Chronicles

United Bankers’ Bank strikes deal to offer client banks new P2P payment app

United Bankers’ Bank, Bloomington, Minn., and North American Banking Company, a Twin Cities-area community bank, have received approval from the Federal Reserve to partner with Design Center Inc., a St. Paul, Minn.-based software development company, to form ExcheQ LLC, a joint venture to offer a white-label version of North American Banking Company’s ExcheQ person‐to‐person payment app. [Continue]

FDIC Chair prioritizes regulatory relief

The FDIC is working to reduce regulatory burden for community banks, said Chair Jelena McWilliams, who spoke to bankers and reporters in Milwaukee on Feb. 5. She said she is concerned about industry consolidation. Also, she said rules around brokered deposits should be updated, and that while deposit insurance premium rebates are forthcoming, details and timing remain uncertain. [Continue]

Ohio CU buys bank branch

Evansville, Ind.-based United Fidelity Bank is selling its only branch in Ohio to Superior Credit Union, Lima, Ohio. The branch, located at at 411 Ludlow Avenue in Cincinnati, comes with $19 million in deposits. The deal brings Superior CU’s total branches to 22, all in Ohio, and will close in the second quarter. [Continue]

Bankers’ Bank unveils ‘Shop Local’ credit card rewards program

A consumer credit card program that rewards shoppers who buy from locally-owned businesses has been introduced by Bankers’ Bank, Madison, Wis. The program, called Community Rewards Network for Credit Cards, is the bank’s first foray into consumer credit cards, said Robert Jarosinski, vice president, BankCards & Payments. “We’ve had a business credit card program for a couple of decades, but leadership was looking to start a consumer credit card product to complement the business credit card program.” [Continue]