Americas

Calling the move "depressing," Chairman Ken LaRoe said the decision to stop working with medical marijuana firms came after certain investors objected. Recent moves by the federal government cemented the call.

The company tapped a new president for the business, which it will also rebrand, after hiring a team from Scottrade Bank in Missouri.

The Carson City-based credit union now has three wholly owned subsidiaries.

United will pay $130 million for NLFC Holdings, the parent company of Navitas Credit.

The $590 million-asset credit union has returned $4 million to members over the past 17 years.

Rather than jump right away into lending to car buyers, Access National will start by offering CRE and M&A financing to dealerships.

This is the third year the Wisconsin-based CU has returned a "Member Loyalty Cash" reward to members, with $600,000 given back since 2015.

The company will also record a charge tied to the impairmant of its deferred-tax asset.

The credit union’s new name is intended to reflect its electric utility roots, as well as its growth beyond a single-SEG institution.

The company, which sold about $3 million in stock through a private placement, also plans to add branches on Staten Island.