California

This is the second time in five years the California-based credit union has issued a giveback, for a total of $38 million.

The Bakersfield, Calif.-based institution has applied to convert to a state charter.

The Soboba Band of Luiseño Indians plans to form a holding company and raise $25 million for Legacy Bank.

Member business lending growth has fluctuated in recent years but growth overall is slowing even as balances continue to rise. The long run of success could prove to be a problem when the economy finally turns south.

A group has filed paperwork with the FDIC to form Legacy Bank in Temecula.

The credit union retains a strong net worth position and saw a nearly 5% increase in members during the first three quarters of this year.

CIT Group has agreed to lend and invest the money mostly in California as well as in the eight states where Mutual of Omaha Bank has branches.

Michael DeShazo has been serving as interim leader of the San Diego-based institution since the previous CEO left in June.

Executives at banks in California say there's only so much they can do until the flames subside.

The transaction will expand the CUSO's reach to nearly 1,200 credit unions.