TALLAHASSEE, Fla. - (04/06/06)The pending merger of SoutheastCorporate FCU and Southwest Corporate FCU was precipitated byPlano, Texas-based Southwests search for a new CEO toreplace Fancis Lee, who left to head up U.S. Central Corporate FCU.Southwest reached out to Southeast CEO Bill Birdwell as a potentialcandidate for the CEO post at the $10-billion corporate, butBirdwell countered with a much bigger offer. I reallywasnt interested in going from one corporate toanother, Birdwell told The Credit Union Journal, noting hasworked at a number of corporates, including Volcorp and SouthwestCorp. Even though Southwest is a larger corporate (thanSoutheast Corp), I am very happy where I am. But I thought whatwould be special would be if, instead of just going from onecorporate to the other, we make this an opportunity to reallycreate more value for members, something we can all get excitedabout. Birdwell said neither of the two corporates wereactively courting a merger. It was just an opportunity.Its wasnt something we were seeking out or they wereseeking out, he explained. But it was a unique windowof opportunity, and as such we needed to move quickly or not atall.
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Powered by younger, affluent cardholders, American Express saw a 6% increase in billed business during the first quarter, while weak growth still plagues its small-business segment.
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For the better part of the past decade, the Federal Reserve Board in Washington has played a more active role in presidential searches by regional reserve banks. The shift seems to have made the system more diverse, but some argue it's at the expense of regional bank independence.
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Beth Johnson, a self-described math geek, is driving the bank's ESG strategy and training its employees to keep pace with industry trends.
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The Cleveland-based bank is projecting steady growth in net interest income even as credit losses remain manageable. But Chairman and CEO Chris Gorman also said that he thinks a recession is likely.
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The first-quarter increase involved commercial real estate loans, including some problematic multifamily loans and an office credit, but none of the criticized loans were to consumers, officials at the Dallas company say. Further CRE deterioration is anticipated.
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The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.
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