JPMorgan Chase increased its share in digital bank C6 Bank to 46% from 40% last week, pending regulatory approval. 

JPMorgan first invested in C6 in 2021. Since then, the Sao Paulo, Brazil-based bank has grown to 25 million customers from 8 million, according to a C6 release.

“Our strategic investment in C6 Bank is an important part of JPMorgan Chase’s global digital banking strategy,” Sanoke Viswanathan, head of strategy and growth at JPMorgan Chase, said in the release. “The rapid growth in customers, products and balance sheets demonstrates the success of C6 Bank’s approach.”  

MSUFCU to acquire McHenry Savings Bank

Michigan State University Federal Credit Union said last week it plans to acquire McHenry Savings Bank.  

The cash deal is valued at $39 to $41 per share, an MSUFCU spokesperson told Bank Automation News.  

Through the deal, the $7.7 billion, East Lansing, Mich.-based credit union expects to reach $9 billion in total assets by 2024, the spokesperson said. This move is part of the “MSUFCU growth strategy to branch [out] in the Illinois and Greater Chicago region to serve our existing and potential members.” 

The credit union will integrate McHenry’s operations into MSUFCU and will add the bank’s clients to its client base, the spokesperson said. 

MSUFCU has been investing in chatbot enhancements and exploring AI use. 

Alkami, Atomic team up on direct deposit switching solution

Cloud-based digital banking solutions provider Alkami Technology and payroll connectivity provider Atomic announced last week that they have created a direct deposit switching solution for bank clients. 

Financial institutions, including $2.1 billion Texans Credit Union, plan to use the solution “to deepen member relationships, grow deposits, reduce call center volume and create stickiness with our members,” Matt Moore, senior vice president at Texans Credit Union, said in an Alkami release. 

Atomic’s solution will be integrated into Alkami’s digital banking platform, according to the release. The solution allows bank clients to set up and change direct deposits “with just a few clicks,” Moore said. 

“Fintech partnerships like these give financial institutions the tools they need to earn primary financial institution status and maintain that status as they scale to meet the growing needs of their account holders,” Alkami Vice President of Corporate Development Adam Craig said in the release. 

Visit Bank Automation News’ Transactions Database which lists the technology selected or acquired by companies in the financial services industry, with a specific focus on technology that enhances automation.

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