Credit unions

Regulators in a half dozen states have now thrown at least temporary roadblocks in front of credit unions’ effort to buy community banks.

Matt Rookard, who has worked on economic development initiatives in the state, will succeed Bob Gallman, the former president and chief executive, on May 2.

Stephen Owen has worked for Bank of America and OnPoint Community Credit Union in Oregon, and will succeed Charles Bruen at the Hollywood-based credit union.

To ensure authenticity, Community First Credit Union had its AI-powered voice system learn by communicating with Spanish-speaking employees who could teach it local terms and mannerisms.

John Newett, who joined the credit union in 2011 and was most recently its senior vice president of operations, has become its president and will succeed Ron Collier as chief executive.

Theresa Mason will succeed longtime president and chief executive Dennis R. Adams, who announced his plans to retire from the credit union-owned share insurance fund earlier this year.

The state's Treasurer's office is urging lenders to make loans to cover the steep costs of adoption. Participating credit unions get an extra incentive by being permitted to accept deposits from public institutions — a perk typically enjoyed only by banks.

Both credit unions are based in Jacksonville. VyStar is also in the process of buying Heritage Southeast Bank in Jonesboro, Georgia.

Chuck Purvis, who has led Coastal as its president and chief executive since 2012, will step down in March of next year.

It’s past time for Congress to investigate these transactions at the federal level.

Carol Marx succeeds longtime president and chief executive Dennis Tanimoto, who retired in February.

Credit unions were unable to garner enough support for a bill that would allow them to hold funds for government agencies in the Centennial State.

The benefits Alabama One Credit Union is seeing from a migration from MPLS to SD-WAN networking help explain why other financial institutions are making the same change or have it on their road maps.

In global news this week, HSBC goes deeper into the metaverse; Visa has a new innovation hub in Kenya; Google may run afoul of South Korean payments law; and more.

Two years since the coronavirus began its spread, members are still hoarding savings and are hesitant to borrow due to the economic uncertainty. This has led to the industry's lowest-ever yield-on-assets ratio — a key metric for measuring financial health.

Ryan Goldberg succeeded Mark Shobe, who had led the institution since 2000.

Rick Patel succeeds John Faust, who led Diamond for nearly 30 years.

VyStar Credit Union and Heritage Southeast Bank postponed to June 30 the deadline to close their merger. The $196 million deal, announced a year ago, was originally slated to close by December 2021.

The National Credit Union Administration issued only one prohibition order in March, barring Ashley Davis, a former employee of an institution in New Jersey.