Jim Dobbs

The Independent Community Bankers of America wants Congress to eliminate tax exemptions for credit unions with more than $1 billion of assets, scaling back an earlier request that would have targeted the entire credit union sector.

The suburban Atlanta banks, both of which specialize in lending to Korean-American businesses, plan to merge in a $206 million cash-and-stock deal.

Bankers' surveys of commercial clients have found that corporate decision-makers are less concerned about adverse tariff effects than nervous investors.

NuMark Credit Union said it would buy Lemont National Bank. After a record-setting 2024, it's only the second such credit union-bank combination so far this year.

The KBW Nasdaq Bank Index is down more than 7% year to date. Analysts blame confusion caused by President Trump's evolving tariff policies and heightened worries about an economic downturn that could hurt banks' credit quality.

Forecasters on an American Bankers Association panel predict continued economic growth this year, though they say President Trump's tariffs have created new inflation and recession risks.

Following a record-setting 2024, only one transaction involving a credit union buying a bank has been announced so far this year. Seller concerns about regulatory approval and pushback from bank industry groups have contributed to the slowdown.

Small lenders across the country filled leadership positions, including Orrstown Financial Services and QCR Holdings.

Concentrating in narrow specialties can attract both relatively low-cost deposits and low-risk loans in an era of high interest rates and economic uncertainty, lenders say.

The Champaign, Illinois-based bank said Jeffrey Jones stepped down from his post days before it could close its acquisition of CrossFirst Bankshares. Jones' exit was not deal related, Busey said.