The Commercial Appeal of Memphis, Tenn., ran a story about how Memphis Publishing Co. FCU changed its name to Agility Financial FCU, expanded its field of membership and is looking for a new headquarters, leaving its current HQ at The Commercial Appeal itself. "Our main source of members is this building," said Robert Arick, the CU's CFO, from his office on the first floor of The CA at 495 Union. "There's no growth here in employment. There's no expansion in the newspaper business." The credit union has started a direct mail campaign and is offering $200 Home Depot gift cards for members who open home equity lines of credit, said the story.
BankNet360 reported that the chairwoman of the House Small Business Committee, Nydia Velazquez (D-N.Y.), has introduced a bill enabling CUs to do more business lending. The bill would exempt the non-guaranteed portion of Small Business Administration 7(a) loans from counting towards CUs' small business lending caps. Only 2% of credit unions offer SBA loans to their members, said BankNet360.
The Dayton Daily News did a piece on how CUs are decreasing in total numbers but becoming more accessible through mergers that create more branches. Katie Walton, spokeswoman for the Ohio CU League, said "They're merging because they feel they can serve their members better by joining together." Bill Burke, Day Air CU CEO, was also quoted, noting lobby traffic is flat and those conducting financial business over the telephone are dwindling. However, Internet financial transactions are growing. "People like convenience, whether it's by going to a branch near them or by handling things on the Internet, that's what the trend is," he said.
FloridaToday.com profiled Jack Kelley, now chairman of Community Educators Credit Union in a story about CU growth in Brevard County, Fla. Seems that Kelley, now principal at Kennedy Middle School and the district's assistant superintendent for instruction, couldn't get a mortgage from a bank when he arrived as just "a lowly teacher." That loan cemented his loyalty, which is shared by many members, said the story, even as "credit unions remain somewhat of a mystery to many consumers who don't use them." The story cited Space Coast Credit Union, Kennedy Space Center Federal Credit Union as well as Community Educators as the three major credit union players in Brevard County, which have been "vigorously making sure new members continue to join the ranks."
