LANSING, Mich. - (07/15/05) -- State regulators have approved anapplication from State Employees CU to serve more than four millionof the state's 10 million residents in 28 of the state'scounties--one of the largest community charters ever granted acredit union. Membership of the $750 million credit union iscurrently centered around state employees, their families orretirees. "Prior to this expansion, SECU's field of membership wasmore restrictive and confusing to potential members. Now all ofMid-Michigan has another financial solutions option and the valueof membership is open to the general public in our service area,"said Steve Winninger, president of the credit union, of the broadmembership grant.
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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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