Journal Daily

Joint Account Holder Has CU Vote

ALEXANDRIA, Va.-A joint account holder is entitled to vote in a credit union's elections, NCUA said in a new legal opinion letter.

The letter, issued to Winston-Salem (N.C.) City Employees' CU, said those voter rights hold true as long as the joint account holder is with the credit union's field of membership, has completed an application for membership, and has paid any membership fees.

Faith-Based Package Offered

SHREVEPORT, La.-Shreveport FCU has attracted more than 30 churches and other faith-based organizations into its FOM with the help of a new account package specially geared towards them.

The Spirit Club Package includes a line of credit, free checking and a personal money management assistant to help the organization better manage its financial affairs.

The personal assistant is also available to teach seminars on personal financial management to members of the churches and organizations.

SECU Buys Branch For A Song

RALEIGH, N.C.-State Employees CU said it will pay $6.8 million to acquire a former Wachovia Bank branch, being sold off by First Union, which acquired the North Carolina bank last year.

The 29-year-old building had been listed at $9.2 million. The building consists of 95,000 square feet of office space located on Wake Forest Rd.

Buckeye State CU Sells Portfolio

AKRON, Ohio-Buckeye State CU said recently it sold its VISA credit card portfolio of $4 million in receivables and 3,400 accounts to MBNA Corp., the second-largest bank card issuer.

MBNA submitted the best of five bids for the portfolio, according to the credit union. Buckeye State had operated the portfolio since 1988, but sold it to reduce administrative expenses and to free up the funds for other lending.

The premium Wilmington, Del.-based MBNA paid was not disclosed.

The credit union, which has seven locations in northeastern Ohio, will become an agent for MBNA, and its name will continue to appear on the face of cards marketed to its 20,000 members.

California FCU Gets State Charter

SACRAMENTO, Calif.-Marine Corps West FCU, based on Camp Pendleton, outside of San Diego, has been granted a state charter, the state's Department of Financial Institutions (DFI) said recently.

The $235 million credit union was the 12th California-based federal charter approved to convert to a state charter last year. There are at least 10 other applications pending for charter conversions.

Cash Recovered In CLAFCU Heist

LOS ANGELES-An Inglewood man was arrested in his car and charged with the recent armed robbery at Copley Los Angeles FCU.

Following the arrest of Lavar Allen, 22, police recovered $1,200 believed stolen from the CU and a handgun believed used in the heist.

Police said the robber was escorted to the credit union, located inside the 'Daily Breeze' newspaper offices, by security personnel after being signed in at the front desk where he said he was there to become a member.

Service Center Robber Gets 15 Yrs.

OKLAHOMA CITY-A man who robbed the CU Service Center and two local banks last year was sentenced last week to 15 years in federal prison. Drew Blanton, 19, pleaded guilty last September to a crime spree last summer in which he robbed the credit union shared branch, a Bank of America branch and the Rockwell Bank. He was sentenced to 97 months for the robberies and an extra seven years on related firearms charges.

Freddie Mac Plans Debt Sale

WALL STREET-Freddie Mac said it plans to sell $12 billion of short-term reference bills next week. The offering will include $3 billion each of one-month, two-month, three-month and six-month bills.