Americas

The trade group representing credit unions in Arkansas, Texas and Oklahoma said the change is an attempt to better unify a variety of services the association offers.

Steve Ewers, who has held several positions in information technology, will replace retiring President and CEO Tammy Heikkinen, who has led the Duluth, Minn.-based institution for 12 years.

The California-based institution joins a small group of CUs that represent only about 7% of institutions but hold about 70% of industry assets.

The South Carolina company has agreed to buy the parent of Security Federal Bank.

The deal is expected to close sometime next year but is still subject to regulatory and member approval.

Organizers of Scottsdale Community Bank must raise $16 million. The goal is to hit that goal and open by early 2021.

The $3.1 billion-asset institution's product will not carry any fees and offers a variable APR.

The proposed Multi-Bank shares an address with the Fort Lauderdale, Fla., office of Multi-Bank Securities.

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.

The new name is the third time the association has modified its name since leagues for the two states merged in 2007.