Credit unions

A plan to make expansion easier for credit unions is getting pushback not just from bankers, but also from the regulator's current chairman and a former board member.

The Jackson, Miss.-based credit union is part of an alliance that also includes the megabank, seven cities and nine historically Black colleges and universities, and aims to provide investments of up to $130 million to help stabilize businesses and communities hit hard by the pandemic.

The Philadelphia-based institution will host free coronavirus screenings for the public this month as part of a partnership with the Greater Bustleton Civic League.

The combined institution will hold assets of more than $335 million and serve over 20,000 members across eight counties in Oregon.

Richard Daugherty stepped down after more than three decades at the Maryland-based institution, including overseeing four mergers and asset growth of nearly 500%.

Tom Rachael, who has led the Muncy, Pa.-based institution since 2003, will be succeeded by Scott Naughton, who is new to credit unions but has extensive experience in the financial services sector.

Home loans accounted for the bulk of the industry’s lending gains in 2020, but inventory shortages in some markets and an uneven economic recovery may dim prospects this year.

A recently approved TIP charter, the latest in a series of growth initiatives over the last five years, will allow the Tampa-based credit union to serve anyone working in the medical field statewide.

When its proposed sale to Suncoast Credit Union fell through, Apollo Bank decided to step up commercial lending and revamp its digital offerings in anticipation of an economic rebound in South Florida.

The North Carolina-based credit union, which purchased the vacant bank branch last summer, serves some members across the state line but has not had a brick-and-mortar presence there until now.