Chronicles

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]

TCF, Chemical merging to create $45 billion bank

Michigan’s Chemical Financial announced a planned merger with Minnesota’s TCF Financial which would create a $45 billion regional financial powerhouse. Wayzata-based TCF would merge into Detroit-based Chemical under the all-stock deal worth $3.6 billion. Operating as TCF, the combined bank would be headquartered in Detroit and would have $34 billion in total deposits. [Continue]