US Bank, the newest member of Knoxville’s banking community, has agreed to pay $55 million to settle a lawsuit alleging the bank manipulated overdraft fees it charged its customers.
The Minneapolis-based lender entered the Knoxville market about five months ago when it acquired the assets of BankEast after it was shut down by government regulators.
US Bank is one of the largest commercial banks in the country.
After keeping the vault door closed tight for the last several years, banks are finally loaning money again.
“With most major banks done reporting fourth-quarter earnings, one trend is clear: For the first time in a while, loan growth is back,” according to a Motley Fool report.
JPMorgan Chase, Citigroup, Wells Fargo, US Bancorp, SunTrust and other banks all report an increase in loan totals.
“A lot of these banks had been paring back on loans for the better part of three years. Not only has that trend turned around, but it’s happened quickly,” Motley Fool says.