Credit unions

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.

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.

OnPath Federal Credit Union in Louisiana recently launched a Spanish-language microsite to provide native speakers access to digital products that are simpler to navigate and content that's easier to understand.

In the wake of destruction across Maui, financial institutions based inside and outside of Hawaii are establishing support programs, raising relief funds and facilitating donations of food and clothing.

Critics slam their proposed reach as unfair competition.

Seven of the 11 largest credit unions in the country by assets experienced a year-over-year drop in earnings in the second quarter, with increased deposit costs being a primary culprit.

Critics of the proposed deal between the National Association of Federally-Insured Credit Unions and the Credit Union National Association say their combination could drown out the concerns of the groups' smallest members.

Harborstone Credit Union in Lakewood, Washington, plans to take over the Seattle Bank, which scuttled a deal to sell to BM Technologies last year.

The governing bodies of the National Association of Federally-Insured Credit Unions and the Credit Union National Association have unanimously approved a merger agreement. Members are expected to vote on the deal later this month.