Jackie Stewart is the executive editor of American Banker Magazine. Previously, she covered breaking news, community banks and mergers and acquisitions for American Banker before being named as the managing editor of the Credit Union Journal. After graduating from Northwestern University in 2006, Jackie taught for two years in the Bronx, N.Y., through Teach for America.
The North Chesterfield, Va.-based institution joins a list of banks that are also closing to commemorate the end of slavery.
First-quarter income for credit unions chartered in the Badger State increased by about 6% from the same period one year earlier.
The industry was well positioned in terms of net worth before the pandemic and recession, but some institutions could run into issues with sluggish earnings and a surge in deposits.
The credit union will pay an undisclosed amount for Community State Bank of Southwestern Indiana.
The Odon, Ind.-based credit union would gain six branches by acquiring Community State Bank of Southwestern Indiana.
In an effort to help the industry manage the economic downturn, some credit unions won't be required to submit plans to lower their retained earnings for the rest of this year.
The industry granted about 21% of these loan applications after three months of record lows.
The Credit Union National Association filed the class action suit in 2017 after roughly 147 million people had personal information exposed through a hack of the credit reporting agency.
Butte Community Federal Credit Union, which previously served just one county, added five more after getting regulatory approval.
Credit union executives have led teams through past crises, but the pandemic has created new economic stresses and mental strain that CEOs must address.