Michigan State University Federal Credit Union will open five branches in the Windy City to serve the more than 10,000 members and potential members living there. This marks the first time that the institution has expanded beyond its home state.

FNB Corp. and Bank of America are experimenting with ways to meld the benefits of account-opening in a branch with the efficiency of online.

The Pasadena, California, bank expects to spend more on hiring this year, including the addition of some former Silicon Valley bankers. Anticipated loan growth and an uncertain economic horizon prompted the bank to increase reserves for bad loans.

Executives of the regional bank say they are zeroing in on its most profitable business lines and moving away from one-off customer relationships that don't generate as much revenue.

The recent conversion marked one of the final steps in the $8 billion acquisition, first announced in 2021. U.S. Bank still anticipates up to $900 million in cost savings and a breadth of opportunities to expand revenue from the transaction.

Several community banks noted an uptick in problem loans in second-quarter earnings reports. Small lenders should brace for more of this, industry observers noted.

Some credit unions and banks are taking a step back from the U.S. auto lending market, but Ally CEO Jeffrey Brown said the overall sector remains healthy. Though credit is weakening, the loans that the company is making are bringing large returns.

Brian Plum abruptly stepped down as president and CEO of the Charlottesville, Virginia, company last week. Blue Ridge also announced that it would not pay a dividend in the third quarter.