CUS RESPOND TO DEADLY FLOOD
NASHVILLE, Tenn.-Storms that killed dozens and flooded thousands out of their homes and businesses in Tennessee, Kentucky, and Mississippi hit credit unions the hardest in downtown Nashville. At least four branches were closed at least temporarily in Nashville by flooding from the Cumberland River. Two closed offices are owned by $403-million Southeast Financial CU. "We have fared better than some," said COO Jeff Dahlstrom, who explained that the offices were closed due to power being out at one location and because staff could not make it into the other. "We did not experience any flooding damage. About four staff could not make it in due to either high water where they live or roads being closed."
REFORM ADVOCATES TAKE TO STREETS
WALL STREET-Thousands of community activists and union members last week took to the streets here, as well as in San Francisco, Kansas City and Charlotte, N.C., home of Bank of America, to rally in support of pending legislation to reform the big banks' methods of doing business. And last week a grotesque life-sized figure created by Consumers Union called "Bankers Man" roamed Capitol Hill and gobbled up "unsuspecting citizens" (portrayed by actors) and ate them whole as executives of Goldman Sachs were testifying before Congress.
SELF-HELP ACQUIRES CAROLINA FAMILY
DURHAM, N.C.-Self-Help CU has agreed to acquire Carolina Family FCU, its second deal for a North Carolina credit union this year and sixth overall. Self-Help's California affiliate, Self-Help FCU, has acquired four California credit unions over the past two years to create a $150 million west coast CDCU. Self-Help CU, the nation's leading CDCU, has grown to more than $500 million in assets and reported a first quarter loss of $1.1 million.
NCUA ISSUES C&D ORDER
TAMPA, Fla.-State regulators last week issued a cease-and-desist order against Bay Gulf CU, forcing the one-time $217 million credit union to boost its allowance for loan losses. William DeMare, president of Bay Gulf, said the main focus of the supervisory order revolved around a disagreement on ALL calculation on loan modifications, especially with respect to debt restructuring in one of the most troubled real estate markets in the country. As a result, Bay Gulf added $850,000 to its ALL in December and restated its 2009 financials to show a $2.1 million loss for the year.
FIRST SERVICE APPRECIATES MILITARY
GROVEPORT, Ohio-First Service CU kicked off Military Appreciation month by offering all active members of the military a quarter-point discount on rates for new consumer loans. The credit union was chartered in 1956 as Lockbourne FCU to serve personnel assigned to Lockbourne Air Force Base. It now serves all of Franklin County, which surrounds the city of Columbus.
FINAL LANDING FOR EASTERN FINANCIAL
MIRAMAR, Fla.-Long-time members of Eastern Financial Florida CU are seeing a new name when they go to their branch as the venerable credit union is now Space Coast CU. Space Coast converted signage at Eastern's 19 branches and the credit union's data processing system, marking the end for the one-time $2.4 billion credit union, a victim of Florida's real estate bust. The merger, the biggest in credit union history, created a $3.2 billion institution based in Melbourne, Fla.
MGR. ACCUSED IN $45K THEFT
HONOLULU-A former assistant manager at Kahuku FCU is accused of stealing $45,000 from the CU by opening accounts in her name and overdrawing them. Tenille Afemata-Marasco has been charged with first-degree theft, money laundering and use of a computer in the commission of a crime.
AD FEATURES FURRY CRITTERS
BEAVERTON, Ore.-First Tech CU rolled out a TV and online marketing campaign to draw new members featuring two squirrels chatting about the best place to store their nuts. The TV spot, "Chock Full of Nuts," introduces the $2.2 billion credit union's new ambassadors, Chuck and Leroy, discussing why they trust the credit union with their nuts, with Chuck finally convincing Leroy to deposit his hard-earned nuts at First Tech.
CAROL ARANJO LOSES APPEAL
BOSTON-A federal appeals court rejected an appeal by Carol Aranjo, a one-time national spokesman for community development credit unions, of her and her husband's 2008 conviction in the $2 million embezzlement from D. Edward Wells FCU in Springfield, Mass.
