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$4.5M Raised for Hispanic-First Banking Experince
Comun is on a mission to enable upward mobility for Latinos
Robert Baron & Anna Lad
February 17, 2023
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Banking News
South Carolina Bank Expands to South Florida
The Greenville-based United Community Bank agreed to acquire Miami-based First Miami Bancorp in an all-stock deal worth $115.9M. United Community’s expansion into Miami reiterates its interest in Florida and marks its second acquisition of a Southeastern bank in 2023.
Truist’s Insurance Brokerage Unit Sells for $1.95B
Truist’s nearly $2B sale to Stone Point Capital, a private equity firm, amounts to about 20% of the unit. Sales were spurred by industry consolidation and an interest in increasing efficiency. The current insurance brokerage unit has 9,000 employees and makes $3B in revenue each year.
Bill Rogers, CEO of Truist, said:
Because we’re only selling a minority stake, Truist will continue to own and consolidate Truist Insurance Holdings, which will remain a strong contributor for our company.
Credit Union News
Tech Assists Government-CU Regulatory Cooperation
About 86 million Americans, or 33%, are active members of credit unions, making regulatory oversight more likely than ever. Digital fluency is one such way executives can increase customer access, improve rapport with regulators, and improve advocacy with legislators.
Increased CU Reach After FOM Change
Credit Unions may now be able to reach more customers, thanks to a field-of-membership (FOM) change proposed by the National Credit Union Administration (NCUA) board. Proposed changes include less complicated applications, account expansion to family members of deceased account holders, and an easier federal charter conversion process.
Jason Stverak, Deputy Chief Advocacy Officer at the Credit Union National Association (CUNA), said:
Getting credit union services to more communities across the country is vital to CUNA, state leagues, and the credit unions we serve.
Financial Services & Blockchain
$4.5M Seed Funding for Hispanic-First Bank
Developed by Mexican nationals Andres Santos and Abiel Gutierrez, the Hispanic-first digital bank is the first online banking experience built for Hispanics by Hispanics. Comun offers checking, savings, and budgeting, all without requiring a social security number, which limits many Spanish-speaking immigrants’ banking opportunities.
CEO and co-founder Andres Santos said:
Our goal is to empower families to be successful in both their finances and in the U.S. with a financial partner that they can trust and understand.
Explore Risky Crypto With Caution, Says Fed
Federal Reserve Governor Christopher Waller spoke at the Global Interdependence Center Conference in February, emphasizing how digital assets have utility but pose significant risks to users. Traditional banks would be wise to use tokens and smart contracts to ensure data stays private.
In his cryptocurrency-focused speech, Waller said:
While these technological developments are still in their infancy, they have potential applications beyond the crypto ecosystem that could lead to substantial productivity enhancements in other industries.
Market Movements (2.13-2.17)
