Free Republic

Regional bank stocks tumbled on Thursday after Zions Bancorp said it would write off fraudulent loans made to two borrowers, adding to investors’ fears about lending standards and stress in credit markets. Zions Bancorp (ZION) on Thursday said it had recently identified “what it believes to be apparent misrepresentations and contractual defaults” by two borrowers. As a result, it plans to write off $50 million of the $60 million outstanding on the affected loans. Shares of Zions dropped 13% on Thursday, leading regional banks lower. The KBW Regional Banking Index fell 6%. The recent bankruptcies of two companies in the...

Thanks to Republicans passing historic tax reform, Fifth Third Bancorp announced it will “raise its minimum hourly wage for all employees to $15, and distribute one-time bonus of $1,000 to more than 13,500 employees.” BusinessWire reports: Fifth Third Bancorp announced plans today to raise its minimum hourly wage for all employees to $15, and distribute a one-time bonus of $1,000 for more than 13,500 employees. The actions are in appreciation for the commitment employees show in supporting customers and building stronger communities. […] Approximately 75 percent of employees will receive a pay increase or bonus. “We want to invest in our most...