PENSACOLA, Fla. -- The boards of Gulf Winds FCU and Escambia County Employees CU approved a merger of the two credit unions Monday, creating one of the biggest locally owned financial institutions. The new credit union will have $330 million in assets and serve 38,000 members. Members of Escambia County ECU will vote on the combination in September by mail ballot. Plans call for the merger to be completed by year's end.
Firms like Brex and Ramp are adding new tech faster than legacy banks, according to payment experts.
The Office of Management and Budget issued reduction in force notices to Treasury staff working in the Community Development Financial Institution office Friday, saying that the layoffs are necessary to "implement the abolishment" of the fund.
Former City National CEO Kelly Coffey has a new venture in wealth management; Erin Siegfried is Northwest Bancshares' new chief legal counsel and corporate secretary; Flagstar Bank secures OCC approval to merge its holding company into the bank; and more in this week's banking news roundup.
The regional bank has launched a digital student banking center that's part of a broader strategy to focus on relationship-building.
The Consumer Financial Protection Bureau has announced job openings for attorney-advisors to represent the agency in defensive and appellate litigation.
An updated deposit insurance reform bill from Sens. Bill Hagerty, R-Tenn., and Angela Alsobrooks, D-Md., would raise deposit insurance for business accounts to $10 million, exclude the largest banks from coverage and insulate community banks from footing the bill.
