First Internet CEO David Becker used to be dismissive of the Small Business Administration. But after getting to know some of the borrowers during the pandemic — and after his bank collected hefty fees from selling 7(a) loans — he's become a convert.
The $21 million deal would combine Feather River Bancorp, a small bank with deep local roots, and Plumas Bancorp, which has deeper pockets and a broader array of products and services.
The social media platform skews toward a more youthful demographic, while credit unions' average member age has been stuck in the late 40s for decades. But even institutions that use it have concerns about security.
The Delaware company would remove a rival, gain scale in affluent Philadelphia suburbs and accelerate its transformation from a branch-heavy lender to a digital-first bank with the $976 million acquisition.
The deal to take over the firm's prearranged funeral insurance and final expense business in the U.S. and Canada is worth approximately $1.3 billion, and marks the latest in a string of acquisitions for CUNA Mutual.
