The pioneering online lender had long struggled to live up to the hype that drove its early growth, even before the pandemic pushed it to the brink.

The Nashville bank had sued Gaylon Lawrence in 2017 over allegations that he was pursuing an illegal takeover, but the two sides announced terms of a settlement.

With the coronavirus pandemic intensifying and hopes for a quick economic recovery fading, banks large and small are reducing headcounts, shuttering branches, shedding office space and generally trying to trim expenses wherever they can.

Cadmus Credit Union agreed to merge into Chartway Federal Credit Union after one of its select employer groups said it would shutter the facility where its only branch was located due to business issues that arose from the coronavirus.

The Dallas company, which in May terminated a deal to merge with Independent Bank, set aside $100 million for worrisome loans and incurred severance costs after cutting an undisclosed number of positions.

A letter from the National Taxpayers Union requested changes, such as requiring federal credit unions to fill out a certain IRS form for non-profits, before lawmakers considered easing member business lending limits.

The company said the acquisition should lower its funding costs and shore up its net interest margin.

United Methodist Federal Credit Union is set to become Interfaith Credit Union. It is also planning to absorb a small South Dakota-based institution with a similar field of membership.

Combining the two Southern California-based institutions will create the state's eighth-largest credit union. The deal is also a homecoming of sorts of Xceed CEO Teresa Freeborn, who was previously an executive at Kinecta.

A merger proposal at Partners Financial Federal Credit Union was rejected in a member vote. The failure has revealed tensions between management and the board.