Ken McCarthy

It appeared Orion Credit Union had a green light to purchase Financial Federal Bank. But the Tennessee Department of Financial Institutions has once again asked a judge to stop the deal, claiming depositors would be "irreparably harmed" if it goes through.

The boards of the Cornerstone League and the Heartland Credit Union Association are moving forward with due diligence to possibly combine the organizations, which serve credit unions in five states.

Participants in the sale of banks to credit unions may need to do a better job of due diligence and gauging the receptivity of their regulators to such deals, experts say in response to the cancellation of VyStar Credit Union's agreement to buy Heritage Southeast Bank.

Credit unions enjoyed especially strong loan demand from car buyers — helping to push overall loan growth to twice the rate of what banks saw in the first quarter — following a lull stemming from pandemic-era setbacks.

With household expenses and borrowing costs spiking, banks are bracing for depositors to demand more interest. The only question is how much longer bankers can hold out.

The nonprofit First Step Alliance is working to launch Diverge Federal Credit Union, which plans to offer loans to cover the costs of gender affirmation surgery for individuals and adoption for same-sex couples.

Gary Furtado will retire from his position as president and CEO of Navigant Credit Union, a position he has held since 1987, by the end of the year.

The credit union has promoted Daniel Wolford to be its president and CEO. He succeeds Jeffery Trickett, who recently retired.

Credit Union 1 and NuMark Credit Union have separately struck deals to build a presence in and around Chicago through the acquisition of community banks.

Davidson County Chancery Court Judge Patricia Moskal ruled that Orion Federal Credit Union’s acquisition of Financial Federal Bank is legal under Tennessee law. The decision provides a road map for courts in other states to follow for similar M&A deals.

First City Credit Union in Altadena, California, named Nav Khanna president and chief executive. He was most recently executive vice president and chief operating officer at Travis Credit Union in Vacaville, California.

The National Credit Union Administration barred three former credit union employees from participating in the affairs of any federally insured depository institution.

Denise Floyd is retiring as the head of Fort Sill Federal Credit Union in Lawton, Oklahoma. The $365 million-asset credit union hired Cornerstone Resources to find its next leader.

The $384 million-asset OUR Credit Union in Royal Oak, Michigan, hired Darren Cameron to replace the retiring Tina Dix as its new president and CEO.

Bankers are not pleased with a new bill introduced by Maxine Waters, D-Calif. — aiming to help underserved markets — that would expand credit unions' membership and remove restrictions on their business lending.

Some U.S. credit unions are hopeful that rising employment and auto lending activity will bring consumers back, countering the effects of inflation and rate hikes that have weighed on growth.

Patrick Totten plans to step down from his leadership position at the Florida institution after a successor is chosen.

Pete Gates, president and CEO of Michigan Schools and Government Credit Union in Clinton Township, Michigan, will retire at the end of 2022. The search has begun for his successor.

DFCU Financial in Dearborn is acquiring the $689 million-asset First Citrus Bank, a subsidiary of First Citrus Bancorp. in Tampa.

The quartet have formed United Financials Capital, a credit union service organization that will allow its founders to fund larger loans than they would be able to individually.