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After the retirement of its long-time leader, Foothill Federal Credit Union named Michael Terzian, who had been interim co-CEO of Partners FCU, as its new president and CEO.

The deal with Pioneer Merger Corp. is expected to close in the second half of the year.

The Indiana credit union's chief financial officer had been interim chief executive since September 2019.

The bank anticipates strong demand from businesses that want to settle invoices faster. It also wants to get ahead of competition from fintechs offering similar services.

The head of the six largest banks take flak from both Democrats and Republicans at Senate hearing; the rising price of digital assets is enabling them to poach senior mainstream executives.

Advocates for depositor-owned banks want regulators to block the combination of a one-branch thrift and Minnesota’s largest credit union, for fear it will lead to similar deals.

The London-based banking giant is selling 90 of its branches and shuttering about three dozen more. The 20 or so branches it is retaining will be transformed into international wealth centers.

DeVito takes over on June 1, replacing interim CEO Mark Grier, who returns to his seat on the government-sponsored agency's board.

The heads of the six largest banks aimed to promote their COVID-19 relief in testimony to the Banking Committee. Democrats said their efforts were insufficient while Republicans criticized the executives for taking public stances on issues like climate change and voting rights.

Banks may need to be more selective about how they issue plastic, so that cards remain available to those customers who need them most.