ARNOLD, Mo. Arsenal CU will obtain its first Illinois branch with a deal for Southern Illinois Area CU, an $8-million Swansea, Ill., credit union that has reported losses for six years in a row.
The $186-million Arsenal CU has members in four counties in Illinois, while SIA CU has members from 14 counties.
All SIA CU employees will be retained after the merger, the two credit unions said.
The deal is expected to be completed later this year after the necessary approvals.
A spike in the bank's noninterest income powered its better-than-expected net income and revenue in the second quarter.
With the GENIUS Act near the finish line, top execs are revealing their plans for the digital asset during calls with analysts.
The Republican Freedom Caucus wants to combine the market structure bill with another measure prohibiting the formation of a Central Bank Digital Currency. That move could tank the market structure bill's chances of becoming law, and with it the banking industry's best chances of getting its priorities enacted.
The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency proposed a rule that would revert the anti-discrimination framework to its 1995 standards.
Supreme Court rulings and provisions in the recently passed budget bill are bolstering the legality of the administration's effort to fire more than 1,000 employees at the Consumer Financial Protection Bureau.
The OCC, Fed and FDIC issued a letter this week clarifying the rules governing crypto safekeeping, which emphasize proper management of cryptographic keys.
