Carol A. Allen, chief financial officer with People's Alliance FCU, has been named as one of Long Island Business News' rising stars under the age of 40. The 40 Under 40 Awards are a tribute to Long Island's best and brightest business people. Allen, who was honored at a special awards breakfast at the Crest Hollow Country Club, has been with PAFCU since 1988. Allen's responsibilities include responsibility for all accounting functions and systems within the credit union. Over the past three years, the credit union's asset size has increased 30% and return on assets increased by 16%. The $178-million CU services more than 400 companies and other areas.
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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.
March 28