Credit Unions: Page 2


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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 Robin Bradley • 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
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    Trendline

    Credit unions in the competitive landscape

    If credit unions are looking for proof of their competitive sway, they should look no further than a Federal Reserve governor’s call to include credit unions in regulators’ evaluation of a banking market.

    By Banking Dive staff
  • Partner Colorado Credit Union CEO Sundie Seefried
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    Permission granted by Partner Colorado Credit Union

    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 Robin Bradley • 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 Robin Bradley • Feb. 3, 2022
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    Delmaine Donson via Getty Images

    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 Robin Bradley • 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
  • Alliant Credit Union headquarters
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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 Robin Bradley • 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
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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
  • 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
  • Alliant Credit Union headquarters
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    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
  • Workers Credit Union
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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
  • Partner Colorado Credit Union CEO Sundie Seefried
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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
  • Navy Federal Credit Union, Douglasville Georgia location
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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