Credit unions

The chief financial officer, Doug Fagan, will succeed Sundie Seefried, who is retiring.

Cannabis, though still illegal at the federal level, continues to inch into the financial mainstream. Small credit unions and lenders as large as Valley National and East West have moved beyond just taking deposits from marijuana companies.

Isaac Johnson had been running the organization on an interim basis.

Michigan Legacy Credit Union is increasing its minimum hourly wage by 23% to $16, adding annual costs that equal nearly half of its first-quarter profit. The expense is worth it to compete with banks that have boosted pay, its CEO says.

Acquiring Pilot Bank would allow the credit union to serve members who live or vacation in Florida. The deal is the fifth deal this year in which a credit union is purchasing a bank.

The Brunswick, Georgia, credit union has hired Mary Jenrette, who was most recently senior vice president of private wealth management at the bank.

Bank lobbyists are once again calling on Congress to reexamine credit unions’ tax-exempt status, this time citing the proliferation of bank acquisitions by credit unions. So far, their pleas have gone largely ignored.

While most financial institutions have been focused on upgrading their digital channels, Andrews Federal Credit Union in Maryland listened to its customers and modernized its newest branch. Among the new features are video teller machines, touch screens offering online and mobile banking tutorials and a game area for children.

Daniel Baines is stepping down after 40 years in the Michigan credit union's top role. He will be succeeded by Joseph Heintskill, its chief financial officer.

Car sales are booming, but credit unions are financing fewer purchases of new vehicles as borrowers migrate to digital channels.