Growth strategies

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.

CIT inherited the business with its purchase earlier this year of Mutual of Omaha Bank.

The deal continues Sound's push into markets north of its Tacoma headquarters.

The Iowa company said the coronavirus outbreak and litigation against AimBank will postpone the deal's completion by a few months.

The company will use Savoy's midtown Manhattan office to coordinate business development efforts around the city.

Institutions serving colleges and universities traditionally see membership surge in the fall, but are now planning for a decline as classes move online.

The product, which is also aimed at community banks, includes a "take-back" option that allows consumers to withdraw extra funds they've paid that go beyond their monthly scheduled mortgage payment.