NCUA issues charter to Tribe, ICBA Payments announces new leader

May 31, 2024 2:11 PM

In this week's banking news roundup: NCUA grants Tribe Federal Credit Union a provisional charter; ICBA Payments names Jacob Eisen its new president and CEO; Mission Fed Credit Union announces new role for longtime leader Steve Hasbrooke; and more.

NCUA issues charter to Tribe Federal Credit Union in Minnesota

The National Credit Union Administration has granted the first provisional charter under its new pilot program to Tribe Federal Credit Union in Minneapolis, Minnesota, effective May 22. The low-income designated institution will cater to those who work, live, worship or attend school in the city by providing traditional products like share accounts in addition to auto and personal loans. Under the NCUA's new program, organizers can obtain a charter with a 12 month buffer period for sourcing the necessary capital for operations — preventing them from underwriting loans or accepting member deposits until that benchmark is reached. —Frank Gargano

ICBA Payments names a new leader

Payments and fintech industry veteran Jacob Eisen is the new president and CEO of ICBA Payments, the payments-services subsidiary of the Independent Community Bankers of America, which provides education, assistance and advocacy for community banks in the realm of payments. "His extensive experience and forward-thinking approach align perfectly with our mission to empower community banks with cutting-edge payment solutions," said senior executive vice president of ICBA Innovation Kevin Tweddle, in a press release on Thursday. Previously, Eisen served as president of fintech banking for MVB Bank in Fairmont, West Virginia; co-founded corporate payments company ConnexPay; and spent a decade as an investment banker. — Miriam Cross

Mission Fed veteran leader takes on role of chief financial officer  

Mission Fed Credit Union — the largest member-owned, not-for-profit financial institution exclusively serving San Diego County — announced this week that longtime leader Steve Hasbrooke has taken on the role of chief financial officer.   Hasbrooke's new position began in March. Former CFO Doug Wright is now the credit union's president and chief executive officer.

"Steve is uniquely qualified for this position based on his in-depth knowledge of our accounting systems and operational processes," said Wright in a Thursday press release.

Hasbrooke's 17-plus years at Mission Fed include serving as an accountant and becoming the first vice president controller. Prior to joining the credit union, he worked for the Family Help & Caring Connection as the director of operations and financial manager and served as a controller with Partners in Vision International. — Traci Parks

TD hires former Barclays activist defense banker Daniel Kerstein

TD Securities hired former Barclays veteran Daniel Kerstein to lead its structuring solutions and shareholder advisory practice. Kerstein, who's based in New York, is joining as a managing director on the firm's mergers-and-acquisitions team, according to a memo to staff sent by global investment-banking co-heads Parker Weil and Geoff Bertram.

His role is "designed to enhance our M&A effort supporting and building C-suite and board-level strategic dialogue," Weil and Bertram wrote. Kerstein will focus on the areas of "highest strategic concern for corporates, such as portfolio optimization, share price drivers, shareholder advisory and raid and activism defense."

Kerstein, who left Barclays last year after roughly two decades at the bank and its predecessor Lehman Brothers, previously held roles including global head of activist defense and ESG advisory. — Gillian Tan, Bloomberg News

CIBC lands Aston from Barclays for U.S. leveraged-finance push

Canadian Imperial Bank of Commerce is bulking up its coverage in leveraged finance, hiring veteran banker Brad Aston from Barclays for its capital-markets business.

Aston will join the bank as managing director and global head of leveraged finance in capital markets, and will be based in New York, CIBC said Tuesday in an internal memo seen by Bloomberg News.

The Toronto-based bank has doubled revenue from its U.S. capital-markets business in the last five years, according to the note, signed by investment banking head Kevin Li and the co-heads of debt capital markets, Andrew Lee and Sean Gilbert.

CIBC is staffing up in the leveraged-loan space amid a broader fight for talent as Wall Street banks attempt to win back business from private credit firms that have grabbed a larger role in backstopping deals. — Christine Dobby, Gillian Tan and Jeannine Amodeo, Bloomberg News