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All "FDIC-insured entities are subject to Sections 23A and 23B of the Federal Reserve Act, which limits bank transactions with affiliates, including the non-bank parent company." [ 1 ] ILCs are permitted to have branches in multiple states (which is permitted by many states on a reciprocal basis).
Pitney Bowes unveiled its new logo in January 2015, replacing one used since 1971; the rebranding campaign, which included an updated Web site and marketing, reportedly cost between $40 million and $80 million. [6] Pitney Bowes' 2015 profits totaled $408 million, but this declined to $95 million in profits for 2016.
Since 2014, the bank has been the official bank of the USC Trojans, the athletic program of the University of Southern California. [16]In 2016, the Banc of California announced a partnership with Los Angeles FC, a Major League Soccer franchise, and a 15-year, $100 million deal with the club for the naming rights to their stadium Banc of California Stadium in Los Angeles, which opened in 2018.
Examples of Utah ILCs include BMW Bank, Pitney Bowes Bank, Optum Bank, and Target Bank. Due to this distinction, Utah is the fourth-largest center for state-chartered banking in the nation, with nearly $280 billion in assets within its borders. [22]
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