The deal for Summit Financial furthers First Financial’s strategy of acquiring national niche business lines.

Business and regulatory pressures were already weighing on aging executives before the onset of the pandemic led many to delay retirement plans. Now as the crisis eases, an increasing number are finally stepping down.

The deal is secured by 17 data centers that serve 1,064 customers across the U.S. and Canada, and largely concentrated in technology.

But rising rates and tightening affordability are slowing appreciation rates, Black Knight found in its latest Mortgage Monitor report.

In a semiannual report on trouble spots in the banking sector, the Office of the Comptroller of the Currency raised concerns that banks are taking on too much risk in pursuit of earnings growth.

On any semi-annual payment date, the notes will pay on a pro rata basis if a loss trigger event is in effect. If a loss trigger event exists, the notes repay sequentially.

All of the loans are non-prime loans, and this is the first transaction that BREDS will sponsor using the BINOM shelf.

Similarities between the current rate of appreciation and what took place between 2004 and 2006 are mitigated by changes in the housing market.

The entire collateral pool is made up of conforming, high-balance mortgage loans underwritten using an automated system designated by Fannie Mae or Freddie Mac.

The initial principal note balance could be either $1.3 billion or $1.8 billion in notes the Volkswagen Auto Loan Enhanced Trust (VALET).

Besides making the deduction permanent, the bill doubles the income threshold for those eligible to claim it.

Chryssa Halley, who has been with the company since 2006, was named CFO and Jim Holmberg was named controller.