Frankenmuth Credit Union in Frankenmuth, Mich., has created a credit union service organization (CUSO) to evaluate investment opportunities in the fintech space. The $1.2 billion-asset credit union said in a press release that CU Digital One will focus on blockchain and cryptocurrency, digital securities investment solutions and artificial intelligence. “This CUSO is a natural extension of our commitment to providing our members with the best possible financial services, and we

Bank First in Manitowoc, Wis., has agreed to sell its minority stake in technology firm UFS.   The $4.1 billion-asset Bank First said in a press release that it will sell its 49.8% stake to an “institution with a significant focus on tech-enabled business services.” A pretax gain of $40 million will be recognized in the third or fourth quarter.   The undisclosed buyer also plans to buy the majority

Innovations Financial Credit Union in Panama City, Fla., has agreed to buy First National Bank Northwest Florida in Panama City – the third credit union-bank deal announced this week. The $390 million-asset credit union did not disclose the price it will pay for the $179 million-asset First National. First National had agreed last year to sell to Harvesters Credit Union but that transaction was eventually terminated. Eight credit unions have

Western Alliance Bancorp. in Phoenix has hired executives to oversee treasury management and commercial and industrial (C&I) banking. The $65 billion-asset company said in a press release that Todd Sondrini had become its head of treasury management, a new position. He previously served as executive director of treasury management at Fifth Third Bancorp. Sondrini’s “global banking expertise, which includes building high-performance teams in treasury management and more, will help the

Integro Bank, a Phoenix de novo, has created a mortgage division. The $42.6 million-asset bank said in a press release that the division is led by Steven Zielsdorf, its director of residential mortgage lending. “We offer a wide variety of loan programs to meet your mortgage financing needs whether you are a traditional residential home buyer or a small business owner with challenges validating income to meet the financial requirements,”

PacWest Bancorp in Beverly Hills, Calif., held “more advanced” talks with two potential buyers before it began negotiating its agreement to sell to Banc of California in Santa Ana. The $9.3 billion-asset Banc of California agreed in July to buy the $38.3 billion-asset PacWest in a roughly $1 billion deal backed by entities tied to Warburg Pincus and Centerbridge Partners. PacWest briefly considered a capital infusion from Warburg and Centerbridge

American Bank of Oklahoma in Collinsville has settled claims by the Justice Department that it failed to meet the mortgage lending needs of minority neighborhoods around Tulsa. The $383 million-asset bank, which denied the allegations, said in a press release that agreed to resolve the matter “to avoid the cost and distraction of protracted litigation.” The bank agreed to invest at least $950,000 in a loan subsidy fund for residents

Fortuna Bank, a proposed de novo in Grandview Heights, Ohio, has received conditional approval from the Ohio Department of Financial Institutions. The proposed women-owned bank still needs approval from the Federal Deposit Insurance Corp. “We are now permitted to initiate our capital raise and accept investor dollars,” Lisa Berger, the proposed bank’s chairman, said in a LinkedIn post. “Thrilled to be working with our team to be able to make