TIAA has agreed to sell TIAA Bank to a group of investors. The retirement company said in a press release that it expects to close the sale next year. It didn’t disclose the price to be paid for the $36 billion-asset bank. The sale will allow TIAA to focus on its retirement business and Nuveen, its asset manager. TIAA, which plans to apply for a national trust bank charter, said

U.S. Bancorp in Minneapolis is the latest bank to face an investigation from the Consumer Financial Protection Bureau tied to its administration of unemployment insurance payments on prepaid debit cards. The $601 billion-asset company disclosed in a regulatory filing that it is “cooperating fully” with the probe, though it provided no further details. The CFPB and the Office of the Comptroller of the Currency last summer fined Bank of America

Wings Financial Credit Union in Apple Valley, Minn., has agreed to buy Settlers Bank in DeForest, Wis. The $8 billion-asset Wings said in a press release that it expects to complete the purchase of the $390 million-asset Settlers by the middle of 2023. The price wasn’t disclosed. Wings plans to rebrand Settlers’ branches as Settlers Best Credit Union, a division of Wings Financial Credit Union. Settlers “was started 15 years

Home Bancorp Wisconsin in Madison will pay a distribution to its shareholders as part of its planned dissolution. The former holding company of the Home Savings Bank said in a press release that it will pay $28.15 a share to investors around Nov. 21. Around that time, the company’s shares will be removed from the OTC Pink marketplace. Home said it expects the final winding up process to take up

Credit union associations in Kansas and Texas are set to merge on Dec. 31. The Cornerstone League and Heartland Credit Union Association said in a press release that their members approved the merger. About 93% of the members that voted backed the combination. Seventeen of the 20 objections came from the Heartland Credit Union Association. “In merging … we’re building upon our experience as a three-state league to chart the

Three Minnesota credit unions have filed a lawsuit against the state’s banking regulator in an attempt to override the agency’s refusal to approve credit union-bank deals. The lawsuit, filed in Ramsey County District Court on Sept. 20 by Magnifi Financial Credit Union, Royal Credit Union and Wings Financial Credit Union, claims that the Minnesota Department of Commerce and Commissioner Grace Arnold, erred when they rejected an application by Lake Area

Two credit unions bid to buy the banking unit of Citizens Bancshares, but tax considerations and potential challenges in securing regulatory approval led the Kansas City, Mo., company to negotiate with Southern Missouri Bancorp in Poplar Bluff. The $3.2 billion-asset Southern Missouri agreed on Sept. 20 to buy the $1 billion-asset Citizens for $140 million. Citizens initially tried to find a buyer in the fall of 2020, according to a

Signature Bank of Georgia in Sandy Springs has a new CEO. The $187 million-asset bank said in a press release that Charlie Brown had taken on the role. Brown previously served as president and CEO of Loyal Trust Bank, according to his LinkedIn profile. “Charlie’s significant experience in banking combined with his leadership skills and high personal energy level will help fuel Signature’s mission of future growth and being the