Credit Union News - Banking Dive
Oct 15, 2024 · CFPB fines VyStar $1.5M over 2022 outage. The order requires the Jacksonville, Florida-based credit union to reimburse fees and costs to members from the botched rollout of an online banking system. By Rajashree Chakravarty • Nov. 1, 2024.
Credit union deal record extends | Banking Dive
Oct 9, 2024 · The deal’s announcement breaks the record made just last week by OneAZ Credit Union and 1st Bank Yuma. With nearly three months left in the year, 2024 has brought 18 credit union-whole bank deal announcements, along with three CU-partial bank deals. The prior record, 16 whole-bank deals, occurred in 2022. “This acquisition will enhance HAPO ...
Alaska credit union to buy Washington bank in $231.2M deal
Jan 12, 2024 · Dive Brief: Anchorage, Alaska-based Global Federal Credit Union announced Thursday that it has agreed to acquire $1.5 billion-asset First Financial Northwest Bank in a $231.2 million, all-cash transaction. Following the deal, which is expected to close in the fourth quarter of 2024, Financial Northwest, the bank’s holding company, and First ...
Gesa Credit Union to buy Washington bank - Banking Dive
May 24, 2024 · The Gesa deal marks the 10th proposed purchase of a whole bank by a credit union this year. Eleven credit union-bank tie ups were reached in all of 2023, by comparison. And 2024 appears on pace to shatter the record 16 such deals announced in 2022. On top of that, the sector has seen three partial-bank acquisitions by credit unions in 2024.
Credit unions have been buying up banks. Here’s a running list …
Jun 24, 2024 · However, a number of target banks in 2024 exceed that in asset size. Security State Bank, which Richland, Washington-based Gesa Credit Union proposed to acquire in May, counts $606 million in assets. First Financial Northwest Bank, which Anchorage, Alaska-based Global Federal Credit Union is buying, counts $1.5 billion.
Thrivent receives ILC charter - Banking Dive
Jun 24, 2024 · Thrivent Financial for Lutherans received an industrial loan company charter from the Federal Deposit Insurance Corp. on Friday, finalizing its yearslong quest for deposit insurance to create Thrivent Bank. Along with its ILC approval, the first doled out by the FDIC since its 2020 approval of ILC applicants Block (née Square) and Nelnet, TFL ...
Illinois proves M&A hot spot with pair of credit union-bank tie-ups
Jun 3, 2022 · Credit unions bought a record 16 banks in 2019. But the pace of those transactions has fallen off since the COVID -19 pandemic started. Nonetheless, Michael Bell, a leading bank M&A attorney, predicted a record “ 25-plus ” deals between credit unions and banks in 2022, according to American Banker. At the current rate, 2022 would see 21.
Credit unions, fintechs should face same regulations as banks: …
Oct 15, 2024 · Credit unions, fintechs and nonbank lenders should face the same regulation, guidance and supervisory expectations when involved in the same activities — and doing so is a core concept of financial regulation, Federal Reserve Governor Michelle Bowman said at a conference Friday. Bowman highlighted the challenges community banks face while ...
Sound Credit Union to buy Washington Business Bank
Mar 11, 2024 · Tacoma, Washington-based Sound Credit Union will acquire Olympia-based Washington Business Bank, the institutions announced Monday in a press release. The deal, expected to be completed in the fourth quarter, will create an institution with roughly $3 billion in assets, $2.3 billion in loans and $2.5 billion in deposits, and give Sound a deeper ...
Credit union to buy New Mexico bank - Banking Dive
Aug 19, 2024 · Credit union to buy New Mexico bank. Albuquerque-based U.S. Eagle’s proposed acquisition of Southwest Capital Bank marks the 14th whole-bank purchase of 2024 by a credit union and the second in the past week. Published Aug. 19, 2024. Gabrielle Saulsbery Reporter. Downtown Albuquerque, New Mexico.