Credit unions

The Independent Community Bankers of America asked lawmakers to investigate credit unions' M&A activity after VyStar announced what would be the biggest purchase of a bank by a credit union.

Proposed legislation would amend language in the Federal Credit Union Act to make it easier for credit unions to expel disruptive or abusive members.

Alan Kaufman, who will be sentenced in June, faces up to 60 years in prison.

Heritage Southeast Bank in Georgia, at $1.6 billion of assets, would become the largest bank to be sold to a credit union.

The $6.4 million-asset institution was placed in conservatorship in January and is the first credit union to be liquidated this year.

Stephanie Sherrodd, who has led the Texas credit union since 2012, will leave at the end of April to pursue other opportunities.

Jordan Summers, formerly the Detroit bank's chief fiduciary officer, succeeds Robert Sajdak as CEO. Sajdak recently retired after leading Credit Union Trust since its 2018 launch.

United Neighbors Federal Credit Union holds just $4.4 million of assets, but the addition will help broaden SeaComm's branch network and expand its member base.

The National Credit Union Administration issued only one prohibition order in March, barring a former branch manager of Greater Iowa Credit Union in Ames from working in the financial services industry.

The credit union has made a four-year commitment to support the 1921 Tulsa Race Massacre Centennial Commission and Greenwood Rising, a local history center.

John Janclaes spent more than 15 years at Partners Federal Credit Union but has moved on to help launch a new credit union service organization from Nymbus.

Data from the National Credit Union Administration shows the two states are bucking the trend of slowdowns in membership and lending.

The Texas-based institution is the third credit union to be taken over by regulators this year.

The 30-day extension comes after the American Bankers Association requested additional time to consider the rule's impact.

The Colorado credit union has pledged to match at least $50,000 in donations to a local foundation assisting with the community's recovery following a mass shooting at a grocery store that left 10 people dead.

Credit unions were already transforming their home loan operations before COVID-19, but many of the adjustments made as a result of the outbreak are likely to become permanent.

Matthew Gehman will take the helm at the Lancaster, Pa., institution on April 1, succeeding W. Kent Hartzler, who has been CEO since 2007.

While many institutions are part of nationwide shared-branch networks, three Southern California credit unions have agreed to share one facility. The arrangement is believed to be the only one of its kind.

A planned combination of Maine State Credit Union in Augusta and Midcoast Federal Credit Union in Freeport has been nixed despite receiving approval from regulators.

The Dunedin, Fla.-based institution reported an 18.8% surge in assets last year, along with substantial growth in commercial lending, thanks in part to the Paycheck Protection Program.