Bank stocks have climbed because of expectations that the change of power in Washington will hasten vaccine distribution and speed the economic recovery. The boost could give executives more flexibility to pursue acquisitions or make other strategic moves.
In a letter to credit unions, NCUA urged federally chartered shops to expand their fields of membership to underserved areas, regardless of geography, in order to boost financial inclusion in the wake of the pandemic.
Discussions to combine Penobscot County Federal Credit Union and The County FCU began in June 2019 but the deal was not completed until the end of 2020.
Acquiring Boston Private could put the parent company of Silicon Valley Bank years ahead of schedule in catering to the investment needs of high-tech and biomedical clients, whose industries have thrived during the pandemic.
The California company, which focuses on technology companies and entrepreneurs, will make a big push into wealth management as part of the proposed acquisition.
The National Credit Union Administration may get a new leader, several institutions could seek to expand their fields of membership, and a pot banking fight may reemerge.
