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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Liberty Bank in Salt Lake City had been "structurally unprofitable" since 2008, according to its regulators. Experts criticized the FDIC for allowing the bank's demise to play out in slow motion.
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The New York-based bank says it will push its concentration of commercial real estate loans below 400% of risk-based capital over the next two years and focus more on C&I.
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The San Francisco-based firm's Anchorage Digital Trusted Liquidity and Settlement network, better known as Atlas, will allow clients to settle a range of cryptocurrency transactions.
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Consumer spending slowed and charge-offs rose during the first quarter, but Bread Financial said a pending late-fee rule may not be as devastating to its revenue as the Columbus, Ohio-based firm initially feared.
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Artificial intelligence models are energy hogs. Climate First Bank and UBS are among the very few trying to solve this problem.
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The FDIC board debated and ultimately withdrew two separate proposals to address asset managers' control over banks, but acting Comptroller of the Currency Michael Hsu said he couldn't support either and called for more research and debate about how asset managers' control over banks impacts safety and soundness.
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