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MidFlorida Credit Union, based in Lakeland, Florida, has announced its acquisition of Tallahassee-based Prime Meridian Bank. The deal will create a combined entity with $9.5 billion in assets, $7.2 billion in loans, and 66 branches. Prime Meridian shareholders will receive $58.50 per share, subject to adjustment. The transaction, expected to close in 2026, marks the fifth whole-bank acquisition by a credit union this year. MidFlorida gains four locations, including three in the Big Bend area, giving it a physical presence in the Panhandle for the first time. All Prime Meridian employees will be retained. The acquisition has drawn criticism from the Independent Community Bankers of America, which argues against credit union tax exemptions, while America's Credit Unions defends credit union competition.
Salem, Oregon-based Maps Credit Union will acquire Oregon City-based Lewis & Clark Bank, the institutions announced Monday. The deal, set to close in Q1 2026, is expected to create a $1.7 billion-asset institution with 13 branches. Maps does not anticipate branch closures and will retain all Lewis & Clark employees. The acquisition expands Maps' footprint to Seaside and Astoria. Lewis & Clark had $392.1 million in assets as of Dec. 31, 2023. This is the fourth proposed bank acquisition by a credit union this year, down from a record 22 in 2024. The deal has sparked tension between bank and credit union trade groups over the credit union tax exemption.
Jim Nussle, CEO of America’s Credit Unions, announced his retirement on Friday after more than a decade in the credit union movement. He did not specify a retirement date, giving the board flexibility to conduct a thorough search for the next CEO. Vice Chair Karen Harbin, CEO of Commonwealth Credit Union, will lead the search committee, assisted by Korn Ferry. Nussle was instrumental in forming America’s Credit Unions in 2024 through the merger of CUNA and NAFCU. Board chair Pat Pierce praised Nussle’s leadership and expressed confidence in finding strong candidates. Nussle reflected on his 40-year career in advocacy, public service, business, and law, including eight terms in the House of Representatives and directorship of the Office of Management and Budget.
Birmingham, Alabama-based Legacy Community Federal Credit Union has agreed to acquire First Community Bank of Cullman in an all-cash transaction, the credit union announced Tuesday. Financial terms were not disclosed. The deal, expected to close this year, will expand Legacy beyond the greater Birmingham area into Cullman County. The acquisition is the third proposed bank-credit union deal this year, far fewer than the record 22 announced in 2024. Trade groups continue to debate the tax-exempt status of credit unions, with the ICBA calling for an end to the federal tax exemption for credit unions with $1 billion or more in assets. Legacy, with $644 million in assets and nine branches, serves about 39,000 members in central Alabama. First Community had $104 million in assets as of Dec. 31.
Joliet, Illinois-based NuMark Credit Union has agreed to acquire The Lemont National Bank in an all-cash deal, expected to close in the second half of 2025. The acquisition will give NuMark approximately $910 million in assets and 15 branches. Terms were not disclosed. This is NuMark's second acquisition, following its 2023 purchase of Pioneer State Bank. Lemont entered a consent order with the OCC in April 2024 over unsafe or unsound practices. The deal awaits shareholder and regulatory approvals. Credit union bank acquisitions reached a record 22 in 2024, though only two have been announced so far in 2025. Trade groups like ICBA oppose such deals, citing credit unions' tax-exempt status.
Allyson Hill, CFO of $20 billion-asset Golden 1 Credit Union, says finding candidates with the right culture fit is as important as financial skills. She highlights the credit union's member-focused mission, the need for critical insight, and the importance of collaboration and independent decision-making. Hill also discusses preparing for technological shifts, including AI, and the value of diversification and flexibility learned from past recessions.
The Federal Reserve has delayed the implementation of the ISO 20022 standard for its Fedwire Funds Service from March 10 to July 14. The postponement aims to give smaller regional banks and credit unions more time to upgrade their systems and adopt the new format, which allows for richer data in payments. The shift is part of a broader modernization effort that could enhance fraud prevention and business practices, but some institutions may use the extra time to further modernize their capabilities. The Fed will decide on a 'go' or 'no-go' for the July date by June 27.
The banking sector is preparing for a rise in mergers and acquisitions in 2025, with President Trump's return expected to ease regulations. The Capital One-Discover $35.3 billion deal serves as an early indicator, as federal approval remains pending. Analysts predict more deals across all bank sizes, fueled by growth objectives, tech acquisition, and geographic expansion. Regulatory thresholds, deal timelines, and de novo activity are key factors, alongside AI, crypto, and fintech partnerships. Risks include commercial real estate exposure and geopolitical uncertainties.
President Trump's first week back in office saw CFPB Director Rohit Chopra and OCC acting chief Michael Hsu remain in their posts, defying expectations of immediate ouster. Chopra, whose term runs through October 2026, has reportedly cleared his office but insists he is still working. The delay may be due to their roles on the FDIC board, where political balance rules apply. Meanwhile, discussions about dismantling the FDIC or merging the SEC and CFTC persist, though experts warn of consequences. The FDIC, under Acting Chair Travis Hill, has outlined extensive priorities, signaling it is prepared to move forward. Regulatory changes, however, will take time due to procedural requirements.
PayPal CEO Alex Chriss believes the payments business has become a red ocean and is leading the company toward a commerce platform transformation, leveraging massive account data to connect merchants and consumers, launching services such as Fastlane, and gaining recognition from analysts.