Broadway Financial had hit a plateau and was in search of a successor to its longtime CEO Wayne-Kent Bradshaw. After the Los Angeles company rejected two buyout offers, Bradshaw reconnected with an old friend at CFBanc in Washington.
A deal to bring Coulee Dam FCU into the fold will expand the Spokane, Wash.-based credit union's branch network while providing a wider array of technologies to the former CDFCU members.
Intensifying competition from banks could persuade large credit unions — particularly those with more than $1 billion of assets — to join forces in 2021.
Flush with capital from issuing subordinated debt, Peapack-Gladstone is exploring acquisitions in Florida and New York in an effort to generate more fee revenue.
Mergers and acquisitions were largely on ice in 2020, but banks' mounting need to control expenses and invest heavily in technology could spur a comeback this year.
