Banking

The $1.5 billion-asset SAFE FCU in Sumter, South Carolina, is combining with the $3 million-asset Sumter City Credit Union.

The influx that began around the start of the pandemic has yet to subside, as loan demand remains weak even though consumers are again spending money. Some of the excess liquidity now seems likely to remain for a long time, forcing banks to make tough calls about how and when to deploy it.

On Mar. 31, 2021. Dollars in thousands.

David Willis, the Oklahoma City credit union’s co-president and chief operations officer, has been selected as Kloiber’s successor and will take the helm on Sept. 1.

On Mar. 31, 2021. Dollars in thousands.

On Mar. 31, 2021. Dollars in thousands.

The deal would mark a first step in Chief Executive Jane Fraser’s plan to exit 13 retail markets across the Asia-Pacific region, Europe and the Middle East.

Local financial institutions have fewer branches than big banks, and closing even one location makes it harder for them to serve their communities.

In the short term, the Biden administration is asking the industry to help previously unbanked households access their funds. Longer term, some banks see a real opportunity in advising their customers on what to do with the large cash influx.

The San Francisco company says it will "modify and strengthen" its filings with the Federal Deposit Insurance Corp. and Utah officials and "resubmit at a later date." It's the latest fintech to encounter such a setback, though some later secured approval.

Ando, a challenger bank focused on sustainability, is helping Virginia Community Capital Bank expand its 5-year-old clean energy lending program by finding a bigger pool of depositors who are eager to fund solar loans.

Chabot Federal Credit Union is combining with University Credit Union, which was founded on the UCLA campus.

Steven Schnall, the New York community development financial institution's founder and CEO, discusses its plans to let customers buy and sell bitcoin through their bank accounts, use a ring to make debit card purchases and have a better shot at a home loan.

Alabama Credit Union's agreement to buy Security Federal Savings Bank, a small commercial lender, renews lingering questions about whether small banks are prey for tax-advantaged credit unions.

The agreement between the state’s financial regulator and Meratas will subject the company to heightened regulation after years of criticism that income-share agreements have escaped scrutiny.

The Rhode Island company has been snapping up banks and nonbanks alike. It says that buying Willamette Management Associates in Oregon will augment its 2017 purchase of Western Reserve Partners.

First United Bank in Oklahoma bought a minority stake in Exencial Wealth Advisors instead of acquiring it outright to give the owners an incentive to stick around and help build the business — and to make it easier for the bank to bail if things don't work out.

As the Federal Reserve mulls the idea of issuing a digital currency, some industry representatives are already sounding the alarm. Their main concern is a new regime for storing cash will reduce demand for bank deposits.

Stacy Kymes, the bank's chief operating officer and a 25-year company veteran, will succeed the retiring Steven Bradshaw.

The credit union is using Ameriprise Financial Institutions Group's system to add to the suite of investment services that it offers to members.