Global Credit Union opens financial center in Spokane

Global Credit Union has opened a new 4,900-square-foot Spokane Financial Center, located at 1505 W. Fourth downtown. 

The new center has a branch and offices for both Global Credit Union insurance and home loan operations. The design of the building features an accessible, open-concept layout with two drive-up teller machines.

Geoff Lundfelt, president and CEO of Anchorage, Alaska-based Global Credit Union, says in a release, “Our goal is to continually enhance the convenience and accessibility of financial services for our members. This center offers ... a wider range of services in one central location.”

The opening of the Spokane financial center follows the credit union's $230 million acquisition of Renton, Washington-based First Financial Northwest Inc., the parent company of First Financial Northwest Bank, in April.

Previously based in Spokane, Global Credit Union merged with Alaska USA Federal Credit Union in 2022 and rebranded with the legacy name of the Spokane organization. Global has eight locations in the Spokane-Coeur d’Alene area.

ICCU opens new South Hill branch

Chubbuck, Idaho-based Idaho Central Credit Union has opened its sixth branch in Spokane, located at 3065 S. Regal, on Spokane's South Hill. 

The 5,000-square-foot branch was constructed on the site of an old Wells Fargo building, which was demolished to make way for the new structure. The new branch features six teller stations, four cubicles for financial services officers, a branch manager’s office, and a private office for scheduled use, in addition to a two-lane drive-thru with access to an ATM. The branch also has three electric-vehicle charging units capable of charging six vehicles.

Taylor Coulter, branch manager at ICCU's South Hill location, says the credit union is reinforcing its commitment to Washington state through the financial institution's sixth branch opening in Spokane. 

“Our goal is to make banking more convenient and accessible while supporting the local community,” Coulter says in a release.

ICCU first entered the Washington market in 2022 when it opened a branch in the former Banner Bank building, at 41 W. Riverside, in downtown Spokane.

FDIC-insured institutions report rise in earnings

Insured depository institutions reported an aggregate net income of $70.6 billion in the first quarter, up $3.8 billion from the previous quarter, according to the latest Quarterly Banking Profile by the Federal Deposit Insurance Corp. 

A 7% increase in noninterest income in the quarter led to a 5.8% quarterly increase in earnings, up $5.4 billion, from the fourth quarter of 2024. Net income for community banks totaled $6.8 billion in Q1, a 10% increase from the previous quarter. 

Net-interest income is down a modest 0.2% from Q4 2024, while the net interest margin declined by two basis points to 3.25%, which is equal to the pre-pandemic average.

Total loan and lease balances have grown 0.5% from the previous quarter, due to loan growth for commercial, industrial, and multifamily real estate. Total loans at community banks increased 0.8% from the prior quarter and are up 4.9% from the prior year.

The profile provides a comprehensive summary of financial results based on reports from over 4,400 insured commercial banks and savings institutions.

Tech investments a top priority for financial institutions 

Financial institutions are accelerating investments in technology and prioritizing customer experience, innovation, and operational efficiency as leading strategies, according to a Hanover Research study of 424 business and technology leaders in the financial services industry.

The study underscores a bold shift in banking priorities, according to an analysis by Temenos, a global banking technology company.

The top strategic priority for 46% of global banks is to improve customer experience through technology investments, followed by launching new products and services (35%), and pursuing greater operational efficiency (34%).

Bank modernization is needed to be able to predict, understand, and adapt to market changes. Many legacy systems, however, aren't equipped to deliver those capabilities. To meet these demands, 77% of financial institutions are investing in data analytics and artificial intelligence-driven insights, and 68% are investing in cloud-based core banking systems.

Most banks anticipate increasing investments in technology to better protect customers and technology and to enhance efficiency amid the turbulence of inflation, tariffs, and trade tensions. Three-quarters of banks plan to increase their investments to improve systems integration and data analytics.

If banks don't implement AI, 81% of professionals agree that they will fall behind competitors. While only 11% of banks have fully implemented generative AI today, 43% are in the process of doing so, an indication that more than half are moving forward with real deployment. Notably, 60% of banking professionals view AI as a tool to augment the human workforce, rather than replace it.

Over one in five Americans victims of financial fraud

More than one in five U.S. adults have experienced financial fraud or scams involving their money, with older adults more likely to experience fraud than younger adults, according to the 2024 Survey of Household Economics and Decisionmaking report released by the Federal Reserve.

Twenty-one percent of adults were financially defrauded or scammed last year, with 17% reporting credit card-related fraud and 8% reporting another type of fraud. While consumers aren't generally required to cover credit card losses directly, adults who faced fraud not related to credit cards lost about $63 billion, after the recovery of $21 billion. Consumers lost a total of $84 billion in non-credit-card fraud before any funds were recovered.

Adults over 45 were more likely than younger adults to experience financial fraud or scams. Although, outside of age differences, the incidence of fraud was similar by income, race and ethnicity, and gender.

Other consumer financial risks highlighted in the report include being unprepared for unexpected events, including the lack of homeowners insurance, which 7% of homeowners went without because they couldn't afford it.

Overall, 73% of adults reported doing okay or living comfortably financially in 2024, while inflation, prices, and labor market conditions persist as top financial concerns.