The corporate network continued to contract last week with another merger announced, this one between Louisiana Corporate CU and Corporate America CU. The combination will create a corporate with about $1.3 billion in assets and serving more than 300 natural person credit unions. Under the plans, Corporate America CU will be the surviving entity and Louisiana Corporate CU would continue to operate as a branch of the Irondale, Ala.-based corporate. At least two other corporate mergers are already in process: Western Corporate FCU (WesCorp) with Volunteer Corporate FCU (VolCorp); and Empire Corporate FCU with Mid-States Corporate FCU. The merger of the Louisiana and Alabama corporates will leave 27 surviving corporates of a network that included 44 corporates, not including U.S. Central CU, a decade ago.
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The top five banks and thrifts have combined total assets of nearly $13 trillion.
Just now -
The banking-as-a-service middleware provider will be acquired by TabaPay. Other middleware providers may be forced to evolve or face the same fate.
1h ago -
Institutions and their investors are facing pressure from climate activists, cautiously awaiting interest rate cuts and adjusting to new Federal Reserve and FDIC policies.
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A new Citizens Bank survey suggests rising check-fraud incidents are driving middle-market companies to accelerate plans to fully adopt digital payments. But 70% of all businesses will continue to rely on checks for years to come, according to recent data from the Association for Financial Professionals.
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After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
April 22 -
The Federal Reserve's Office of the Inspector General says the Fed has yet to fulfill 65 recommendations, and also identified 18 outstanding issues at the Consumer Financial Protection Bureau.
April 22