Banking news roundup

February 25, 2022 2:53 PM

Credit union C-suites are losing familiar faces while welcoming new ones, an American Bankers Association executive is starting a new job at Varo Bank, and NFT junkies now can get a fix in Manhattan's financial district. Scroll through to see what you might have missed this week in banking, payments, credit unions and more.

An ATM that dispenses NFTs

Neon

The digital collection platform Neon has deployed a machine that allows people to purchase nonfungible tokens with U.S. dollar credit or debit cards. Buyers use the machine, which is in lower Manhattan near Wall Street, to choose and pay for an NFT. The machine dispenses a box with a code inside it that can be redeemed on Neon's site. Neon says the machine is designed for buyers who want an NFC investment alternative that doesn't rely on cryptocurrency. NFTs, or nonfungible tokens, are a digital representation of something tangible — often art or memorabilia — and create a one-to-one relationship between the buyer and seller. Card companies see NFTs as a potential source of incentive marketing. —John Adams

ABA executive Carlisle joins Varo Bank in policy post

Alex Edelman/Bloomberg

Varo Bank in San Francisco hired an American Bankers Association executive, Corey Carlisle, to be its head of public policy. As public policy advocate, Carlisle, previously a senior vice president at the banking trade group and director of the ABA foundation, is joining Varo as head of public policy. Carlisle will focus on banking innovation and inclusion. In a press release Thursday, Colin Walsh, Varo’s founder and CEO, called Carlisle “one of those rare individuals who brings extensive experience in financial services alongside a deep expertise in the political and regulatory environments.” Carlisle is also chairman of the nonprofit Jump$tart Coalition for Personal Financial Literacy. — John Reosti

April Fools’ Day last day for Valley Bank COO

Valley National Bank branch, Lincoln Park, NJ

Valley National Bancorp in Wayne, New Jersey, disclosed Wednesday in a regulatory filing that Robert Bardusch, who has been chief operating officer of its Valley Bank subsidiary since February 2018, will leave the company April 1. Bardusch joined the $43.4 billion-asset Valley as chief information officer in May 2016. Before that he spent two years as CIO of the $2.6 billion-asset MVB Financial in Fairmont, West Virginia. Bardusch began his banking career at PNC Financial Services Group, where he worked for 16 years. — John Reosti

Auto dealer charged with defrauding credit unions

Daniel Acker/Bloomberg News

A car dealer in Clarksville, Tennessee, stands charged with fraud after he took out multiple loans from credit unions on the same vehicles, the U.S. attorney's office in Nashville announced this week. Andrew Oliver, 31, of Cadiz, Kentucky, who owns First Choice Auto Sales in Clarksville and AJ’s Auto Sales in Hopkinsville, Kentucky, borrowed $215,000 from three different credit unions to buy a Cadillac and $340,000 from six credit unions for a Ford F-450 truck, inflating his income on the loan applications and leaving the credit unions out $368,585.52, the U.S. Attorney's office said. When his case goes to trial in federal court, he could face 30 years in prison and a $1 million fine. — Chana R. Schoenberger

Catawba Indian Nation sets up economic zone with eye to fintech

The economic development arm of the Catawba Indian Nation in Rock Hill, South Carolina, is creating a new digital special economic zone it calls the Green Earth Zone. The goal is for people from around the world to set up eCorporations, or legal corporations that can conduct business virtually, in the GEZ that deal with digital assets, fintech and more. “Special Economic Zones often rely on tax incentives. But with our status as a sovereign jurisdiction, we are also able to create a best-in-class regulatory climate for the digital, fintech, and blockchain sectors,” Ronnie Beck, CEO of Catawba Corporations, said in a news release. “Our plan is to allow these businesses to operate with certainty, and under regulations that protect consumers that help mature the industry.” — Miriam Cross

From CEO of one Maine credit union to COO of another

Maine Savings Federal Credit Union in Hampden hired Kim Turner as chief operating officer. Turner, formerly president and chief executive of the $229 million-asset Otis Federal Credit Union in Jay, Maine, started at the $565 million-asset Maine Savings on Feb. 14. "Credit unions are in my blood; I live by their purpose to serve people of all financial means, and I am so happy to be part of the Maine Savings family … the opportunity to work here came at just the right time in my professional career," Turner said in a press release Tuesday. — Frank Gargano

Louisiana credit union CEO will lead Tennessee credit union

The Tennessee Credit Union in Nashville hired Rafael Rondon to be its president and chief executive. Rondon, currently president and CEO of the $163 million-asset Xplore Federal Credit Union in Metairie, Louisiana, will start his new job in late March and succeed Michael Martin, who is retiring. “We are beyond excited to have Rafael join us at The Tennessee Credit Union … we are sad to lose Mike, but wish him a happy and healthy retirement,” Gerald Martin, the credit union’s chairman, said in a press release. — Frank Gargano

Head of American Share Insurance calling it a career

Dennis R. Adams, longtime president and chief executive of the private share insurance firm American Share Insurance in Dublin, Ohio, is set to retire. Adams, who joined the firm in 1986 and became CEO in 1990, will stay on until his successor has been found, ASI said. During his tenure, the firm launched the Excess Share Insurance Corp. in 1993 to help insure member deposits that exceeded $250,000. It now insures more than $4 billion of deposits at 227 credit unions in 32 states and Washington, D.C. — Frank Gargano