FORTH WORTH, Texas - (04/29/05) -- OmniAmerican CU, one of two Texascredit union giants in the process of converting to mutual savingsbanks, said it plans to sell a minority of shares in a newly formedmutual holding company to the public soon after its conversion inorder to raise new capital. The new funds, an undetermined amount,would be used by the newly formed bank holding company to fundadditional branches, products and services, the $1.3 billion creditunion said in disclosures obtained by The Credit Union Journal. Thecredit union told members it estimates the conversion process willcost $906,000, with the major expenses being legal fees andexpenses (200,000); consulting expenses ($170,000); a membershipawareness campaign ($123,000); postage for mail disclosures andballots ($117,000); and mailing ($115,000). The disclosures alsospells out how credit union members, all of whom have one vote,will see diminished voting rights with those with larger depositbalances having more voting power, and thus, greater control. Thedisclosures were sent this week to OmniAmerican's 215,000 members,who are expected to vote on the conversion this summer.
-
The Charleston-based company agreed to pay $267 million to acquire Piedmont Bank in Peachtree Corners, Georgia. It's United's 34th deal, but the first since 2021.
3h ago -
The Puerto Rico-based company's board of directors has given an additional title to COO Javier Ferrer, naming him president as of May 9. His career path closely resembles that of his boss, CEO Ignacio Alvarez.
4h ago -
Truist Financial completes the sale of its remaining stake in Truist Insurance Holdings; City National Bank has hired Rick Bechtel as executive vice president and head of mortgage and residential lending; Associated Bank names Chun Schiros as its first chief analytics officer; and more in the weekly banking news roundup.
5h ago -
Max Levchin, CEO of the buy now/pay later lender, said recent tests show young adults prefer interacting with intelligent chatbots over phone-based agents, but the company doesn't foresee major cost savings from generative AI for a few more years.
6h ago -
When the Trump tax cuts expire next year, the White House will ask for higher corporate taxes and a buyback tax as Congress enters one of its biggest economic fights of the decade, which will have major implications for bankers.
7h ago -
Large banks, particularly those with over $100 billion in assets, see increasing supervisory shortcomings related to interest rate and liquidity risks, governance and risk control issues, and cite cybersecurity, CRE values, and remote work trends as potential hazards in the future.
7h ago