PHILADELPHIA – Sb1 FCU has converted to a community charter serving about 640,000 residents in the city of Philadelphia.
The $540-million credit union was chartered to serve employees of what was then pharmaceutical manufacturer SmithKline and French Laboratories.
“We will now be able to provide superb financial products and services in most neighborhoods south of Lehigh Avenue,” said Tom Swierzy, Sb1’s president of 30 years.
Former Federal Reserve Vice Chair for Supervision Randal Quarles, who served during President Trump's first term, said members of the Fed board should be removable by the president, but that the decentralized structure of the Fed will ensure that monetary policy decisions remain sound.
The tokenization platform provider, which has a nonbinding agreement with NYSE and is aiming for a public debut, promoted former SEC Trading and Markets Director Brett Redfearn to the role.
Deutsche Bank is raising the base pay of Supervisory Board Chairman Alexander Wynaendts by 21%, Wells Fargo has hired Neil Ghosh as head of chemicals investment banking, Bank of America's Alexandre Bettamio is being considered for chief executive officer of Brazilian stock and derivatives exchange B3 SA, and more in this week's banking news roundup.
The White House Office of Management and Budget will issue paperwork allowing the Treasury Department to disburse congressionally appropriated funds through the Community Development Financial Institutions Fund, breaking an impasse that has stalled funding for months.
The industry reported $275 million in losses from internet crimes last year, a 59% annual increase as losses nationwide surpassed $20 billion.
In a strategic shift, the Walnut Creek-based company has tapped a trio of former PacWest executives to fill its top three management positions.
