Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

US National Cooperative Bank loans $3.25m to Florida credit union

The loan will support Innovations Financial Credit Union’s service expansion and recent bank acquisition

The United States’ National Cooperative Bank (NCB) says it has recently closed a US$3.25m subordinated debt loan to Innovations Financial Credit Union.

Innovations is a low-income designated (LID) credit union and community development financial institution (CDFI) established in 1952 in Panama City, Florida. It will use the loan to support expansion of its services, including the recent acquisition of First National Bank Northwest Florida in Panama City.

With combined assets totalling $675m and nine branch locations staffed by around 95 team members, Innovations says it is now “poised to expand its reach and deliver innovative financial solutions to a broader customer base”.

Innovations worked with Olden Lane Securities LLC as advisor and placement agent, whose CEO, Michael Macchiarola, said: “As a low-income designated credit union and CDFI, Innovations brings critical financial services to communities that need them most. NCB showed up as a great friend to the credit union movement with this investment.”  

Related: Buying to get big – US credit unions push for bank acquisitions

NCB has been providing subordinated debt loans to low-income credit unions for the past nine years, as part of its mission and vision of “people helping people”,  said Bill Stewart, senior vice president, and credit union market leader for NCB. 

“We are very proud of our many partnerships within the credit union movement,” he added, “and we strongly believe that these loans help bolster mission-oriented credit unions and their ability to create meaningful impact in the communities they serve.”