Advance Financial FCU reported it doubled its deposit goal following a certificate promotion. Called the 7-11 Certificate, the credit union was offering seven-month (4.25% APY) and 11-month (4.50% APY) terms along with a $25 gas card to all depositors. The goal had been $2 million over a 12-week period, but it hit that goal after two weeks. By the end of the promotion AFFCU had attracted $4.976 million in deposits, two-thirds of which was new money, according to Marketing Director Samantha Knight. The campaign also drew 99 new members. Marketing included posters, statement stuffers, movie theater slides, newspaper ads and website promotion and was created by agency Heisler Gordon & Assoc., Chicago. The central marketing message: "It's no gamble. Take a spin with Advance Financial's lucky 7-11 CDs ... At AFFCU, you're always in the winner's circle."
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The Philadelphia-based bank's parent company, Republic First Bancshares, had been roiled by a yearslong proxy battle involving activist investors groups and its former CEO.
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The Wyoming-based digital asset bank filed paperwork to challenge last month's district court ruling, which affirmed the Federal Reserve's view about its discretion over master account applications.
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The former head of the Consumer Financial Protection Bureau resigned Friday after the troubled rollout of the Free Application for Federal Student Aid led some House Republicans to call for his resignation.
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The San Antonio-based bank said that loan growth, fueled in part by its expansion in key Texas markets, may compensate for pressure on deposits. It slashed the number of rate cuts it expects this year from five to two.
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Mississippi's Renasant names its next CEO; environmental fintech Aspiration Partners spins out its consumer brand; the OCC adds five weeks to comment period for Capital One-Discover merger; and more in the weekly banking news roundup.
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The Wisconsin banking company forecasted loan growth of 4% to 6% for the full year, driven by an expansion into new commercial and consumer credit lines as well as enduring economic strength in the Midwest.
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