Corporate governance

Indiana Members CU will expand its reach later this year following completion of a proposed combination with Members Choice FCU.

The Delaware company would remove a rival, gain scale in affluent Philadelphia suburbs and accelerate its transformation from a branch-heavy lender to a digital-first bank with the $976 million acquisition.

The Delaware company's pending purchase will create a bank with $43 billion of assets under management.

Citigroup’s general counsel, Rohan Weerasinghe, told the bank that he will retire by the end of the year after almost a decade in the role.

The deal to take over the firm's prearranged funeral insurance and final expense business in the U.S. and Canada is worth approximately $1.3 billion, and marks the latest in a string of acquisitions for CUNA Mutual.

The company has formed a special committee to find a successor for James Ford, who will retire as president and CEO next year.

Chris Hendry has served on the credit union's board but has spent his career in health care and philanthropy. He said many of his skills are easily transferable, including a focus on marketing and community engagement.

The unnamed investors will pay about $50 million for Northern California National Bank through a tender offer.

HoldCo Asset Management, which gains two board seats from a standstill agreement, had expressed disappointment that the Boston company hired a CEO instead of pursuing a sale.

The number of credit unions having serious conversations about diversifying their boards is on the rise, according to a new study from CUES, but those efforts are more likely to succeed if targets, education and other factors are in place.