Credit unions

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.

The National Credit Union Administration granted approval to expand its charter and membership to Baltimore City and the counties of Baltimore, Carroll, and Harford, Maryland.

On Mar. 31, 2021. Dollars in thousands.

On Mar. 31, 2021. Dollars in thousands.

Eric Brubaker is leaving after 25 years with the organization. Executive vice president Carrie Iafrate was named his successor.

Harold Dixon will leave the role after 24 years at the Santa Fe credit union. Andy Ramos, senior vice president at Redwood Credit Union in California, will succeed him.

The retiring head of the National Association of State Credit Union Supervisors spent years working to rein in a contentious funding mechanism used by the National Credit Union Administration that drew money from the Share Insurance Fund.

The move brings state-chartered banks and credit unions in sync with their federal counterparts by enabling them to open checking accounts for consumers who have had accounts closed for writing bad checks.

The Curql Fund, an investor in upstart technology companies, is trying to help credit unions build relationships with cutting-edge firms.

The combination of Valley Strong Credit Union in Bakersfield and Financial Center Credit Union in Stockton would have 27 branches and nearly 200,000 members throughout the San Joaquin Valley.

Honor Credit Union, one of Michigan’s largest credit unions, announced it's combining with ATL Federal Credit Union, which has just $15 million of assets.

Josh Haney, who has worked at the Indiana credit union in various roles since 2005, is now its chief executive.

After the retirement of its long-time leader, Foothill Federal Credit Union named Michael Terzian, who had been interim co-CEO of Partners FCU, as its new president and CEO.

The Indiana credit union's chief financial officer had been interim chief executive since September 2019.