Northwest Federal Credit Union in Washington, D.C., has acquired the naming rights for the Washington Commanders stadium. The $4.6 billion-asset credit union and the NFL team did not disclose the financial details of the eight-year deal. Northwest, in 2023, became the Commanders' official credit union partner. The announcement comes days after Umpqua Bank, a unit of Columbia Banking System, agreed to a multiyear deal to become the official bank of

Regulators approved an application by OakNorth Bank Plc in London to open a representative office in New York. The office “would act as a liaison with current and prospective U.S. customers of the bank,” the Fed said in its order approving the office. ‘It would promote and market the bank’s products and services, perform back-office functions, conduct market research, and facilitate lending to U.S. customers.” Rishi Khosla, the $7.4 billion-asset

Mutual Savings and Loan Association in Metairie, La., plans to raise up to $8.2 million by converting to a stock-owned company. Magnolia Bancorp is offering 616,250 to 833,750 shares of common stock at $10 each. The company could sell up to 958,813 shares if there is sufficient demand. Net proceeds could range from $4.8 million to $8.2 million. The $35.5 million-asset Magnolia said it could use proceeds from the offering

Linker Finance, a Pasadena, Calif., company that offers mobile and online banking services to community banks, raised $3.7 million in seed financing. The startup said in a press release that the funding round was led by Ten One Ten Ventures and Chingona Ventures. Other participants included Audaz Capital, Techstars, Commerce Ventures, Bank of Brodhead, and Angeles Investors. Angel investors included Edrizio de la Cruz, Ahmed Mirza, Michael Olson, and Roberto Medrano. "Linker Finance brings

The Federal Deposit Insurance Corp. has given conditional approval to another proposed Florida bank. Organizers of the planned Gala Bank in Ocala, Fla., must raise $11 million in capital before the bank can open. They filed their application in April 2023. A public notice tied to the original application listed 13 organizers: Dennis Baxley, Larry Cheshire, Digvijay Gaekwad, William Gaston III, Roger McKellar, Matthew Gray, Richelle Pace, Himanshubhai Patel, Paresh

First Busey in Champaign, Ill., has agreed to buy CrossFirst Bankshares in Leawood, Kan. The $12 billion-asset First Busey said in a press release that it will pay $916.8 million in stock for the $8 billion-asset CrossFirst. The deal is expected to close in the first half of 2025. “The partnership between our high-quality franchises is a great fit from a strategic, financial and cultural perspective, and we look forward

Happy Money, which provides unsecured lending services to credit unions, has a new CEO. The company said in a press release that it hired Matt Potere. He was CEO of Sunlight Financial, which provides loans for clean energy projects. "Matt is a seasoned leader with deep experience in end-to-end digital lending, which will bring considerable benefit to our credit union lending partners," Brian Kaas, president and managing director of TruStage

Old Second Bancorp in Aurora, Ill., has agreed to buy five Chicago-area branches from First Merchants in Muncie, Ind. The $5.7 billion-asset Old Second said in a press release that it will gain $304 million of deposits and $12 million of loans. The company will pay a 7.5% deposit premium, or roughly $23 million, in cash. The purchase is expected to close near the end of this year. The deal