HAUPPAUGE, N.Y. – Island FCU said it named Bret Sears, its chief financial officers, as president and CEO, succeeding Robert Dethlefsen, who has is retiring after heading the $780 million credit union the past 34 years.
Sears joined Island as vice president and chief financial officer in 2004 after working as vice president and chief financial officer at Adirondack Bank in upstate Utica.
He took over Dec. 1 for Dethlefsen who retired in November.
Amerant Bancorp in Coral Gables, Florida, appointed Carlos Iafigliola its permanent president and CEO; Morton Community Bank in Illinois reached a deal to buy a three-branch franchise in the Land of Lincoln; Bank First in Manitowoc, Wisconsin, agreed to acquire PSB Holdings; and more in this week's banking news roundup.
President Donald Trump administered Federal Reserve Chair Kevin Warsh's oath of office in a ceremony Friday morning. Warsh is expected to pursue changes at the central bank, including a push to reduce its $6.7 billion balance sheet.
Federal Reserve Gov. Christopher Waller said in a speech Friday that he favors holding interest rates steady until energy prices fall, but noted that the central bank should be ready to hike rates if inflation gets too far out of hand.
Cetin Duransoy said every employee at his company is now using AI in some way.
Many banks are missing revenue and cost-cutting opportunities—and potentially disenfranchising customers by not offering relevant app details.
Lenders pulled back on commercial real estate loans in 2023, as high interest rates put pressure on property values. They're now returning to the sector, and the renewed competition is prompting a pricing war.
