Credit unions

Wallace Watanabe spent more than 40 years at the Honolulu-based credit union, including serving as CEO from 1992 until his retirement in 2013.

The purchase-and-assumption transaction, if approved, would become the first credit union-bank merger in Alabama.

Richard Pillow will step down after more than four decades in the industry.

The two institutions have assets of more than $215 million and serve over 12,000 members.

A report from CUES shows total compensation growing for members of the C-Suite, but institutions on the smaller end of the asset spectrum — representing two-thirds of the total industry — face stark differences in median CEO pay.

The move is part of the effort by lenders and other companies to promote racial equity and be more sensitive to the stresses on front-line employees. It also coincides with rising concerns about the postal system’s ability to handle the rush of absentee ballots.

Lenders are struggling to deploy deposits into interest-earning assets, and changes to post-secondary education may further limit these options.

Gary Elliott will retire at the end of 2020, and the credit union has hired a search firm to help find its next leader.

The deal continues Sound's push into markets north of its Tacoma headquarters.

The legislation, which would apply to both banks and nonbanks, would give borrowers the right to sue for damages when servicing violations occur.