Page 47 - Cuj Content News Today

Branches across the country have closed temporarily, or switched to drive-thru service, as infections and quarantine rules have forced many bank workers to stay home.

The credit union hadn't reported a profit in years and its losses through the first three quarters of 2021 exceeded $200,000.

The combination of Community 1st Credit Union in Ottumwa and HomeTown Credit Union in Shenandoah will bring together more than 68,000 members and 21 branches. The merged entity will have over $980 million of assets.

The addition of one new prohibition order from the National Credit Union Administration brings the year's total to 25.

The National Credit Union Administration has given its first guidance on handling Bitcoin and other digital assets in an effort to encourage credit unions to work with fintechs to offer new services.

Barry Nelson will step down as the president and CEO in April.

The $50 million subordinated debt issuance is large for a credit union and likely the first of its kind to receive an investment-grade rating. It comes days before a National Credit Union Administration rule will take effect to enable a wider range of credit unions to raise capital through debt offerings.

The credit union is looking for its next leader after longtime CEO Bill Lawton announced he will retire this summer.

The combined entity would operate under the Genisys name and hold roughly $4 billion of assets.

The trade group chose Brian Knight to succeed longtime leader Lucy Ito, who announced her retirement earlier this year.