As officials with and opponents of Columbia Credit Union's bid to convert to a bank were still awaiting a ruling from regulators last week, Synergy Financial Group, the converted credit union once known as Synergy FCU, raised $70-million with an initial public offering of seven-million common shares. Top officers of the credit union convert participated in market opening ceremonies at the NASDAQ Stock Market Wednesday to commemorate the company's new listing on the exchange. The ex-credit union, chartered in 1952, converted to a mutual savings bank in 1998, then to a hybrid structure, selling a minority stake to the public a year ago, with a holding company retaining a controlling stake. But the ex-credit union completed the conversion to a publicly traded company last week by selling the remaining shares, becoming the seventh credit union convert to make the journey.
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As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
July 4 -
House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
July 3 -
A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
July 3 -
Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
July 3 -
Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
July 3 -
In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
July 3