: How has daily business changed at your branches since the COVID-19 outbreak? A: As you can imagine,… more

New Relief Bill Heading to White House

The House of Representatives has passed a $484-billion relief bill that would fund small businesses and hospitals, and now the measure goes before President Donald Trump. The bill includes $320 billion to replenish the Paycheck Protection Program (PPP) for small… more

Citi Says Bear Market Here a While

A team of Citigroup analysts said that there will be a bear market in the U.S. investment market for some time to come. “All bear markets include false rallies, often associated with supportive monetary policy. But markets only find a… more

SBA Issues New PPP Guidance

The Small Business Administration today issued new guidance for its Paycheck Protection Program. It's new guidance had verbiage that would make it less likely for large companies and institutions like the burger chain Shake Shack, which has a location in… more

Q&A With . . . Mark Larrabee, Arvest Bank

Mark Larrabee is the president and chief executive officer of the Kansas City market for Arvest Bank. He talks about SBA stimulus loans and their distribution process. Q: Have you heard yet from the SBA about any adjustments to PPP… more

Mortgage Applications Decline

Though 30-year fixed-rate mortgages are at an all-time low, purchases hit their lowest levels since 2015, a 31-percent decrease from the same year-ago period. The Mortgage Bankers Association also reported that, for the week ended April 17, mortgage applications decreased… more