Data from the National Credit Union Administration shows that despite a dip during the second quarter, the rate of industry consolidation has not changed dramatically from last year, despite the pandemic.
Members of Sperry Associates FCU will vote on a deal to merge into the nation's third-largest credit union. Both institutions have roots in serving the defense sector.
Betsy Cohen, formerly of The Bancorp Bank, and venture capitalist Ryan Gilbert have created a vehicle to raise hundreds of millions of dollars, purchase a technology company and expand it.
Whether the number of deals for 2020 can come close to last year's record-setting level will come down to one question: Can community banks generate strong enough profits in the second half to justify their independence?
The Federal Reserve could ease capital rules, foster the creation of special-purppose banks and take other steps to strengthen minority communities and businesses without legislation being sought in Congress — if it has the will to do so, experts say.
The St. Louis company is gaining a sizable Small Business Administration platform and several niche deposit teams. Keeping those specialists in the fold will be key to the acquisition's success.
