New York

Northern Credit Union in New York has shed its federal charter, while Gale CU in Illinois has converted to a community charter.

The proposed Piermont Bank would be based in Midtown Manhattan. It is the second de novo being planned in New York.

In alleging former CEO Alan Kaufman breached his fiduciary duties to the NYC-based credit union, NCUA is seeking penalties of $4.5 million.

Tiny Long Island Community Federal Credit Union has merged into $1.1 billion-asset Suffolk FCU.

The board of Projector Federal Credit Union said it was looking for a merger partner committed to providing high value for its membership.

Once a hotbed of activity, the region has reported the fewest bank mergers since the financial crisis.

With values on multifamily properties soaring, some building owners are using aggressive tactics to push out existing tenants to make room for higher-earning ones. That’s raising questions about whether their lenders are abetting this behavior.

The company is once again positioning itself for growth now that it is no longer considered a systemically important financial institution.

The company has created a municipal group that will focus on nonpublic financing services at a time when loans to bond issuers are declining.

The asset milestone comes as Westbury, N.Y.-based Nassau Educators Federal Credit Union celebrates 80 years in business.