The CO-OP Network has changed its named to CO-OP Financial Services. CEO Stan Hollen said the change retains its brand while preparing it for the "next chapter in the CO-OP Network story." CO-OP Financial Services will be organized along four business lines: the CO-OP Network of ATMs; Co-Op ATM Processing; CO-OP Card Services, and CO-OP Shared Branching.
Execs say other banks are still more of a rival for deposits than the digital currency.
First Northwest Bancorp in Port Angeles has selected an Everett, Washington-based competitor's president to serve as its new top executive.
The Charlotte-based megabank announced that it had appointed two business leaders to be co-presidents of the bank, and elevated its chief financial officer to serve as executive vice president.
The Massachusetts bank is being accused of aiding and abetting the operation of a Ponzi scheme centered in Hamilton, New York. The bank declined to comment on the allegations.
City National Bank promotes Brandon Williams to head private banking and wealth management; a former U.S. Postal Service letter carrier is sentenced to five and a half years for stealing over $10 million in checks from the mail; Lazard expands its North American investment banking franchise with two managing director hires; and more in this week's banking news roundup.
The government-powered network is allowing larger payments to settle instantly, a move The Clearing House has also made for its RTP network. Payment experts say more than higher limits are needed to make speedy processing ubiquitous.
