ALEXANDRIA, Va. - (12/22/05) More than $7.2 billion inregular deposits exited credit unions in the third quarter of theyear, continuing a trend that has stymied credit union leaders formost of this year. NCUA reported Wednesday that regular sharesdeclined by 2.4% from July through September, the second quarter ina row of negative growth for the core credit union deposits.Through the first nine months of 2005 regular shares have grownless than 1%, believed to be the lowest growth rate ever for creditunions, while total shares, including share drafts and certificatestoo, have grown less than 4%, as rates for credit union savingsproducts hold near record lows. The record-low share growth haspushed down profitability, with third quarter return-on-averageassets of just 0.93%, the same as in the second quarter, and near adecade low. Loan growth was strong in the third quarter, 4%,pushing growth for the first three quarters of the year to ahealthy 9%. For the third quarter new car loans led the way,expanding by 9%, while first real estate mortgages grew by 3.4%,other mortgages, which includes home equity loans, by 5.2%, andunsecured credit card loans by 2%. For the first time on more thanfive decades, the number of credit unions fell below9,000.
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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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