News

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 [...]

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” [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 program. [...]

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 [...]

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 [...]

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 [...]