Total credit union loans and membership are rising, but the growth is slow and primarily occurring among the largest credit unions. The National Credit Union Administration Thursday released its comprehensive industry data for the third [...]
INDUSTRY NEWS Could the banking trades be hurting their own cause by railing so vehemently against the credit union industry? It was American showman P.T. Barnum who was famously quoted as once quipping [...]
Written By: Dan Bagus Director Artisan Advisors Enterprise risk management is a tool to identify and address otherwise unknown threats to your credit union or bank. Adopting an enterprise risk management program [...]
Craig Booth took over as interim chief exec at Island FCU when Bret Sears retired at the end of last year. Island Federal Credit Union in Hauppauge, New York, has named Craig Booth as [...]
SECU Foundation, the charitable wing of the nation’s second-largest credit union, said the funds will help with an expansion of TROSA’s Durham campus. SECU Foundation, the charitable arm of State Employees’ Credit Union in [...]
Roland Hendricks will replace retiring David Sikora as chairman of TDECU as it prepares to rebrand. Lake Jackson, Texas-based TDECU named Roland Hendricks as its new chairman of the board. He replaces David Sikora, [...]
Joseph Sledge was recently convicted of robbing a credit union in Alaska, but he had a stop to make before he spoke to the teller. An Anchorage man walked into a Global Credit Union [...]
The $3 billion-asset credit union in Virginia Beach is adding to its branch footprint while modernizing other existing spaces. Chartway Credit Union is on the move. The $3 billion-asset credit union in Virginia Beach [...]
Written By: Tim Scholten President and Founder Visible Progress LLC In an era where customer expectations, regulatory demands and digital innovation are rapidly transforming the financial landscape, many financial institutions are evaluating [...]
The 15th largest credit union in the U.S. will become FourLeaf FCU early next year. Bethpage Federal Credit Union is rebranding to become FourLeaf Federal Credit Union.Bethpage, the fifteenth largest credit union in the nation [...]
Vocality Community Credit Union has lost nearly $4 million since the start of 2023 and hopes its merger with Community First will help right the ship. An economic downturn in parts of Northern California forced a [...]
Keesler Federal Credit Union and Jefferson Financial Federal Credit Union plan to combine and form a lending powerhouse across Louisiana and Mississippi. In what is being called the largest credit union merger in Louisiana [...]
“According to most financial experts, a ‘normal’ person should allocate between 5% and 10% of their retirement savings to precious metals like gold…aiming to diversify their portfolio while mitigating risk…” – Google AI assistant summary Written [...]
Sam Jimenez was the CEO of 1st Capital Bank in California until the bank’s recent merger with Santa Cruz County Bank. Cascade Federal Credit Union in Kent, Washington, hired Sam Jimenez to be its [...]
INDUSTRY NEWS The NCUA’s proposed rule on succession planning could have a two-pronged effect – putting a chill on mergers and forcing older credit union directors to consider stepping down. A lack of [...]
The National Credit Union Administration will look to stabilize Alliance Credit Union of Florida until it can get back on its feet or a merger partner can be found. Alliance Credit Union of Florida [...]
Its acquisition of First Citrus Bank last year apparently increased DFCU Financial’s appetite for bulking up in Florida through bank acquisitions. DFCU Financial is doubling down on Florida. The Dearborn, Michigan-based credit union announced [...]
Tyfone, a leader in digital banking solutions, won the Credit Union Times Luminaries Award for innovation in digital banking Thursday night. At a ceremony in Orlando, Florida, the editors of the publication announced the [...]
Written By: Brian Lee President and CEO Landings Credit Union Prior to joining my credit union, I spent four years on the other side of the conference room table as a National [...]
Assets, membership and earnings were all on the rise for Navy Federal at the end of the third quarter of 2024 while PenFed saw declines in all of those categories. The two Washington, D.C.-based, [...]
INDUSTRY NEWS The regulator this week unveiled its 2025 budget, slammed Vystar Credit Union and banned four credit union workers for life. It’s been a busy week for the National Credit Union Administration. [...]
Written By: Jason Stverak Chief Advocacy Officer Defense Credit Union Council The Consumer Financial Protection Bureau recently finalized its 1033 rule, mandating that financial institutions provide consumers with greater access to their [...]
Todd Marksberry, who was the CEO of Canvas Credit Union in Colorado for nine years, has been hired by Innovative Partnerships Group. It did not take Todd Marksberry long to land a new gig. [...]
Edward Arthur Nurse, a former employee of Park Side Credit Union in Montana, admitted to stealing $390,000 by exchanging cash with fake bills. A former employee of Park Side Credit Union in Whitefish, Montana, [...]
The $4.6 billion-asset credit union said EVP and chief operating officer Chad Rogers will replace outgoing CEO Boyd Gustke on an interim basis. Boyd Gustke will retire from his post as president and CEO of Connexus [...]
The regulator has only chartered six new credit unions since the start of 2023 but remains steadfast that the initiative is a priority. The National Credit Union Administration can only do so much to [...]
Prior to 2024, the most credit union-buying-bank deals ever announced in a year was 16, but with more than two months left on the calendar, that record will likely be shattered. Oak Ridge, Tennessee-based Y-12 [...]
JPMorgan Chase and Global Credit Union branches were among those recently hit by thieves in southern California and Anchorage. Federal Bureau of Investigation agents in California and Alaska are searching for men who robbed [...]
The $132 million-asset institution recently announced the hiring of Brian Zuber as its next chief executive. Indiana State University Federal Credit Union has hired Brian Zuber as its next president and CEO. He replaces [...]
Written By: Sam Brownell Founder and CEO CUCollaborate The landscape of credit union chartering has evolved, and one charter type stands out for its performance, growth potential, and strategic advantages: the Multiple [...]
Family Savings Credit Union said it will buy two branches in Dekalb County from Huntsville-based Merit Bank. It is not just whole banks that are being acquired by credit unions this year – a [...]
The $632 million-asset Community First Bank struck a deal with $2.4 billion-asset HAPO Community Credit Union. HAPO Community Credit Union plans to acquire $632 million-asset Community First Bank in Kennewick, Washington. Financial terms of [...]
The $178 billion-asset Navy Federal is collaborating with Fifth Third Bank, Fannie Mae and others to close the homeownership gap between Whites and minorities. Navy Federal Credit Union is joining the Mortgage Bankers Association [...]
After working at the Tempe-based credit union for 12 years, Chris Kearney took the reins as its new CEO effective Sept. 30. TruWest Credit Union in Tempe, Arizona, promoted Chris Kearney to be its [...]
There were 16 such deals announced two years ago, but the tie up between OneAZ Credit Union and 1st Bank Yuma pushes 2024 over the top. And there it is.The most credit union-buying-bank deals ever [...]
“Get big or get out.” Written By: Jeff Marsico President The Kafafian Group It’s a phrase that echoes throughout the banking industry, often delivered by investment bankers and advisors as a [...]
Both Self Reliance New York FCU and Ukrainian Selfreliance FCU have struggled to generate earnings in the past year. Two of the nation’s largest credit unions that serve the Ukrainian American community announced plans to merge.The [...]
Written By: Russell Hunt Senior Managing Director Skyway Capital Markets Since credit unions were established in the U.S in 1908, they have fulfilled their mission by providing financial services to their members. [...]
The most recent digital banking metrics report by Cornerstone Advisors showed that while the adoption of mobile deposits has skyrocketed in recent years, digital account openings continue to lag. During the past three years, [...]
ESL is expected to have total assets of $9.6 billion and will increase its footprint to more than 30 branches at deal completion. In a record-tying deal, ESL Federal Credit Union has agreed to [...]
After announcing two bank acquisitions in seven months, the Lakewood, Washington-based credit union will merge with an in-state peer. Harborstone Credit Union has been among the most acquisitive CUs in the country in the [...]
Data recently released by the NCUA revealed that, at the median, membership declined in 29 states during the past year. Roughly 53% of federally insured credit unions had fewer members at the end of [...]
The NCUA board Thursday said it will no longer ban for a lifetime those who have been convicted of certain crimes The National Credit Union Administration approved a final rule allowing people with convictions [...]
Written By: Daniel Prezioso Partner Olden Lane The pace of consolidation in community banking has accelerated since 2020, as a confluence of factors continues to pressure small financial institutions. The recent period [...]
Texas Dow Employees CU, which operates as TDECU, will change its name to Space City Financial after the completion of its deal with Space City Credit Union. Two Houston-area credit unions plan to merge [...]
Ryan Ross takes the helm at UKFCU and is replaced at Soarion CU by Ric Ledezma. University of Kentucky Credit Union in Lexington has named Ryan Ross as its new president and CEO. Ross [...]
Certificates now make up 28% of credit union savings products, the highest level in 15 years. Traditional credit union savings products continue to see declining balances, but certificate of deposits are booming.During the last 12 months, [...]
The eighth largest credit union in the U.S. says it will focus its energies on other markets. Sandy, Utah-based Mountain America Credit Union is selling off its operations in Albuquerque, New Mexico, to Sandia [...]
The Windy City’s United Credit Union has changed its name to Vicinity. United Credit Union in Chicago is rebranding as Vicinity Credit Union. The $293 million-asset organization said the name better reflects its “deep-rooted” [...]
Written By: Lorrie Trogden President and CEO Arkansas Bankers Association 2024 has seen a record number of credit unions purchasing banks. Per S&P Global, credit unions had acquired $7.2 billion of bank [...]
Chad Shane replaces Toddy Marksberry at the helm of $4.5 billion-asset Canvas Credit Union in Lone Tree. Canvas Credit Union in Lone Tree, Colorado, named Chad Shane its new chief executive officer. Shane replaces [...]
Written By: Steve Heckard Managing Director Artisan Advisors With increasing frequency, we are encountering financial institutions that no longer have a productive relationship with a technology vendor, primarily their core vendor. As [...]
Delinquencies and charge offs both increased for U.S. credit unions in the second quarter of 2024, and net income fell by 10%. The latest credit union data paints a less-than-rosy picture for the industry [...]
The League of Southeastern Credit Unions & Affiliates and the Virginia Credit Union League plan to merge, although the timing remains murky. Not only are credit unions merging with increasing frequency, the leagues and [...]
REV Federal Credit Union in Summerville, South Carolina, will enter ‘almost heaven’ with the acquisition of First Neighborhood Bank in Spencer. For the first time ever, a West Virginia-based community bank plans to sell [...]
The merger will create a $1 billion-asset organization serving nearly 78,000 members. Two Georgia-based credit unions are the latest to consummate a merger. The $935 million-asset Peach State Federal Credit Union and the $88 [...]
The $149 million-asset institution hired Matt Selke to replace retiring chief executive Dale Taratuta. Georgia Heritage Federal Credit Union in Savannah has named Matt Selke as its next president and CEO. Selke most recently [...]
Northwest Federal became the NFL’s Washington Commanders’ official credit union partner last year, and the two sides have now taken the relationship to the next level. Northwest Federal Credit Union has acquired the naming [...]
The world’s largest credit union has opened three branches in Philadelphia and has more on the drawing board. Navy Federal Credit Union is making a push into the Philadelphia area. The world’s largest credit [...]
A merger of equals recently announced in Florida could set the stage for more credit union M&A. The current operating environment may be driving a growing number of credit unions to consider mergers. That [...]
INDUSTRY NEWS SouthCoast FCU says a passport and a proof of address is enough to get a banking relationship started. SouthCoast Federal Credit Union in New Bedford, Massachusetts, will now open accounts for [...]
By Chip Filson, former NCUA regulator and co-founder of the consulting firm Callahan & Associates Written By: Chip Filson Former NCUA regulator and co-founder Callahan & Associates “Dictatorial systems make one [...]
Justin Olson will replace retiring Bret VanAusdal as the CEO of Utah Community Credit Union. Utah Community Credit Union has named Justin Olson as its next president and CEO. Olson has been with the [...]
The deal marks the14th transaction announced this year in which a credit union is acquiring a bank. There were 11 such deals announced all of last year. U.S. Eagle Federal Credit Union plans to [...]
Portia Powell replaces the retiring Hank Hubbard, who served as the credit union’s chief executive for 34 years. One Detroit Credit Union named Portia Powell as its next CEO effective January 2025. Powell will [...]
Providence Federal Credit Union and Consolidated Community Credit Union are planning a 2025 tie-up that will result in an organization with more than 35,000 members. Two Portland, Oregon-based credit unions plan to merge and [...]
By early June, 12 credit union-bank deals had been struck, but dealmaking has been quiet for the past two months. Spokane Teachers Credit Union plans to acquire $550 million-asset Community Bank, which is based [...]
Loan balances for new cars are flirting with levels not seen since the COVID-19 pandemic. New-auto loan balances for U.S. credit unions fell 3.2% through May, significantly below the 1.3% increase reported during the [...]
Written By: Mike Bell Attorney Honigman Let’s start with a question: Do community-based financial institutions need more regulation or governmental intervention? My answer — and I suspect your answer — is a [...]
The CEO will be replaced by CFO Fred Moore. Jim Sessa will step down as president and CEO of Coast Central Credit Union in Eureka, California, on Sept. 18. Sessa has been with the [...]
INDUSTRY NEWS The largest credit union in the world adds more new members each year than the total membership of most credit unions, and there’s no end in sight. So just how much [...]
Wescom Central CU has taken in more than $6 million in fee income so far in 2024 but will remove NSF fees going forward. Wescom Central Credit Union in Pasadena, California, has eliminated non-sufficient funds fees [...]
Originally published on CUInsight.com Written By: Brian Lee President and CEO Landings Credit Union One of my team members told me about how her family was handling the effects of her [...]
The $859 million-asset lender in Seattle was awarded $383,223 from the U.S. Treasury. Verity Credit Union in Seattle will use a $383,000 grant from the U.S. Treasury to fund a small dollar consumer loan [...]
INDUSTRY NEWS Few community financial institutions were impacted by the CrowdStrike-induced IT outage earlier this month, but it served as a good reminder to double check licensing agreements and vendors. Many credit unions [...]
Member One Federal Credit Union and Virginia Federal Credit Union have closed their deal and formed an institution with nearly $7 billion of assets. The membership of Member One Federal Credit Union has approved [...]
Acadia Federal Credit Union said that David Desjardins will step down in July. He will be replaced by EVP Joey Cannan. David Desjardins, who has been the president and CEO of Acadia Federal Credit [...]
INDUSTRY NEWS While some credit unions are doubling down on branches, they still recognize the need to keep up with the Joneses in the digital space. Most bank and credit union CEOs agree [...]
Written By: Tim Scholten President and Founder Visible Progress LLC a credit union and community bank consultancy In the competitive landscape of financial services, community financial institutions hold a unique position. Their [...]
Lisa Perrin, who spent five years at the helm of Worcester Credit Union, is the organization’s new CEO. The City of Boston Credit Union has hired Lisa Perrin to be its new president and CEO. [...]
Isaac Johnson concluded his 38-year Army career during an official Change of Command, Responsibility and Retirement ceremony held on July 13. TDECU President and CEO Isaac Johnson has retired from his position as a [...]
Board Vice Chairman Kyle Hauptman voted against the proposal, claiming it could actually hamper succession planning efforts for small credit unions. The National Credit Union Administration approved a proposed rule that would require federally-insured [...]
But an S&P Global Market Intelligence study also found that membership and deposit growth rates have been stronger for credit unions that have acquired a bank. Credit unions that have not struck bank deals [...]
Unlike banks, credit unions do not have to report quarterly earnings, but they often keep close tabs on the results divulged by their bank competitors. JPMorgan Chase, the largest bank in the U.S., reported [...]
The White House Office of Management and Budget said a rule requiring federal credit unions to report executive compensation could soon be on the NCUA board’s agenda. The National Credit Union Administration is considering issuing [...]
Loan balances in the first quarter for U.S. credit unions saw the weakest growth in the past 13 years. Credit union loan balances fell 0.14% in the first quarter of 2024, the lowest growth [...]
INDUSTRY NEWS The regulator has approved only three new federal charters this year and just 29 in the past ten years. The number of credit unions in the U.S. continues to shrink, and [...]
INDUSTRY NEWS With 12 new deals pending, 2024 has already exceeded the 11 transactions announced last year. Few issues raise the ire of community bankers as much as credit unions buying banks. And [...]
CEO warns that current conditions are forcing small CUs to look for partners. Nutmeg State Financial Credit Union in Rocky Hill and First Bristol Federal Credit Union in Hartford said this week that First [...]
1st Choice Credit Union becomes the first institution conserved by the regulator in 2024. The National Credit Union Administration said the action was taken in consultation with the Georgia Department of Banking and Finance. [...]
The $4.4 billion-asset Apple FCU announced plans to merge with $532 million-asset NextMark Credit Union. The combined credit union will have more than 260,000 members and 25 branches throughout Northern Virginia, the institutions said [...]
The regulator granted a federal charter and share insurance fund coverage to Tribe Federal Credit Union in Minneapolis. Tribe is the first federal credit union to receive a charter under the NCUA’s provisional charter [...]
Richland, Washington-based Gesa Credit Union plans to acquire Centralia, Washington-based Security State Bank. The $5.5 billion-asset Gesa CU becomes the fourth credit union to announce the acquisition of a Washington bank in 2024. Earlier [...]
