Credit Unions


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    Nebraska agency denies GreenState Credit Union bank deal

    The credit union, established under Iowa laws, does not meet the definition of a "financial institution" that can participate in cross-industry acquisitions or mergers in Nebraska, a hearing officer ruled.

    By Jan. 7, 2022
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    Dan Kitwood/Getty Images News via Getty Images

    NCUA OKs crypto partnerships for credit unions

    "Financial services has always been 'adapt or die,'" Kyle Hauptman, the regulator's vice chair, told CoinDesk. "I don't want credit unions to go the way of Blockbuster Video because we, the regulators, prevented innovation."

    By Jan. 4, 2022
  • Trendline

    Customer service

    If 2020 was an exercise in banks relearning customer interaction at a core level, 2021 became the year financial institutions revamped their outreach to niches of users.

    By Banking Dive staff
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    Getty

    Alabama's Avadian Credit Union buys bank in year's 13th such deal

    The tie-up, set to close by next year's third quarter, would leave 2021 shy of 2019's 16 banks bought by credit unions. But Michael Bell, an adviser on such deals, said "quite a few" are ready to be announced next year.

    By Dec. 21, 2021
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    Permission granted by Alliant
    Opinion

    Fintechs are friends, not foes, of traditional financial institutions

    To test the waters, a financial institution might consider purchasing a pool of loans from a trusted credit union or banking partner that sourced these loans in conjunction with a fintech, an Alliant Credit Union executive suggested.

    By Charles Krawitz • Nov. 2, 2021
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    Justin Sullivan via Getty Images

    VyStar Credit Union postpones closing date of Heritage takeover

    In the previous month, proposed tie-ups between First Citizens and CIT, as well as New York Community Bank and Flagstar, have seen delays over slower-than-expected regulator sign-off.

    By Nov. 1, 2021
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    Permission granted by Cailin Crowe

    GreenState Credit Union broaches Chicago in its 3rd bank purchase this year

    A May acquisition gave the Iowa-based credit union a six-branch presence in Chicago's western suburbs. Monday's deal would give it a lending office in the city's West Loop and expand its suburban footprint.

    By Oct. 27, 2021
  • Iowa credit union to buy Wisconsin bank in 11th such deal of 2021

    The value of Dupaco Community Credit Union's proposed acquisition of Madison-based Home Savings Bank was not disclosed, but the transaction is expected to close in the second quarter of 2022.

    By Oct. 4, 2021
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    H. Armstrong Roberts via Getty Images

    4 credit unions launch neobank aimed at LMI users

    Dora's checking account doesn't have a minimum balance requirement or monthly maintenance fees. Its app functions in both English and Spanish, and the platform offers early paycheck access with direct deposit.

    By Sept. 30, 2021
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    The image by Андрей Бобровский is licensed under CC BY 3.0

    ICBA calls for 'exit fee' on credit union-bank deals

    The trade group's proposed fee would be equal to 10% of the gross value of the acquired bank's assets or liabilities from its most recent balance sheet — whichever are greater — and would be payable by the acquiring credit union.

    By Sept. 3, 2021
  • Column

    Spate of August deals doubles 2021's bank acquisitions by credit unions

    The latest tie-ups in Florida and Illinois are the fourth and fifth in roughly two weeks. The question remains whether a resurgent COVID-19 caseload will bring dealmaking to another halt.

    By Updated Aug. 23, 2021
  • Memphis-based Orion Federal Credit Union to buy Financial Federal Bank

    The deal, which would nearly double the $1 billion-asset Orion Federal’s size, is the seventh such deal involving a credit union purchasing a bank to be announced this year.

    By Aug. 12, 2021
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    Permission granted by Alliant
    Overdraft alternatives

    Digital-only credit union latest institution to scrap overdraft fees

    Alliant’s move follows a similar one made by Ally Bank in June, and comes as a growing number of financial institutions are revamping their overdraft policies amid pushback from Democratic lawmakers. 

    By Aug. 5, 2021
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    H. Armstrong Roberts via Getty Images

    Michigan credit union aims to buy Florida bank in year's 5th such tie-up

    The roughly $97 million deal, expected to close in the fourth quarter, would boost Lake Michigan Credit Union's Sunshine State footprint to 19 branches and give Pilot Bank shareholders $6.25 in cash per share.

    By June 18, 2021
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    H. Armstrong Roberts via Getty Images

    California credit union lays out its 2nd merger of 2021

    Bakersfield-based Valley Strong announced its intention to combine with Stockton's Federal Center Credit Union to form a $3.2 billion-asset entity. Valley Strong is also merging with Fairfield's Solano First Federal Credit Union.

    By June 1, 2021
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    Scott Olson via Getty Images

    Iowa credit union proposes buying Illinois, Nebraska banks

    GreenState Credit Union's deals to buy Oxford Bank & Trust and Premier Bank would represent the third and fourth bank takeovers by a credit union this year. The transactions are expected to close by the fourth quarter.

    By May 26, 2021
  • Bank trade groups take aim at VyStar-Heritage deal

    In a letter to the FDIC, bank trade groups called out VyStar Credit Union's history of closing branches and said the $195.7 million deal would cut regulatory safeguards for low- and moderate-income consumers.

    By May 17, 2021
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    Permission granted by Workers Credit Union

    Massachusetts credit union blends tech, financial-coaching focus

    Workers Credit Union's latest branches feature interactive holograms, video ATMs — and employees aiming to de-stigmatize money.

    By May 4, 2021
  • VyStar Credit Union to buy Heritage Southeast Bank for $195.7M

    The deal, which is expected to close later this year, would be the credit union's second purchase of a bank in two years.

    By April 1, 2021
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    Permission granted by Partner Colorado Credit Union

    Colorado credit union spinoff has ambitions beyond pot banking

    Partner Colorado CEO Sundie Seefried plans to leave her post in July to lead a new entity that will launch lending products for cannabis companies. She's also eyeing the growing crypto and psychedelic mushroom space.

    By Updated June 23, 2021
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    Alabama Extension. (2020). "The image" [Photograph]. Retrieved from Flickr.

    Credit unions top Fed survey of small-business lending satisfaction

    The annual report paints a dire picture of the pandemic's impact and shows a disparity along racial lines as to what is the top concern for 2021.

    By Feb. 5, 2021
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    Permission granted by Navy Federal Credit Union

    Navy Federal Credit Union continues branch expansion as banks scale back

    "While the self-service capabilities ... work well to meet a lot of [military members'] fundamental needs, there's still ... a need for them to be able to walk into a branch and get some financial guidance," a credit union executive said.

    By Feb. 3, 2021
  • Minnesota's Wings Financial makes year's 1st credit union purchase of bank

    Wings CEO Frank Weidner said he was attracted to Brainerd Savings & Loan because of the bank's cabin mortgage business — a lending silo the credit union wants to grow — and its geography.

    By Jan. 26, 2021
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    The image by Андрей Бобровский is licensed under CC BY 3.0

    Bank leaders, trade groups condemn insurrection at US Capitol

    "We have to begin reinvesting in our democracy," Goldman Sachs CEO David Solomon said in a LinkedIn post, adding that the country has "squandered" its "reservoir of goodwill around the world."

    By Jan. 7, 2021
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    Dive Awards

    The Banking Dive Awards for 2020

    The government turned to banks and fintechs to help facilitate federal relief amid the coronavirus pandemic. Here are the executives and companies whose leadership stood out during the global crisis.

    By Banking Dive Team • Dec. 9, 2020
  • Twitter to invest $100M in CDFIs in effort to combat racial wealth gap

    The social media giant follows a growing number of corporations, including Netflix and PayPal, that have embarked on similar initiatives to funnel more capital to Black and Latinx financial institutions and businesses.

    By Nov. 13, 2020