Credit Unions


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    Heritage Southeast finds another buyer, a month after the VyStar deal crumbled

    Mississippi-based The First Bank agreed Wednesday to pay $207 million in a deal that would give it 23 new locations and access to the Atlanta, Jacksonville and Savannah markets.

    By July 29, 2022
  • Tennessee regulator files appeal to block credit union's bank takeover

    Financial Federal Bank account holders would be “irreparably harmed and disrupted” — as would the state’s interest in maintaining a safe and sound banking system — if the deal is allowed to close, a state official argued.

    By June 28, 2022
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    Trendline

    Credit unions in the competitive landscape

    Credit unions are launching a neobank to serve lower-income customers. They're looking into crypto partnerships. Yet, despite aiming for the cutting edge, they still face challenges — from digital banking access to regulator roadblocks.

    By Banking Dive staff
  • VyStar Credit Union, Heritage Bank call off merger agreement

    After a series of delays, Heritage and VyStar said they decided to end the $195.7 million tie-up after it became clear that all required regulatory approvals would not be obtained in a timely manner.

    By June 16, 2022
  • Tennessee judge lifts injunction, lets credit union-bank deal proceed

    The state's Department of Financial Institutions has until June 27 to file an appeal concerning Orion Federal Credit Union's proposed acquisition of Financial Federal Bank.

    By June 3, 2022
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    Illinois proves M&A hot spot with pair of credit union-bank tie-ups

    Credit Union 1 looks to boost its commercial lending in Chicago's northern suburbs, while NuMark Credit Union pushes into a rural part of the state in 2022's eighth and ninth proposed bank acquisitions by credit unions.

    By Updated June 5, 2022
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    VyStar outage leaves members without digital banking access for 10 days

    The credit union had planned to take down its systems May 13-15 for upgrades but discovered persistent issues and "decided to invest the time ... to make sure we get this right for our members," its CEO said.

    By May 24, 2022
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    Michigan credit union to buy Florida bank in 7th such deal of 2022

    DFCU Financial's acquisition of First Citrus Bank, estimated at $105 million, would mark the second time since June 2021 that a credit union from the Wolverine State has bought a bank based in Tampa.

    By May 13, 2022
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    Wisconsin credit union targets Illinois bank in 6th such tie-up of 2022

    Financial terms of CoVantage Credit Union's proposed acquisition of LincolnWay Community Bank were not disclosed. The deal is expected to close in the fourth quarter.

    By April 28, 2022
  • Ohio's credit unions swing at BNPL

    A trade group asserts buy-now-pay-later providers structure their products to avoid certain consumer protection obligations under the Truth in Lending Act. Friday marked the deadline to make public comments to the CFPB.

    By Jonathan Berr • March 25, 2022
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    Arizona deal marks 5th credit union purchase of bank in 2022

    At the current pace, 26 credit union-bank tie-ups could be in the works by the end of the year, far surpassing 2019's record.

    By March 14, 2022
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    Credit unions buy Wisconsin, Arkansas banks

    The moves to acquire Commerce State Bank and HomeBank bring to three the number of bank tie-ups with credit unions within a week.

    By March 4, 2022
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    Georgia-based Robins proposes year's 2nd bank purchase by credit union

    Meanwhile, VyStar Credit Union extended by another month its timeline to complete an acquisition of fellow Georgia bank Heritage Southeast.

    By March 1, 2022
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    Georgia's Own Credit Union

    Georgia's Own proposes 2022's first bank purchase by credit union

    The deal to buy Smyrna, Georgia-based Vinings Bank — expected to give Georgia's Own two added locations and $471 million in new assets — would mark the second acquisition the credit union has floated this month.

    By Feb. 22, 2022
  • Partner Colorado Credit Union CEO Sundie Seefried
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    SPAC to buy cannabis banking leader Safe Harbor in $185M deal

    Safe Harbor spun off from Partner Colorado Credit Union in July and launched a commercial pot lending platform in late 2021. CEO Sundie Seefried will lead the combined organization.

    By Feb. 15, 2022
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    Georgia's Own Credit Union

    Georgia-based credit unions propose merger

    Atlanta-based Georgia's Own Credit Union would add six branches, roughly 26,000 members and $243 million in assets under management in a deal to merge with United 1st Credit Union.

    By Feb. 3, 2022
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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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    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
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    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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    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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    VyStar, Heritage extend acquisition deadline for a 3rd time

    "Our primary focus has always been on achieving the best results for our shareholders," Heritage CEO Leonard Moreland said Thursday. "The combination ... with VyStar allows us to continue that strategy."

    By Updated April 4, 2022
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    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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    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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    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
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    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