Retail & Commercial

These often-reclusive businesses manage the finances of America's affluent and occasionally compete with banks for clients and employees. These offices have interesting back stories.

The unexpected departure of the CEO of the nation's biggest Korean-American bank moves comes just days after rival Hanmi Financial announced plans to sell itself.

ROCHESTER, N.Y. – Lexington Avenue FCU said this morning it is the recipient of a free branch from First Niagara Bank, including title to the building and all its furnishings and technology, ensuring the surrounding low-income Joseph Avenue community will have continued access to convenient financial services.

CINCINNATI – The Northwest Local School District’s two high schools opened in-school credit unions Jan. 10 in partnership with Cincinnati Police FCU.

ROCKY HILL, Conn. – Nutmeg State FCU is poised to open new branches in two area Walmarts, in Bristol and Cromwell.

Fiserv, the third-largest provider of financial services technology on the FinTech 100 ranking, Monday announced it has acquired Open Solutions, a smaller provider of core banking software. The purchase price was $55 million, and Fiserv assumed approximately $960 million of debt.

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Virginia Commerce and Hanmi Financial are mulling sales after turnarounds, decisions that surprise some but could make sense for the select group of banks with just the right balance of size, appeal and reason to sell.

Bank of America's (BAC) board has reached a $62.5 million settlement of a lawsuit that stems from the bank's purchase of Merrill Lynch in 2009.

The $627 million-asset bank said Monday that it had named Kay Whitaker as its chief financial officer. She will succeed Laurinda Swank, who is shifting to the newly created post of chief accounting officer, a company spokeswoman said.