New York

The Treasury Department has held shares in the Black-run banking company for more than a decade.

Andrea Thune will take the helm next month, succeeding Jeffrey Fragale, who is retiring.

Webster Federal Credit Union and Finger Lakes FCU plan to join forces before the end of the year, though the deal still needs approval from regulators and members.

In what was a challenging quarter for the industry, the company reported strong loan growth and a wider margin. Continued momentum will depend on government stimulus, the reopening of New York City and borrowers' ability to make payments after their deferral periods end.

The bill, backed by the New York Credit Union Association, has cleared the Senate, but a companion bill is stuck in committee in the Assembly.

Similar to a law passed two years ago in California, legislation headed to the New York governor’s desk would require fintech and other nonbank lenders to uniformly disclose total cost of capital, APR and other metrics to potential borrowers.

Combining the two Southern California-based institutions will create the state's eighth-largest credit union. The deal is also a homecoming of sorts of Xceed CEO Teresa Freeborn, who was previously an executive at Kinecta.

Paycheck Protection Program loans were out of reach for the myriad of cash-based enterprises or underfunded businesses that are key to economic growth in the country. This could change the very fabric of New York City, with businesses that were part of people's everyday life disappearing.

The New York-area companies' $489 million agreement runs counter to recent merger pacts built around branch cuts and more tech spending.

The deal will create an $11 billion-asset banking company with operations in a number of markets around New York City.