Corporate governance

The switch to Thomas Cangemi from longtime CEO Joseph Ficalora could foreshadow a push to curtail the company’s reliance on multifamily lending and the pursuit of a bank acquisition that lowers funding costs.

Chris Maher recently unloaded loans hurt by the coronavirus shock, convinced he was freeing the New Jersey company of baggage that could impede a large M&A deal. This assertive move makes him one of our community bankers to watch in 2021.

The company promoted two executives as part of an effort to revamp its leadership team and establish a bigger presence in the Carolinas.

Gilles Gade, one our community bankers to watch in 2021, led an effort that made Cross River Bank one of the biggest Paycheck Protection Program participants. He is ready for his team to pick up where it left off when the new stimulus package kicks in.

Longtime chairman and CEO Joseph Ficalora will step aside Thursday as head of the regional bank and be succeeded by CFO Thomas Cangemi.

The Federal Reserve is credited with containing damage to the financial system from the coronavirus pandemic, but experts say the limits of the central bank’s power to prop up the economy will likely become more apparent in the new year.

Members of $6.3 million-asset FIAFE Federal Credit Union will vote early next year on whether to merge into $43 million-asset Central Credit Union of Maryland.

With one study showing consumers racking up additional credit card debt this season, some members may be eager to consolidate their balances in the year ahead.

Riverside Health System Employees Credit Union has announced plans to merge into the Yorktown-based credit union, which is roughly 100 times its size.

The company will pay $20 million in cash for a bank with two branches and $58 million of loans.