M&A

Justice Department officials have embarked on a rewrite of antitrust policy that could waive certain requirements for community bank mergers and provide fewer advantages to large, out-of-town buyers and banks in urban areas.

The four-year plan submitted as part of its acquisition of E-Trade includes grants to community development organizations and support for uniform vendor diversity standards.

The bank said the move will provide more flexibility raising capital and more options when it comes to pursuing bank acquisitions.

A plan to merge the $5.5 million-asset credit union into Cal-Com FCU will provide additional services for members while also easing the process of replacing several employees who plan to retire this year.

The purchase-and-assumption transaction, if approved, would become the first credit union-bank merger in Alabama.