Michigan credit unions to merge, NYCB to enact a reverse stock split

Two Michigan credit unions intend to join forces. Bloom Credit Union in the city of Wyoming and West Michigan Credit Union in Grand Rapids said this week they plan to merge in 2025. The combination would form an institution with $450 million of assets and about 34,000 members.

Pending regulatory approvals, the merger would become effective April 1. Bloom CU would keep its name and operate as a division of West Michigan CU. Bloom CU CEO Joe Heintskill would become CEO of the combined organization, and West Michigan CU CEO William Keim would be president.

West Michigan CU has branches in Grand Rapids, Big Rapids, Reed City, Cadillac and Manistee. Bloom CU has two branches in Grand Rapids and one each in Wyoming, Georgetown and Coopersville. All branches will remain open, and no job cuts are planned, according to a news release. "In fact, it's more likely that we will be adding new positions over time," Heintskill said in the release. – Jim Dobbs

New York Community Bancorp plans to enact a one-to-three reverse stock split in mid-to-late July, the Long Island-based company said this week in a press release. The split, which will consolidate every three shares of NYCB stock into one, was one of several proposals approved by shareholders earlier this month. New York Community's stock has plummeted in value since January when the company, whose loan book is heavily tilted toward commercial real estate, reported a significant quarterly loss, slashed its dividend and disclosed material weaknesses. Shares are down about 70% so far this year. The newly reorganized executive leadership team has laid out a plan to return New York Community to profitability, but it has warned that it will take time to get there. — Allissa Kline

Citizens Financial Group in Providence, Rhode Island, has hired longtime banker Michael Walker to lead its middle-market banking team in California. Walker, who is based in San Francisco, was most recently the head of City National Bank's national commercial banking enterprise, Citizens said in a press release. He reports to Steve Woods, the head of corporate banking at Citizens, a company spokesperson said in an email. Prior to City National, a Los Angeles-based unit of Royal Bank of Canada, Walker was U.S. Bancorp's market president in Northern California, the release said. Walker's hiring is part of Citizens' efforts to build up its presence in California. A year ago, it hired its first market president in that state while continuing to add bankers and advisors, including a team of wealth advisors that came on board in April.— Allissa Kline