The New York bank will double in size while gaining greater access to Long Island and low-cost deposits that should come in handy as interest rates rise.
A strong economy, large numbers of small businesses and a shakeout from industry consolidation are making the area between Los Angeles and San Diego appealing to bank organizers.
The founders of the South Carolina bank, which liquidated after lavish spending and losses depleted its capital, paid a total of $57,000 in fines and face restrictions on future employment.
The banking industry's top advocacy groups can't support giving credit unions capital-raising alternatives, but they are trying to understand the NCUA's complex proposal before filing comment letters against it.
