COLUMBUS, Ohio - (06/16/06) -- In the first deal of its type,Nationwide Bank, a subsidiary of insurer Nationwide FinancialServices, announced plans Friday to acquire its $525 millionemployee credit union, Nationwide FCU, for $79 million. The creditunion has agreed to the deal and is planning to seek member andregulatory approval. Plans call for the bank to pay the funds intocredit union members' accounts on a pro rata basis according todeposit accounts as of March 31. Nationwide FCU offices andoperations are housed within the insurer's Columbus offices.Nationwide FCU was chartered in 1951 and is the largest creditunion in central Ohio. Though they are not related, it is thesecond large roll-up of an insurer-sponsored credit union launchedthis spring as State Farm Insurance was recently cleared to combine12 of its credit unions into a $3 billion credit uniongiant.
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Synovus Financial demonstrated at an industry conference how it is using Microsoft's Copilot to help its staff address customers' concerns.
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The U.S. arm of Spanish banking giant Santander has hired Swati Bhatia to oversee retail banking and its digital transformation efforts. Bhatia joins at "an inflection point" for the company, which aims to be "a digital bank with branches," CEO Tim Wennes said.
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Mariya Rosberg is named Americas head of banking and financial services at Marsh McLennan's Oliver Wyman unit; startup ZayZoon raised $15 million in a new funding round; and more in the weekly banking news roundup.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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Once a prominent figure spurring financial institutions to engage in cryptocurrency, Bankman-Fried's downslide began with the collapse of the digital asset exchange FTX in late 2022 and hit rock bottom with his sentencing to 25 years in prison.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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