Airline's Turbulence Leads To New FOM
ALEXANDRIA, Va.-The NCUA board last week offered a soft landing for U.S. Airways FCU. The $600-million CU's chief sponsor, U.S. Airways, filed for a second bankruptcy earlier this month.
The board approved one of its broadest community charters ever, which will allow the multiple-group credit union to convert to a community charter serving almost three-million people in 10 counties surrounding the credit union's Moon Township headquarters in suburban Pittsburgh.
The credit union, which has continued to fly straight through the sponsor's turbulent times, will add three branches over the next year and change its name to to Clearwater FCU. Plans also call for adding programs for payday lending, first-time homebuyers, participation in the Volunteer Income Tax Assistance program, and offering guaranteed small business loans through the SBA.
NCUA Region I Director Edward Dupcak said the credit union has continued to prosper despite its sponsor's financial troubles, with 14% capital and double-digit growth.
The board also approved broad community charters for Pennsylvania Central FCU in Harrisburg to serve 600,000 people in three counties surrounding the state capital, and First Community FCU, Kalamazoo, Mich,. to serve almost one-million people in the Kalamazoo area.