Charlotte Metro Credit Union touts growth

Charlotte Metro Credit Union is launching an ad campaign to tout its growth one year after anti-bank activists held a "Bank Transfer Day."

The credit union says it has gained 3,000 members in the first half of this year, a 13 percent growth rate. Charlotte Metro says that makes it the fastest growing among credit unions with between $1 million and $1 billion in assets in North Carolina.

A direct mail campaign will target baby boomers, Generation X and millenials, the credit union says. Mailers will say the credit union offers better rates and better service than big banks while using similar technology.

"We want to grow even more," President Bob Bruns said in a statement.

Charlotte Metro has about $287 million in assets, ranking it as a mid-size credit union. The state's largest -- State Employees Credit Union -- has more than $25 billion in assets.

Bank Transfer Day, held early last November, gained steam online and urged people to move their deposits from banks to credit unions. Leaders initially touted their success, but an industry group later dramatically revised downward the results. Banks like Bank of America and Wells Fargo have reported deposit growth.

BofA, Wells closing some offices as Sandy nears

Bank of America and Wells Fargo have each shut down some of their offices in the Northeast as the region prepares for Hurricane Sandy.

All New York City branches are closed Monday, as are Merrill Lynch Wealth Management offices in New York and Mid-Atlantic states.

The Charlotte bank's New York headquarters building, One Bryant Park, remains open. Two and Four World Financial Centers are closed. The investment bank is operating with a "skeleton staff," and many employees are working from home, spokesman John Yiannacopoulos said.

The bank is working with state and local officials and will work with customers affected by the storm "on a case-by-case basis," spokesman Mark Pipitone said.

"The safety and security of our employees, customers and clients are the main consideration as we closely monitor the situation, and that will help drive our decision-making," Pipitone said in a statement.

Wells Fargo has closed more than 200 branches in the Northeast, mostly in New York and Connecticut, spokeswoman Alexandra Ball said.

"We are monitoring the situation closely and have plans in place to ensure there is as little impact to our operations as possible," Ball said in an e-mail.

Financial world halts as Sandy nears

U.S. financial markets are closed and numerous Wall Street banks are keeping traders home as Hurricane Sandy barrels toward the Northeast.

It's the first unscheduled market-wide halt since the September 2001, The Wall Street Journal reports.

Bank of America has not given specifics of its plan to deal with the hurricane, Bloomberg says.

Stock prices worldwide have fallen.

Libor probe reaches Bank of America

A probe into allegations that banks conspired to rig the Libor interest rate has reached Bank of America, according to The Wall Street Journal.

Bank of America was one of nine banks served subpoenas during an investigation by state prosecutors, led by New York Attorney General Eric Schneiderman and Connecticut Attorney General George Jepsen.

The Charlotte bank had already disclosed that it had received subpoenas and other requests from a number of regulatory agencies looking into the issue.

Other news stories this morning:

Countrywide costs. The legal costs stemming from the ill-fated acquisition of Countrywide Financial by Bank of America is at $40 billion and counting after a lawsuit from the Manhattan U.S. Attorney, The New York Times says. U.S. News and World Report says the suit is an example of why it's now so difficult to get a mortgage.

CEO tenure. Guess which big-bank CEO has been in his job the longest? It's Jim Rohr, head of PNC Financial, who took over the helm in 2000. His secret? Bloomberg Businessweek reports that Rohr and analysts say it's been being "conservative and opportunistic."

Yadkin Valley Financial raises $45 million in capital

Yadkin Valley Financial Corp. announced Thursday that it has finished a $45 million capital raise that the bank will use to work troubled loans and foreclosed real estate off its books.

Institutional investors and bank executives bought $45 million in preferred stock that will convert to more than 16 million shares of common stock pending a shareholder vote. The money will be used to deal with $67 million of problem assets, including $50 million in troubled loans.

"This capital raise is the result of many months of internal work to determine the best strategy for the company to improve its capital ratios and risk profile," CEO Joe Towell said in a statement. "With a bolstered capital position and an improving credit profile, we are looking toward the opportunities available to us as we serve our customers throughout the Carolinas."

The Elkin-based company operates American Community Bank in Charlotte.

The announcement came in conjunction with the bank's third-quarter earnings report. Yadkin Valley reported a loss of $81,000 in the quarter, or zero cents per share -- which the bank called a "breakeven" quarter.

The bank earned $2.9 million -- 15 cents per share -- in the third quarter last year.

The amount of the capital raise is roughly in line with the Troubled Asset Relief Program preferred stock investment the U.S. Treasury auctioned off last month. Yadkin Valley had received $49 million through the bailout program. It was sold to investors for $43.5 million.

NewDominion Bank makes 'best savings account rates' list

Charlotte-based NewDominion Bank made a list of the highest savings account interest rates in the country, assembled by GoBankingRates.com.

The bank clocked in at No. 91, with an interest rate of 0.55 percent. The highest was the Houston Police Credit Union, with 1.51 percent.

GoBankingRates.com said it surveyed 4,000 banks and credit unions around the country.

The only other North Carolina institution to make the list was the BCBSNC Credit Union in Durham, at No. 95 with a 0.51 percent yield.

Moynihan touts bank's 'top capital' at Charlotte meeting

Welcome to the morning roundup. Here's a look at what's news in banking and finance.

Moynihan touts capital. In a staff meeting in Charlotte, Bank of America CEO Brian Moynihan touted the bank's "top capital in the industry," after spending much of the past few years working to build it, Bloomberg reports. "We’re going to officially declare victory on one of those operating principles,” he reportedly said at the town-hall meeting.

Wells tops $1B in SBA loans. Wells Fargo announced Monday that it topped $1 billion in Small Business Administration-backed loans in the last fiscal year, the only bank to do so. Wells is the top SBA lender in dollars in North Carolina and 14 other states.

Frank defends JPMorgan. U.S. Rep. Barney Frank has come to JPMorgan Chase's defense as the country's largest bank faces a government lawsuit over alleged wrongdoing at Bear Stearns, which JPMorgan bought during the financial crisis, Reuters reports. Frank said the bank did the country a "favor" by taking over the investment bank.

Ally sells Canadian business. Ally Financial announced Tuesday that it is selling its Canadian operations to RBC in a $4 billion deal, The New York Times reports. Ally is still trying to repay its government bailout.