Ken McCarthy

Telhio promoted Derrick Bailey to be its next president and said he'll eventually be CEO, though it did not say when he would succeed Leslie Bumgarner at the helm.

Collins Community Credit Union in Cedar Rapids, Iowa, said Monday that it laid off 38 employees, primarily in its mortgage lending division. In September, GreenState Credit Union in North Liberty, Iowa, cut 42 employees, or about 5% of its workforce.

The San Jose, California-based credit union completed its first out-of-state expansion with a virtual branch in Idaho's tech hub, to be followed soon by a brick-and-mortar location.

Overdue loans for U.S. credit unions hit 0.42% in June — the lowest level in the industry's history. But some warn of deteriorating credit quality as the economy sours.

David Deborde has been named president and chief executive, taking over for his mother, Cheryl, who is retiring.

Neil Ray Sommers, who was 74, was succeeded by Bret Fisher, Achieve's director of operations the past three years.

The Hauppauge, New York, institution plans to take advantage of its open charter that allows anyone in the U.S. to join after several years of building out its infrastructure to support a national business. Bankers decried the move as further overreach by the credit union industry.

Centric named Rodney Parker as its new CEO. He succeeds Chris Craighead, who retired after 30 years as the credit union's leader.

Discovery Federal Credit Union in Wyomissing has promoted its chief information officer, Michele Smith, to succeed Edwin Williams as CEO. Smith assumed her new role effective October 1.

U.S. banks closed almost 3,000 more branches than they opened last year, but credit unions' branch count crept up in the second quarter despite consumers' heavier reliance on digital channels for account management.