Park Community Credit Union in Louisville, Ky., will soon have a new CEO. The $1.4 billion-asset credit union said in a press release that Jana Erny will also become its president on Dec. 4. Erny, who has been the CMXO at P1FCU in Lewiston, Idaho, since January 2022, will succeed the retiring Jim Spradlin, who has been CEO for 13 years. “Jana stood out among a very strong set of

United Financial Credit Union in Saginaw, Mich., will invest $5 million into CU Digital One, a credit union service organization (CUSO) focused on blockchain, digital investment solutions and artificial intelligence. The investment is expected to close in the first quarter of 2024. “We are excited to partner with CU Digital One and help credit unions offer their members innovative products and services,” Barbara Appold, the credit union’s CEO, said in

Oportun Financial in San Carlos, Calif., plans to lay off nearly a fifth of its corporate staff. The consumer lender said that it will cut 185 jobs as part of a broader cost-cutting effort. Oportun also plans to reduce expenditures on external contractors and vendors. The moves should save the company about $80 million annually. Oportun expects to incur $7 million to $8 million of one-time charges in the fourth

Evans Bancorp in Williamsville, N.Y., has agreed to sell its insurance business to Arthur J. Gallagher & Co. for $40 million. The $2.2 billion-asset company said in a press release that the sale of the Evans Agency should close in the fourth quarter. Evans said it could invest the after-tax proceeds of $15.1 million into lending and other core banking operations. "This transaction realizes a significant valuation premium and is

Quaint Oak Bancorp in Southampton, Pa., sold a 4.9% stake in itself to ItalBank International in Puerto Rico. The $762 million-asset Quaint Oak disclosed in a regulatory filing that it sold about 117,000 shares of common stock at $13.87 a share. That equates to roughly $1.6 million. “The purchase agreement contains certain customary representations and warranties made by each party,” the filing said. “The company will use the net proceeds

First Savings Financial Group in Jeffersonville, Ind., is selling or closing several businesses. The $2.3 billion-asset company said in a press release that it agreed in September to sell its residential mortgage servicing rights portfolio and dissolve First Savings Insurance Risk Management. The MSR sale is expected to close on Nov. 30. The company decided in October to shutter its national originate-to-sell mortgage operation by the end of the year.

A.E.A. Federal Credit Union in Yuma, Ariz., has agreed to buy West Valley National Bank in Goodyear, Ariz. The $350 million-asset credit union said in a press release that it expects to buy the $106 million-asset unit of West Valley Bancorp in the second quarter. The price wasn’t disclosed. West Valley has three branches in the Phoenix area. "By expanding our footprint eastward … we can do so more expediently,"

Affirm, a leading Buy Now, Pay Later (BNPL) company, has added a banking veteran to its board. Manolo Sánchez joined the company’s board this month, he disclosed on his LinkedIn page. Sánchez, an adjunct professor at Jones Graduate School of Business at Rice University, was president and CEO of Compass Bank from 2008 to 2017. Compass was the U.S. unit of Spain’s Banco Bilbao Vizcaya Argentaria. “Sánchez was selected to