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.
-
Synovus Financial demonstrated at an industry conference how it is using Microsoft's Copilot to help its staff address customers' concerns.
5h ago -
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.
6h ago -
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.
6h ago -
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.
7h ago -
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.
7h ago -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
8h ago