Growth strategies

The bank said the move will provide more flexibility raising capital and more options when it comes to pursuing bank acquisitions.

The pandemic and economic downturn upended most institutions' advertising plans for the year, and many credit unions have had to adjust not only their messaging but also the loan products they are promoting.

Bartow Morgan Jr., who ran Brand Banking when it was sold to Renasant, also plans to raise $150 million to expand the seller's products and services.

A plan to merge the $5.5 million-asset credit union into Cal-Com FCU will provide additional services for members while also easing the process of replacing several employees who plan to retire this year.

The New Jersey company will add three branches in the northern part of the state as part of the transaction.

The company is selling $355 million of Paycheck Protection Program credits to The Loan Source, a nonbank lender that is also buying PPP loans from three other banks.

The purchase-and-assumption transaction, if approved, would become the first credit union-bank merger in Alabama.

The Vermont-based credit union received the OK from federal regulators to add 650,000 potential members to its FOM, an increase of 15%.

A state judge deciding a dispute between Spencer Savings and an investor said the mutual must get an independent review before switching from a savings association to a savings bank. The ruling may complicate mutuals' efforts to make more business loans.

Pathways Financial's acquisition of Standard Register FCU increases its foothold in the Dayton market.