LAKELAND, Fla. - (11/09/05) -- A surplus branch put up for auctionby the municipal electric company has created a bidding contest bytwo interested credit unions. Community First CU, based in nearbyMulberry, and GTE FCU, based in Tampa, have each submitted bids forthe 27,000 square-foot property and building. Community First CU'sbid: $576,000. GTE FCU's bid: $575,000. Community First, with about$82 million in assets, said it couldn't afford to enter a biddingwar with the much-larger GTE FCU, with $1.8 billion, and promisedto close the deal within 30 days, which could earn the city as muchas $3,400 in additional property taxes. The Lakeland CityCommission, which owns the property, was weighing that againstGTE's offer, which included a pledge to close in 60 days. Aspokesman for the city commission told The Credit Union JournalTuesday the panel plans to solicit new bids from the two creditunions.
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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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