Banking

ELGA Credit Union said it plans to acquire Marine Bank & Trust in an all-cash deal. The combination marks the 12th of the year involving a credit union buying a bank, keeping the industry on pace to establish a new record for such deals.

Sandro DiNello, who briefly led New York Community Bancorp amid turmoil earlier this year, is staying on the company's board. But Joseph Otting, the company's recently installed CEO, is taking on the executive chairman position.

The Indiana bank said it struck a $40 million cash deal to sell its insurance brokerage to the Hilb Group. It joined a growing number of lenders announcing such transactions.

Integrating artificial intelligence into banking operations needs to be done with a clear business purpose in mind, and the articulation of that purpose needs to come straight from the top of the organization.

The San Francisco fintech's newest product seeks to improve lenders' underwriting decisions by identifying gig-work wages, buy now/pay later loans and other income streams gleaned from bank-account data.

Total direct compensation for the CEOs of large and midsize banks declined by 6.6% in 2023, and annual bonus payouts tumbled by 30%. The decreases came as banks grappled with the fallout from last spring's banking crisis.

Though Jenius Bank hasn't reached breakeven, it's evidencing solid progress gathering deposits and making loans as it gets ready to celebrate its first birthday.

Traditional financial institutions have much to gain from collaboration with digital asset natives — and vice versa. It's time to realize that potential.

In this month's roundup of top banking news: a Supreme Court ruling on CFPB funding, TD Bank's money laundering woes, an FDIC workplace probe reveals a culture of misconduct and more.

In this week's banking news roundup: NCUA grants Tribe Federal Credit Union a provisional charter; ICBA Payments names Jacob Eisen its new president and CEO; Mission Fed Credit Union announces new role for longtime leader Steve Hasbrooke; and more.