CU Digital One, a credit union service organization created by Frankenmuth Credit Union in Michigan, has made its first fintech investment. The CUSO said in a press release that it made “a multi-million dollar investment” in CryptoFi, which provides cryptocurrency-based financial services for credit unions. The investment will be used to accelerate the growth and development of CryptoFi products and services. “We are excited to partner with CryptoFi and help

First Federal Bank of Twin Falls in Idaho has created a wealth and investment management division. The $1.4 billion-asset bank said that the new division will offer investment advising, retirement planning, estate planning, tax optimization and wealth management strategies. “Our members will have access to products and services to further enhance their financial well-being,” Jason Meyerhoeffer, the bank’s president and CEO, said in a press release. “We are also thrilled

Add Zions Bancorp. in Salt Lake City to the growing list of banks cutting jobs. The $87.2 billion-asset company said its workforce will be 3% lower in early 2024 compared to a year earlier. That equates to roughly 300 positions. The cuts will be broad-based in terms of geography and departments, with much of the reductions involving jobs that are not client-facing. "I talk to our peers, and everybody's looking

Owners Bank, the digital bank division of Liberty Bank in Middletown, Conn., has launched a new business credit card. The Owners Bank Business Credit Card is open to businesses of all sizes, including sole proprietors. The credit limit can be allocated as needed among up to six cardholders. “We believe business credit cards are a necessity for maintaining and growing a business of any size,” David Mitchell, Owners’ CEO, said

Atlantic Union Bankshares in Richmond, Va., acted quickly to seal a deal to buy American National Bankshares in Danville, Va.. The $20.6 billion-asset Atlantic Union agreed on July 24 to buy the $3.1 billion-asset American National for $416.8 million. Talks began just three months earlier when John Asbury, Atlantic Union’s president and CEO, met with Jeffrey Haley, his counterpart at American National, according to a regulatory filing tied to the

OceanFirst Financial in Red Bank, N.J., will report higher chargeoffs in the third quarter due to a loan participation. The $13.5 billion-asset company disclosed in a regulatory filing that it has a $17 million participation in a $98 million credit to a borrower managed by a real estate fund. OceanFirst said it could end up charging off 45% to 50% of the exposure. The credit, originated in June 2019 and

GreenState Credit Union in North Liberty, Iowa, is looking for a new CEO. The $11.2 billion-asset credit union, a serial bank acquirer, said that Jeff Disterhoft had retired. Todd Fanning, GreenState’s chief financial officer, was named interim CEO. The credit union hired executive research firm Spencer Stuart to identify a permanent CEO.  Disterhoft, who joined GreenState in 1995, became CEO four years later. Fanning joined the credit union as its

Three community banks raised a total of $50 million in capital by completing private placements of common stock. Illinois National Bancorp in Springfield brought in $29.5 million on Aug. 25, according to data compiled by Performance Trust Capital Partners. Illinois National is the holding company for the $2 billion-asset INB National Association. Synergy Bancshares in Houma, La., raised $14.4 million. Its private placement closed on Aug. 28. Synergy is the