Ken McCarthy

The deal has received regulatory approval but is awaiting a vote by East Allen members, the organizations said.

Brad Warner will retire as president and CEO of the Chambersburg, Pennsylvania, credit union in early 2023. Patriot has formed a committee and hired Modern Executive Solutions to conduct the search for Warner's successor.

Rising costs and other factors are leading more consumers to borrow money, pitting banks against credit unions and fintechs for this business.

Area Federal Credit Union in Aberdeen, South Dakota, has named Stephen Streirer as its new president and CEO. He replaces Robert Goscicki, who resigned last month.

The Sunshine State has been a hot spot for transactions involving credit unions buying community banks in recent years, and Harvesters Credit Union is furthering this trend with a deal for First National Bank Northwest Florida.

Membership at the Virginia credit union has grown rapidly in recent years, including an 11% spurt in the first half of this year, thanks to a charter switch, heavy marketing spending and generous deposit rates.

Previously, many credit union CEOs were hired because they worked for the institution’s sponsor. Today the industry has become far more complex, and boards find they have to pay up to recruit candidates who can meet these demands.

In the prohibition order, the National Credit Union Administration said the employee allowed a member to overdraft an account by more than $74,000.

The Texas-based institution named Robert Hernandez as its next president and CEO. He replaces James Poplin, who announced his retirement earlier this year.

Somerset Savings Bank will convert to a stock-owned bank before merging with Regal Bancorp, the holding company for the $545 million-asset Regal Bank, also in New Jersey.