Dive Brief:
North Liberty, Iowa-based GreenState Credit Union is buying two banks Oak Brook, Illinois-based Oxford Bank & Trust and Omaha-based Premier Bank, the credit union announced Tuesday.
The deals, each expected to close by the fourth quarter of 2021 pending regulatory approval mark the third and fourth banks to be bought by a credit union this year.
Credit union purchases of banks typically draw objections from trade groups such as the Independent Community Bankers of America (ICBA), which argues credit unions’ tax-exempt status allows them to offer a higher purchase price for acquisitions than banks can, and lets them grow more freely.
Iowa credit union s takeover of two banks riles industry
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Bankers urge policymakers to crack down on credit union-bank mergers
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Dive Brief:
The Paycheck Protection Program has run out of funds and its portal has stopped accepting applications for loans from most lenders, the American Bankers Association posted Tuesday on its website, citing a Small Business Administration update.
Some of the money is still available through minority depository institutions and community development financial institutions, although the estimated amount varies slightly, according to trade groups. The ABA pegged the figure at about $8 billion, while the Independent Community Bankers Association said $9.9 billion remained.
The funding cutoff comes nearly four weeks before PPP was slated to end. Lawmakers in late March extended the program s application deadline to May 31 and gave the SBA until June 30 to close pending PPP applications.
Cluver earns recognition in scholarship essay program
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