Community banking highlights in 2024 included strong deposit growth at a Los Angeles-based digital-only bank, continued regulatory scrutiny of banking-as-a-service arrangements, along with a transformational deal in the Old Dominion.

A record 22 credit unions announced plans to acquire banks in 2024, though the year ended on a discordant note as regulatory concerns appear to have derailed a planned CU-bank deal in Georgia.

These banks are expected to draw regulatory scrutiny in the coming year. 

The Seattle-based company's deal with Bank of America comes five weeks after the termination of its planned sale to FirstSun Capital Bancorp in Denver.

Transactions grew larger and more frequent this year. As a result, aggregate value more than tripled from 2023 and topped $15 billion.

This year saw the impact of Donald Trump's return to the White House, the first rate cut from the Federal Reserve in roughly four years and more.

The two companies continue to tick items off their year-end to-do list, which analysts hope will tee up the merger for finalization in early 2025. Regulatory approval remains a major question.

Hanscom Federal Credit Union in Massachusetts said it would acquire Peoples Bancorp and its insurance agency. It marked the 21st deal of the year involving a credit union buying a bank.

BNY announced expanded employee benefits and a boost in its minimum wage for all U.S.-based employees; Synovus has added former FIS executive Greg Montana to its executive board; National Bank Holdings sold off a fifth of its securities portfolio; and more in this week's banking news roundup.

The Pennsylvania-based buyer said it would pick up nearly $350 million of assets and a commercial-focused loan portfolio as part of the $54.6 million deal.