PLANO, Texas - (12/27/04) -- Shannon Kirk, a phys ed teacher atMcKinney Independent School District, didn't even know she hadentered Community CU's 'Make-A-Million Sweepstakes,' when she gotthe call. But Kirk, a long-time member who has had a checkingaccount at CCU since she was a teenager, was automatically enteredinto the retirement savings contest, along with 100,000 other checkaccount-holders at the credit union. The payout of $20,000 issupposed to grow to $1 million by the time Kirk and her husband areready for retirement, based on the average payout in PolarisPlatinum II Variable Annuity, using the 10-year average return of12.8% over 32 years. The contest has proven so popular that thecredit union plans to have another drawing in March. One smallhitch: that $20,000 quickly became $15,000 because Kirk and herhusband used $5,000 to buy furniture for their new home.
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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