Growth strategies

The California-based institution joins a small group of CUs that represent only about 7% of institutions but hold about 70% of industry assets.

The South Carolina company has agreed to buy the parent of Security Federal Bank.

The deal is expected to close sometime next year but is still subject to regulatory and member approval.

Many consumers are taking to the highways and the water for safe getaways during the pandemic — powering one of the few bright spots in lending. However, bankers warn that boomlets usually come with distinctive credit risks.

Last year, credit unions surpassed 291 million members in 118 countries.

The number of religiously affiliated credit unions continues to dwindle and many have changed their name as part of a push to diversify their fields of membership.

The Georgia company will add nearly $200 million in assets as part of the acquisition.

Climate First Bank, which would be led by veteran banker Ken LaRoe, would offer loans to help individuals and organizations make environmentally sound decisions.

The expansion will give the $416 million-asset institution a deeper reach into southern parts of the state.

The company said Todd Brice will retire in March. A search firm will consider internal and external candidates.

The coronavirus outbreak has taught community bankers to think on their feet and experiment. Speakers at an industry conference this week advised their peers to stay innovative to ensure they endure in a changing world.

Virginia National and Fauquier Bankshares are planning to create a $1.6 billion-asset company focused on the middle part of the state.

A new initiative from the Minnesota Credit Union Network to help deepen share of wallet is believed to be the first of its kind and could be a model for credit union leagues in other states.

Regulators have approved the Colorado institution's bid to serve consumers across three different counties.

Members of St. Matthews Federal Credit Union are set to vote on whether to join the $2.3 billion-asset Chartway before the end of the year.

The West Virginia company has an agreement to buy WinFirst Financial for $21.7 million in cash.

The pending sale of Umpqua Investments should free up funds for the company to invest in other businesses.

The company would also gain a branch near Dallas with the proposed acquisition.

Having already changed charters for a statewide field of membership, the Jackson, Mich.-based institution will now merge with Washtenaw Federal Credit Union.