Ken McCarthy

The Washington, D.C.-based institution could see its membership grow by as much as 72% now that federal regulators have approved the move.

Acquirers shelved plans to buy banks this year as the coronavirus became widespread, but a combination of factors could spur the confidence to restart those conversations in the months ahead.

Chief Operations Officer Jerry Schmidt will take over at the Rapid City, S.D.-based institution in early January.

Fran Godfrey, who has spent more than 35 years at the Michigan-based institution, will step down at the end of January.

CEO James Schenck says the institution's military focus means it must provide services for a group of consumers who move every few years. That has helped it focus more on mobile services and less on brick and mortar.

The regulator issued prohibitions for former credit union employees in Virginia and Connecticut.

The deal will expand the credit union's brick-and-mortar footprint to more than 30 locations across Illinois and California.

Infinity FCU sought out a merger partner after realizing that even at $338 million in assets it was too small to provide the technologies members wanted. It could be a harbinger of more deals among larger players.

Fraudsters have increased their attempts to steal data through email scams since much of the financial services sector moved to remote work when the pandemic began.

While some institutions have held off on staffing up for new projects, many mission-critical positions at the executive level are still being filled. It may take until well into 2021 before normal patterns return.