Charter conversions

The Hudson, N.Y.-based credit union hopes a community charter will better enable it to serve the high population of unbanked consumers in the region.

The bank sought to evade the consequences of compliance failures including weak scrutiny of transactions that could be tied to North Korea, the N.Y. banking superintendent said in demanding access to communications between the bank and its new supervisor, the OCC.

The move is expectedto take effect June 1.

Citizens Financial Group plans to merge its two banking charters into a single national bank. The move would make the OCC the bank's primary regulator and eliminate the costs of dealing with the FDIC and state officials.

Japan's biggest bank has been accused by New York officials of dodging tough oversight by swapping its state license for a federal one, putting itself under a U.S. agency on the front lines of President Donald Trump's push to ease financial rules.

The holding company for Union Bank — itself a unit of the Japanese giant Mitsubishi UFJ Financial Group — is on a mission to double its size and become one of the nation's 10 largest banks. Under Steve Cummings, its first-ever American CEO, MUFG Americas has expanded middle-market lending and amassed $3 billion of consumer deposits through its new online bank. Is a splashy acquisition next?

Mid-Southern Bancorp could use proceeds to make more loans or to pursue acquisitions.

Anyone who lives, works or worships within a five-county region can now join the Fort Worth, Texas-based credit union.

Delaware-based CU's new charter will allow it to branch out further into the First State, as well as into Maryland.

Sens. Elizabeth Warren, D-Mass., and Chris Van Hollen, D-Md., sent a letter to OCC officials suggesting that Bank of Tokyo was trying to avoid an investigation by New York examiners when it switched to a federal charter.

Bridge Bancorp, which plans to rebrand is bank as BNB Bank, also plans to boost 2018 profit by $3.3 million by closing 14% of its branches.

The $73 million CU is transitioning to a state charter to expand to other communities

The credit union cited local supervision and lower regulatory fees as part of its reason to switch to a state charter.

The $1.2 billion-asset credit union was recently approved for conversion to a federal trade, industry and professional charter, making it the first firefighters’ credit union in the nation chartered specifically for business lending.

Even as units of a larger holding company, local banks fight the perception that they can’t provide sophisticated services like corporate or private banking. Executives say that unifying the brand will help Synovus better compete against larger players.

The $1.8 billion-asset institution converted to a federal charter out of a desire to broaden its member base and make member business loans.

One reader decries inconsistencies in a recent CUJ op-ed.

The hurdles for bank-to-CU conversions are in almost all cases too big to for for-profit institutions to overcome and still operate responsibly.

Joseph Campanelli has run large publicly traded companies such as Sovereign Bancorp and Flagstar, but he seems more energized after agreeing to become CEO of Needham Bank, a depositor-owned mutual in Massachusetts.