Credit unions

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.

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 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.

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.

Many institutions are building internal development programs to lower the barriers of entry to more senior roles as aging leaders retire.

Higher interest rates and increased competitive pressure from captive finance companies cut into vehicle lending at credit unions in the second quarter.