I-C FCU Folds Up MortgageCUSOs

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FITCHBURG, Mass. - (05/17/06) -- I-C FCU said it is closing one ofits two mortgage CUSOs, I-C Realty, and folding the other one, ICONMortgage, back into the credit union under a restructuring. Thecredit union said they decided to close I-C Realty to refocus onthe credit union's core business of consumer lending, and foundthat ICON Mortgage duplicated some of the services offered by the$320 million credit union. I-C Realty's administrative staff andemployees of ICON Mortgage will become employees of the creditunion. Several real estate agents from I-C Realty are planning toform their own agency.

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