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SRP Federal Credit Union in North Augusta named Eric Jenkins as the organization's next leader, effective Sept. 1. He will succeed current interim president Woody Shuler, who has led the $1.7 billion-asset credit union since November, 2020.
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The move comes amid dwindling advances and a growing concern that the Home Loan banks are participating in riskier investments.
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The Delaware-based bank sees a particular opportunity to serve senior living communities and long-term care facilities. It has hired Kevin McKeown from Fulton Bank to run the new group.
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Small business' concerns over cash flow and billing cycles are pushing bank competitors like Resolve and Ramp to offer short-term products that bear a resemblance to installment lending.
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At least two credit unions — Wright-Patt Credit Union in Ohio and Weokie Federal Credit Union in Oklahoma — have recently handed out bonuses to help employees meet rising expenses.
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The acquisition of Central Financial, expected to close in the first quarter of 2023, would create a bank with more than $10 billion of assets.
