Credit Unions: Page 4
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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 Dan Ennis • Feb. 22, 2022 -
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 -
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 -
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 Dan Ennis • Jan. 7, 2022 -
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 Robin Bradley • Jan. 4, 2022 -
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 Dan Ennis • Dec. 21, 2021 -
Permission granted by Alliant
OpinionFintechs 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 -
Justin Sullivan via Getty Images
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 Anna Hrushka • Updated April 4, 2022 -
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 Dan Ennis • 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 Dan Ennis • Oct. 4, 2021 -
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 Robin Bradley • Sept. 30, 2021 -
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 Anna Hrushka • Sept. 3, 2021 -
Zhanna Hapanovich via Getty Images
ColumnSpate 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 Dan Ennis • 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 Anna Hrushka • Aug. 12, 2021 -
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 Anna Hrushka • Aug. 5, 2021 -
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 Dan Ennis • June 18, 2021 -
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 Dan Ennis • June 1, 2021 -
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 Dan Ennis • 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 Anna Hrushka • May 17, 2021 -
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 Anna Hrushka • 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 Anna Hrushka • April 1, 2021 -
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 Anna Hrushka • Updated June 23, 2021 -
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 Dan Ennis • Feb. 5, 2021 -
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 Anna Hrushka • 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 Dan Ennis • Jan. 26, 2021
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