LOS ANGELES – The Department of Financial Institutions yesterday closed and liquidated Watts United CU, a tiny community development credit union serving the minority neighborhood of Watts.
The 33-year-old credit union, has seen its assets dwindling to just $800,000 from a high of $1.5 million in 2005, and reported losses in each of the six quarters.
NCUA as the liquidating agent will issue checks to the credit union’s 1,000 members for up to $250,000 per account.
The proposal is part of what SEC Chairman Paul Atkins calls his "Make IPOs Great Again" agenda.
Opportunity favors the prepared, and Cambridge Savings Bank had been saving for years to buy a nearby rival. Now, as the mutual bank announces plans to acquire First Seacoast Bank, it says it's found "the right deal at the right time."
Federal Reserve Gov. Michael Barr said Tuesday that the U.S. energy sector is more insulated from shocks than Europe's, particularly in natural gas prices. However, he warned that the war is pushing up gasoline prices, which could spill over into other parts of the economy.
If a card is immediately not easy and safe to use in an external app, consumers will quickly turn to another card, executives from Regions Bank, Pinnacle Financial Partners and Barclays warned American Banker's Payments Forum.
The payments company said payment volume increased, but net income decreased compared to 2025.
Carter Bankshares wants to widen its footprint in the Carolinas and may look to buy a bank, especially in South Carolina, where it set up a loan production office in November. The Virginia bank recently resolved a long-running dispute with a major commercial borrower.
