LAKELAND, Fla. – Members at credit union giant MidFlorida FCU have overwhelmingly approved the $1.4 billion credit union’s conversion to a state charter, enhancing its ability to expand into neighboring counties.
The credit union, to be known as MidFlorida CU, plans to remain in Florida with an expanded field of membership beyond its current five counties, its officials told members during a series of meetings in recent weeks.
As a public company, the neobank would have the capital support to keep growing quickly. It would also have to rein in costs and show a profit.
First Republic's failure last year left its wine bankers available for poaching. The group joined Umpqua Bank, whose expansion in the wine business comes at a tricky time for the industry.
A recent deal with a gourmet cookie franchise highlights the business that Ogden-based TAB Bank has built lending to companies other banks shy away from.
As the company bolsters artificial intelligence-powered point of sale and battles other fintechs and the card networks, getting a boost with distribution has become a major priority.
House Republicans grilled a company exec about its widespread outage, but some, including Mark Green, R-Tenn., thanked the company for its response.
The Federal Housing Finance Agency issued guidance to ensure the Federal Home Loan Banks are lending based on the credit worthiness of the member bank, not solely on the quality of the collateral.
