Credit Unions: Page 4
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Illinois proves M&A hot spot with pair of credit union-bank tie-ups
Credit Union 1 looks to boost its commercial lending in Chicago's northern suburbs, while NuMark Credit Union pushes into a rural part of the state in 2022's eighth and ninth proposed bank acquisitions by credit unions.
By Dan Ennis • Updated June 5, 2022 -
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VyStar outage leaves members without digital banking access for 10 days
The credit union had planned to take down its systems May 13-15 for upgrades but discovered persistent issues and "decided to invest the time ... to make sure we get this right for our members," its CEO said.
By Robin Bradley • May 24, 2022 -
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Michigan credit union to buy Florida bank in 7th such deal of 2022
DFCU Financial's acquisition of First Citrus Bank, estimated at $105 million, would mark the second time since June 2021 that a credit union from the Wolverine State has bought a bank based in Tampa.
By Robin Bradley • May 13, 2022 -
Delmaine Donson via Getty Images
Wisconsin credit union targets Illinois bank in 6th such tie-up of 2022
Financial terms of CoVantage Credit Union's proposed acquisition of LincolnWay Community Bank were not disclosed. The deal is expected to close in the fourth quarter.
By Robin Bradley • April 28, 2022 -
Ohio's credit unions swing at BNPL
A trade group asserts buy-now-pay-later providers structure their products to avoid certain consumer protection obligations under the Truth in Lending Act. Friday marked the deadline to make public comments to the CFPB.
By Jonathan Berr • March 25, 2022 -
Zhanna Hapanovich via Getty Images
Arizona deal marks 5th credit union purchase of bank in 2022
At the current pace, 26 credit union-bank tie-ups could be in the works by the end of the year, far surpassing 2019's record.
By Robin Bradley • March 14, 2022 -
H. Armstrong Roberts via Getty Images
Credit unions buy Wisconsin, Arkansas banks
The moves to acquire Commerce State Bank and HomeBank bring to three the number of bank tie-ups with credit unions within a week.
By Dan Ennis • March 4, 2022 -
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Georgia-based Robins proposes year's 2nd bank purchase by credit union
Meanwhile, VyStar Credit Union extended by another month its timeline to complete an acquisition of fellow Georgia bank Heritage Southeast.
By Robin Bradley • March 1, 2022 -
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 -
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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 -
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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
Column
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 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
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