Credit unions

With a slew of older executives nearing retirement, the credit union sector will have a big management void to fill. But finding and developing new talent will be easier said than done.

The National Credit Union Administration is addressing two of the main reasons why new institutions aren't being formed — making it easier for the organizers to raise the required capital and easing the burden of the application process, says Todd Harper, the agency's chairman.

Smaller financial institutions are prioritizing engagement over other conveniences, a strategy that resonates with younger generations, according to data from Arizent.

Here are some highlights about the largest credit unions that made the 2023 ranking of the Best Credit Unions to Work For.

Here are the honorees that fall into the midsize category for this year's Best Credit Unions to Work For.

Read on for additional details on the 19 credit unions that made this year's Best Credit Unions to Work For ranking in this asset category.

Here is a look at the honorees from the smallest asset class of this year's Best Credit Unions to Work For.

Five Star Credit Union and Michigan State University Federal Credit Union announced a combined four bank acquisitions within a few days. They're among 10 credit union agreements to buy banks this year.

Financial institutions in several Southeastern states had braced for impact of the Category 3 hurricane. Bank and credit union executives in Florida and Georgia say their facilities generally weathered the storm but that some communities they serve face substantial recovery efforts.

Southwest Financial Credit Union, which led American Banker's Best Credit Unions to Work For, says employees are taking up to 400 hours more off than before its unlimited PTO policy took effect — but they are happier, and so are the members of the branchless credit union.

In August's roundup of American Banker favorites: The true cause of Heartland Tri-State Bank's failure, increased industrywide frugality among banks, two prominent credit union trade groups announce plans to combine and more.

Innovations Financial Credit Union is purchasing First National Bank Northwest Florida, taking the place of Harvesters Credit Union, which terminated its 2022 deal to acquire the bank.

Michigan State University Federal Credit Union, seeking to add $300 million of assets in Illinois, has agreed to purchase McHenry Savings Bank.

The Alabama-based credit union has agreed to purchase the $215 million-asset OneSouth Bank in Macon; it also purchased Georgia banks in 2014 and 2015.

The institutions in the second grouping of American Banker's top Credit Unions to Work For demonstrated the importance of a fun work environment, transparent leadership and competitive benefits.

American Banker's first grouping of the top institutions for 2023 features leaders that are enhancing their offices and surrounding communities through unique volunteer programs, comprehensive benefit packages and more.

The National Credit Union Administration approved Dade County Federal Credit Union's application to add almost 2 million potential members — giving it a total field of membership of 4.6 million. It's the largest-ever community charter expansion in terms of total resulting potential members.

Empeople Credit Union will stop dealing with coins at its five Maine branches beginning this September. It's unclear whether there will be copycats, but there are reasons it might be tempting for others to follow suit.

Credit unions held more than 66% of all assets in the community development financial institution ecosystem, according to research from the Federal Reserve Bank of New York.

Expansions in the state by giants such as JPMorgan Chase and Bank of America could accelerate credit union consolidation, as evidenced by two recent deals.