GRAND RAPIDS, Mich. - (12/17/04) Lake Michigan Credit Union will not beconverting to a mutual savings bank after failing to get thenecessary two-thirds super-majority of voting members it needed toconvert. The credit union announced this morning on its websitethat 60% of the members did vote in favor of the conversion.According to LMCU, a total of 35,322 valid votes were cast, and itwas 2,400 votes shy of the two-thirds super-majority voterequirement for approval. On its website, CEO Sandy Jelinskireleased a statement saying, We are delighted that so manypeople weighed in on this vote and that the majority gave the nodfor approval. In any other election we would be celebrating alandslide victory. The members have spoken and we are listening! Asa credit union, we will look at ways to stay competitive in ourexisting business model. Member needs and the highest level offirst-rate customer service will continue to be ourpriorities.
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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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