NCUA said it approved another 35 mergers last month, continuing a torrid pace that has claimed 130 credit unions over the last four months. There was a five-year high of 319 mergers last year, cutting the number of credit unions in the country to fewer than 9,000 for the first time in five decades. Last month's approved mergers included several large combinations: Anheuser Busch Employees FCU, St. Louis ($705 million) with Meridian FCU, St. Louis ($120 million); Powerco CU, Gahanna, Ohio ($670 million) with TEA CU, Columbus, Ohio ($35 million); OmniFamily CU, Battle Creek, Mich. ($150 million) with Kastco CU, Kalamazoo, Mich. ($45 million); and IBM Southeast FCU, Boca Raton, Fla. ($700 million) with H2O FCU, West Palm Beach, Fla. ($7 million). Also, Generations Community FCU, in Durham, N.C. ($8 million), was approved to acquire two CUs: St. Luke FCU, Windsor, N.C. ($8 million) and Covenant Community FCU, Research Triangle, N.C. ($370,000).
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As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
July 4 -
House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
July 3 -
A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
July 3 -
Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
July 3 -
Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
July 3 -
In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
July 3