Education First Federal Credit Union in Beaumont, Texas, has a new CEO. Urjit Patel announced on his LinkedIn account that he had also become president of the $tk billion-asset credit union. Patel, who had been acting president and CEO, previously served as the credit union's chief operating officer.

OneAZ Credit Union in Phoenix has agreed to buy 1st Bank of Yuma in Arizona. The $3.6 billion-asset credit union said in a press release that it will by substantially all of the $600 million-asset bank's assets and liabilities from Western Arizona Bancorp in a cash transaction. The price wasn't disclosed. The deal is expected to close by mid-2025. “OneAZ is taking a bold step toward fulfilling our commitment to

Coastal Financial in Everett, Wash., has a new president for its fintech and Banking-as-a-Service division. The $4 billion-asset company said in a press release that it bifurcated the bank president role by appointing Brian Hamilton, a Coastal director, to lead CCBX. Curt Queyrouze, president of the company and the bank, will serve as president of the community bank division. “As Coastal focuses on growing CCBX, we continuously seek out individuals

CU WealthNext, a credit union-owned fintech, has invested in Concreit, a fractional real estate investing platform. CU WealthNext, which did not disclose the size of its investment, said in a press release that Concreit is preparing to pilot its platform with credit unions. The investment "is a key milestone in our journey to deliver affordable, accessible, and innovative wealth solutions to credit union members," Joshua Herman, CU WealthNext's CEO, said

TruWest Credit Union in Scottsdale, Ariz., has a new CEO. The $1.8 billion-asset credit union said in a press release that Chris Kearney succeeded Alan Althouse, who retired. Kearney will remain TruWest's president. Kearney has been president and chief information officer since 2023. “Chris has consistently demonstrated his ability to drive innovation and inspire our teams to deliver exceptional service,” Althouse said in the release. “After working closely with Chris

Institutional Shareholder Services has recommended that Territorial Bancorp shareholders reject the Honolulu company's pending sale to Hope Bancorp in Los Angeles. The proxy advisory firm also made comments supportive of an unsolicited bid for the $2.2 billion-asset Territorial by a group that includes banking veteran Allan Landon and Blue Hill Advisors. "Given the lack of a robust sales process, the fact that the merger agreement restrictions accepted by the board

Five Rivers Bank, a proposed de novo being formed by a group of Sikh-Americans, has gained conditional approval from the Federal Deposit Insurance Corp. The Paramus, N.J., group applied with the FDIC in September 2023. The agency is requiring organizers to raise $33.5 million before the bank can open. While Five Rivers would focus on the needs of Sikh-American individuals and businesses, it will also “develop a service culture and

First Foundation in Dallas has begun the process of purging multifamily loans from its balance sheet. The $13.6 billion-asset company said in a press release that it reclassified about $1.9 million of loans from held to maturity to held for sale. The company said it expects fair-value pricing for the loans to surpass 92% based on recent pricing for Southern California-focused multifamily loans and "renewed optimism for lower rates." The