New Jersey

Mutual banks tend to combine only with fellow mutuals. Spencer Savings' deal to acquire a stock-traded rival shows how the pressure to expand is forcing some buyers to get creative.

Lakeland is paying $244 million for 1st Constitution Bancorp. The combined bank would be the fifth largest by deposit market share in New Jersey.

The National Credit Union Administration closed the New Jersey credit union after determining it engaged in unsafe and unsound practices.

The National Credit Union Administration approved the creation of Maun Federal Credit Union, which will serve members of the state's Islamic community.

The Bridgewater, N.J.-based credit union promoted Frank Almeida to president and CEO, the final step in process it began when he was hired in 2014.

The credit union announced a $1 million commitment to the New Jersey Education Association spread over 10 years, with the first installment helping expand the group’s Human and Civil Rights Division.

Last year, the Pennsylvania Credit Union Association and the New Jersey Credit Union League merged to form the CrossState Credit Union Association, and now the foundations of the two groups are combining.

Anna Lo, a former NCUA examiner who previously led Pacific Transportation FCU, will take the helm next month, following the retirement of longtime CEO Lourdes Cortez.

Jane Allerman-Rey, the mutual's chief operating officer, will take on the new role in January.

Ann Goldinak will take the helm of the New Jersey-based credit union when John Culp retires in December.