Michigan

The company, which recently completed an audit, set aside funds to cover issues tied with a lending program it discontinued last year. The move cleared the way for Sterling to file an overdue annual report with the Securities and Exchange Commission.

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

A new program will provide tuition-free schooling opportunities for those who stayed on the job during the state's lockdown earlier this year.

The National Credit Union Administration issued one prohibition notice for August.

Along with the assets-under-management milestone, Michigan Business Connection noted that its partner credit unions have financed more than 1,000 Paycheck Protection Program loans.

Mesaba, which is also based in Minnesota, is the parent of American Bank of the North and Lake Bank.

Arbor Bancorp and FNBH Bancorp said the pandemic had created uncertainty about the regulatory process for securing approval for the deal.

The Michigan institution's asset base increased substantially in 2019 thanks to a merger but has continued to grow in 2020.

Thomas O'Brien will take the helm at Sterling Bancorp, which is dealing with internal control issues and probes by the OCC and Justice Department into its mortgage operations.

Thomas Lopp cited health reasons for leaving Sterling Bancorp less than six months after becoming CEO. Sterling has been dealing with revenue issues after shutting down its biggest lending program over underwriting concerns.