After a year of interest rate hikes in 2023 put pressure on people’s wallets, many were expecting relief in 2024 as the economy cools. But Federal Reserve Chair Jerome Powell announced in late March that inflation is still too high and “the path forward is uncertain.” Instead of six to seven rate cuts in 2024, an expectation the Fed set in its January ...

Wilmington-based Live Oak Bank reported its first-quarter earnings for the 2024 fiscal year Wednesday afternoon, followed by a 17% decrease in earnings-per-share, as of press time on Thursday. In its first quarter ending in March, Live Oak officials reported net income of $16.5 million and $0.36 per diluted share. Total revenue, $116 million, was up 14% year-over-y ...

A Wilmington Wells Fargo Advisors group, Atlas Investment Management, transitioned to an independent entity under the Wells Fargo Advisors Financial Network (FiNet), officials announced early this month. Atlas Investment Management serves an office in Wilmington at 1135 Military Cutoff Road and an office in Greensboro. The group of four advisors and nine associates at A ...

Thanks to the growth of online and mobile banking, most financial institutions are slimming down their bricks-and-mortar presence. Not so TD Bank, at least in North Carolina and other locations in the Southeastern U.S. In early March, the New Jersey-based bank opened its third Wilmington-area branch in Leland. That’s part of a trend for the bank. Last May, TD CEO ...

Wilmington-based financial technology company nCino announced a suite of enhancements to its consumer bank software services on Monday. The company’s product is a cloud-based platform that streamlines back- and front-end processes for commercial, small-business and consumer lending at regional and community banks.  Improved features in nCino’s consum ...

The University of North Carolina Wilmington Blue Economy Index is live on Bloomberg terminals as of last month, according to Richard Keary, an advisor on the project. The UNCW team that built the index announced the news on LinkedIn Wednesday, after learning from its calculation agent INDXX that the index was posted in February under the ticker BLUEECO. A group of fo ...

Wilmington financial technology company nCino announced its earnings for the last quarter of its 2024 fiscal year on Tuesday afternoon — the sunny report was followed by an almost 20% spike in the company’s stock price on the Nasdaq (NCNO) at market open Wednesday. The cloud banking software company’s chief executive officer Pierre Naudé called ...

A Wilmington-based financial technology firm has dug deep into Small Business Administration data to help lenders better assess a potential borrower’s risk factors.   Lumos Technologies Inc. has just published a report showing, county by county across the United States, default rates on SBA loans. This region’s lenders should take heart: the area’s ...

Financial technology company nCino announced the $75 million acquisition of DocFox, an onboarding service provider for commercial and business banks. DocFox, based out of Johannesburg, South Africa, automates the onboarding and account opening process for banks, according to Monday’s release by nCino officials. The software will be integrated into nCino’s te ...

On Saturday, TD Bank's presence in the Wilmington market will grow by 50%. The New Jersey-based bank will open a new branch at 1100 Town Lake Drive in Leland, adding to its existing locations on College Road in Wilmington and on U.S. 17 in Hampstead. The branch will offer a full range of services from an ATM and six-day-a-week lobby and drive-thru hours to foreign c ...