GTE FCU TO CLOSE 5 BRANCHES
TAMPA, Fla.-GTE FCU, fighting off big losses for 2008 and 2009, announced yesterday it is closing another five branches, after shuttering three branches last year. Following the branch closing, GTE will have 23 full-service branches.
AFCU EXPANDS NEVADA FOOTPRINT
RIVERDALE, Utah-America First CU, which acquired five Nevada branches as part of last year's deal for failed Community One FCU in Las Vegas, is opening a sixth branch in the state, in Henderson.
CU PAYS $500K TO SETTLE SUIT
SAN ANTONIO-United SA FCU has agreed to a $500,000 settlement of a class-action lawsuit that alleged the credit union obtained credit reports of former members. The lawsuit claimed the credit union obtained credit scores of former members from TransUnion credit bureau after they closed their accounts, in violation of the Fair Credit Reporting Act. Under the settlement, the credit union denies accessing the credit scores was illegal, and says it was unintentional even if impermissible.
CU SCORES WITH NFL'S CHARGERS
SAN DIEGO-Mission FCU and the San Diego Chargers are teaming up for the "Mission Fed Chargers Financial Fitness Touchdown Challenge" during the new football season. Throughout the coming season, for every touchdown the San Diego Chargers score Mission Fed will make a donation for financial literacy to Nativity Prep Academy, an all-scholarship college prep middle school, east of downtown San Diego.
NORTHWEST CU ASSOCIATION PLANNED
PORTLAND, Ore.-The boards of directors for both the Credit Union Association of Oregon and the Washington CU League met in a joint session to finalize plans for a Nov. 1 vote to merge the two trade associations. The two boards passed a resolution to brand the new entity as the "Northwest Credit Union Association." The proposed merger now moves to a vote of the respective leagues' members.
EX-CEO SENTENCED TO PRISON
NORRISTOWN, PENN.-DESPITE HER CLAIMS THAT SHE IS ALLERGIC TO PRISON FOOD, THE FORMER CEO OF UNITED FOOD AND COMMERCIAL WORKERS LOCAL 1776 FCU WAS SENTENCED TO UP TO SEVEN YEARS BEHIND BARS FOR STEALING MORE THAN $32,400 FROM THE PLYMOUTH CREDIT UNION. ANNE CLYBURN, 44, WAS CONVICTED JULY 9 OF EMBEZZLING THE FUNDS WHILE SHE HEADED THE $8 MILLION CREDIT UNION BETWEEN 2000 AND 2007. AUTHORITIES ALLEGE CLYBURN USED CREATIVE BOOKKEEPING PRACTICES TO CARRY OUT THE THEFT.
WEBSTER REACHES OUT TO HISPANICS
WORCESTER, Mass.-Webster First FCU recently opened a branch in the Compare Foods neighborhood supermarket to serve residents of the city's burgeoning Hispanic population. The new branch signed 100 new members in just the first week. The CU hopes to add as many as 3,000 by year end.
POWER FINANCIAL CU POWERS INTO FLORIDA'S KEYS
PEMBROKE PINES, Fla.-Power Financial CU is the latest credit union to expand into the underserved Florida Keys, a 160-mile long string of islands south of Miami connected by a single causeway. The $490-million credit union has applied to state regulators to serve residents in Islamorada, Key Largo, Summerland Key, Big Pine Key, Sugarloaf Shores, Marathon, Key Colony Beach, Marathon Shores, Tavernier, and all the way to the southern tip of the islands in Key West, where the Keys' only credit union, Keys FCU, has been under NCUA conservatorship for the past year.
SAGELINK CU ACQUIRES TROUBLED LANSING CU
DURAND, Mich.-SageLink CU has agreed to acquire Communication Services CU, an ailing $21-million credit union based in Lansing. Communication Services lost $138,000 in 2008 and $292,000 in 2009. It reported a loss of $39,000 for the first six months of this year, as its net worth slipped to 4.3%.
ONPOINT COMMUNITY CU ADDS THREE BRANCHES
PORTLAND, Ore.-OnPoint Community CU, Oregon's biggest credit union, last week opened three new branches in Deschutes County. The branches, two in Bend and one in Redmond, opened Tuesday. All three will be hosting grand-opening celebrations during the next two weeks.
RANDOLPH-BROOKS FCU PLANS MAJOR EXPANSION
LIVE OAK, Texas-Randolph-Brooks Federal Credit Union is developing two new buildings totaling 137,000 square feet at its headquarters on this city's north side. Credit union officials say the downturn in the financial markets and the downfall of several national banks is fueling the growth in employees and the building expansion at its main campus.
YOLO FCU OFFERS MATCHING GRANTS FOR FIRST-TIME HOMEBUYERS
WOODLAND, Calif.-Yolo FCU is reporting it has grant funds available for lower-income homebuyers within Yolo County. The Workforce Initiative for Supportive Housing, or WISH, program grants can be for up to $15,000 for down-payment and closing costs associated with a home purchase.
CU TO FINANCE $36M BELL TOWER DEAL
ATLANTA-Georgia's Own CU has agreed to finance the $36-million purchase of one of this city's landmark buildings, the 20-story Campanile, or Bell Tower, vacant since BellSouth/AT&T moved out in 2007 - and the credit union's home since 1993. The building is being acquired by a local businessman, former Georgia Tech quarterback John Dewberry, known as "The Dew," and his Dewberry Capital. Most of the building, which needs significant renovations, is vacant and has been since the departure of the Bell companies.
KELLOGG COMMUNITY FCU EYES SERIAL BRANCHES
BATTLE CREEK, Mich.-Kellogg Community FCU said it is expanding off the campus of the food manufacturing giant with a new branch in a former comedy club location. The new branch is centrally located in downtown, which is being revitalized.