NBT Acquires Evans Bancorp, Explosive Consumer Debt Rise, and Huntington's Big Expansion

Banking on Disruption Daily

First up, consumer revolving debt surged to $1.36 trillion in July, a 25% increase from pre-pandemic levels. Despite stable inflation expectations, the projected cost of essentials continues to rise, leading to growing unemployment concerns and reliance on credit.

In M&A news, NBT Bancorp announced a $236 million all-stock deal to acquire Evans Bancorp, enhancing its presence in Upstate New York. The merger will create the largest deposit market share in the region for banks with assets under $100 billion.

On the risk and fraud front, the Financial Crimes Enforcement Network released an analysis of 15,000 check fraud cases. Findings highlight the prevalence of mail theft-related check fraud, with most criminals avoiding interactions with bank personnel and using ATMs or remote deposits.

In cryptocurrency fraud news, the FBI reported that cryptocurrency-related complaints made up 10% of all financial fraud complaints but represented 50% of the total losses, driven mainly by investment scams. Financial fraud losses involving cryptocurrency totaled $5.6 billion last year.

Shifting gears, Huntington National Bank is planning to open 55 new branches in the Carolinas over the next five years, adding over 350 employees. The expansion aims to capture a $8 billion long-term deposit opportunity in the region.

And finally, contactless payments have evolved from a pandemic necessity to a major trend. Rooted in public transit systems, contactless payments now make up 75% of face-to-face transactions in cities like New York, thanks to advancements in fraud prevention technologies.