Credit Unions: Page 2


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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
  • Capitol Hill
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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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    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
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    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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    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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    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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    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
  • Capitol Hill
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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
  • The Banking Dive Awards for 2020
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    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
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    Kendall Davis/Industry Dive/Banking Dive, data from Marc Nozell

    Bank executives, trade groups react to Biden-Harris victory

    Several bank and credit union trade groups, as well as top bank executives, not waiting on a Trump concession, have released statements and congratulatory posts on the highly contested 2020 election.

    By Nov. 9, 2020
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    Banks moving into branchless towns amp up community ties

    From sponsoring Little League and Girl Scouts initiatives to helping a local library recover from a fire, small banks show deep roots when moving into banking deserts.

    By Ken McCarthy • Oct. 26, 2020
  • Deep Dive

    Acquisition under the radar: Credit unions resume community bank deals

    A hearing on tax exemption is long overdue, advocates say. But lawmakers are focusing on pandemic priorities. Meanwhile, a credit union may be a community bank's best hope.

    By Oct. 6, 2020
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    Alabama credit union to buy bank in 6th such deal of 2020

    The tie-up represents Alabama One's second takeover of the year, following a July merger that brought Alabama Rural Electric Credit Union under its umbrella.

    By Sept. 4, 2020
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    PenFed set to grow through merger with Long Island credit union

    Eligible members of Sperry Associates Federal Credit Union will be given a $350 merger dividend once the deal goes through, expected at the end of the year.

    By Aug. 31, 2020
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    Kendall Davis

    Crane Credit Union buys its 2nd bank in past 2 months

    The pace of bank acquisitions by credit unions has slowed significantly, but Indiana has proved fertile for credit union-bank tie-ups. The state is home to three of the nation's five such deals this year.

    By Aug. 20, 2020
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    "Google Bike" by R Boed is licensed under CC BY 2.0

    Six more banks partner with Google to launch co-branded checking accounts

    Banks may view the Google venture as a way to expand their brand and grow customer accounts outside of their existing branch network.

    By Aug. 3, 2020