Growth strategies

The Detroit company said David Provost, former CEO of Chemical Financial, will become its CEO.

The deal will expand the credit union's reach into western Michigan at a time when a growing number of banks are trimming their networks.

Institutions that cling to outdated lending tools run the risk of being left behind by commercial clients who are barraged with opportunities to borrow faster and more conveniently.

The coronavirus pandemic has spurred more private buyers to acquire senior care homes, and the Oklahoma lender is eager to back them.

Many credit unions offer youth accounts to help establish early banking relationships, but a new account for kids from the nation’s largest bank has raised the level of competition.

The combined institution will serve almost 75,000 members with nearly $660 million in assets.

Southern Bancorp in Arkansas, which raised $35 million in capital from private investors, is out to prove that community development financial institutions can deliver attractive returns and fulfill their missions to help the underserved.

The deal is intended to better help credit unions and other financial institutions improve digital lending capabilities

The Southern California-based credit union would add a fourth branch in the Cowboy State if members of the merging credit union approve the deal.

Duncan-Williams, which serves institutional clients, will help South State expand its correspondent lending operations.

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.