COLUMBUS, Ohio - (07/18/06) Insurance giant NationwideFinancial Services named Anne Arvia, president of leading communitydevelopment bank ShoreBank, to be chief executive at its fledglingbank, being created out of Nationwide FCU. Arvia, 43, will succeedJohn Skubik, 59, who announced his retirement as head of the bankstart-up. Skubik will continue as chief operating until hisretirement next year. Until then, he will focus on building thebanks customer base beyond the 50,000 members at the creditunion. The start-up bank, which only received a savings bankcharter in April, is in the process of acquiring the $530-millioncredit union, creating the basis for Nationwide Bank. Nationwidehas agreed to pay members of the credit union a total of $79million for their equity, with each member receiving a pro ratashare based on the size of their accounts. Over 15 years atChicago-based ShoreBank, Arvia helped build the institution into anationally recognized community development bank with $1.8 billionin assets.
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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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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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