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Ideal Credit Union has been following the movements of its members and potential members in the Minneapolis-St. Paul area for years, and the trail has led it to Stillwater, Minn., located on the banks of the St. Croix River.
Later this year, the Woodbury, Minn.-based Ideal, which has $638 million in assets and 48,820 members, will open a new branch in Stillwater – the first for the Twin Cities bedroom community, credit union officials said.
While banks are holding back on branch construction, credit unions are seeing opportunities for expansion, Steven Reider, founder and president of Bancography, a Birmingham, Ala.-based software and consulting firm that advises credit unions and banks on new branch openings. And Stillwater’s construction provides a window into how a credit union seeks opportunities in markets where residents’ paths to stores and work are constantly shifting.
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The CFPB is ordering Navy Federal to refund more than $80 million to consumers, stop charging illegal overdraft fees, and pay a $15 million civil penalty.
The list includes six credit unions merging due to poor financial condition and two for poor management.
NCUA and Fed data also show credit unions’ share of auto loans in September has fallen from a year earlier.
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