PNC has appointed Christian Winward as its new chief information security officer. Winward spent 35 years at FirstBank, which PNC acquired for $4.1 billion, starting as a teller in 1991 and rising to chief information officer. He will oversee PNC's enterprise information security, including cyber strategy, security operations, and incident response. Separately, Truist has hired Shimna Sameer to lead its wealth management division, effective in October. Sameer spent over 20 years at Bank of America, most recently heading products and platforms at its private bank. She will report to Chief Wholesale Banking Officer Kristin Lesher and oversee a division that grew second-quarter income by approximately 8% year-over-year.

Target Hospitality Corp., a North American provider of modular accommodations and hospitality services, has closed a new $660 million asset-based revolving credit facility. The facility replaces the company's previous $175 million credit facility, nearly quadrupling its committed borrowing capacity. The five-year facility, maturing in July 2031, includes an accordion feature allowing up to $190 million in additional commitments, potentially increasing total capacity to $850 million. Borrowings will bear interest at Term SOFR plus 2.25% to 3.00%, representing a reduction in borrowing costs of up to 250 basis points. Chief Financial Officer Jason Vlacich said the facility will support the company's commercial pipeline of more than 20,000 beds whilst lowering capital costs and extending debt maturity. JPMorgan Chase Bank acted as Administrative Agent, with PNC Bank and Wells Fargo as Joint Lead Arrangers.

High interest rates are boosting profits for US banks, making three stocks worth considering in July, according to investment analysis. Bank of America reported second-quarter revenue of $31.6 billion, up 15.3% year-over-year, with net income rising 26.4% to $9.1 billion. The bank added 160,000 new checking accounts and opened 1 million credit card accounts in the quarter. Regional bank PNC Financial Services saw revenue increase to $6.87 billion from $5.66 billion, whilst net income grew to $2.05 billion. The Pittsburgh-based company recently completed a $4.1 billion acquisition of FirstBank, adding nearly 100 branches in Arizona and Colorado. Online bank SoFi Technologies reported first-quarter revenue of $1.1 billion, up 43% year-over-year, though its share price has fallen more than 30% this year. The company is scheduled to release second-quarter results on 29 July.