WILBRAHAM, Mass. - (08/25/05) The credit union that started out asMonsanto Employees CU in 1937, became First Pioneer Credit Unionafter converting to community charter in 2000 is changing its nameonce again, this time to ValleyStone CU. "Since obtaining ourcommunity charter in 2000, we have experienced all signs ofpositive growth and have been extremely pleased with the feedbackfrom the communities of Hampden, Hampshire and Franklin counties,"said James P. Nagy, CEO and president of First Pioneer CreditUnion. "We, in good faith and as a corporate-conscious citizen,have decided to fine-tune our name to better suit our vision ofdistinctiveness in the financial institution marketplace sincehearing recently of another entity with a similar name." The CUserves anyone who lives or works in Hampden, Hampshire and FranklinCounties. The name change is slated to be complete by Aug.31.
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Two former members of the Federal Open Market Committee said in interviews that they expect the Federal Reserve to keep rates steady amid uncertainty over the ongoing war with Iran and the resulting upward pressure on inflation.
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Goldman Sachs Chief Legal Officer Kathryn Ruemmler received an 11% pay hike last year, bringing her total compensation to $25 million; U.S. Bank promoted Toby Clements to chief operations officer; Klarna is expanding its forward-flow and whole-loan sale deal with Elliot Investment Management to $2 billion; and more in this week's banking news roundup.
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Carter Bankshares in Martinsville, Va., sold more than $200 million of loans made to companies controlled by Sen. Jim Justice and his family, closing out a once close relationship that later descended into rancor and litigation.
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The Federal Deposit Insurance Corp.'s Office of Inspector General said in a Thursday report that staffing cuts over the past year could strain supervision and the agency's response to a crisis.
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The latest rise in property tax collections at the end of last year continued a nine-quarter streak of increases, according to the National Association of Home Builders.
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American Banker data finds that regulatory clarity is the top ask from executives holding back on adoption planning.
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