CU To Leave Federal Insurance
SAN DIEGO-Financial 21 Community CU said it plans to leave the federal deposit insurance system and migrate to Dublin, Ohio-based American Share Insurance, the nation's leading private deposit insurer. Gene Roberts, CEO of the $140-million CU, said his members will see a more than doubling of coverage to $250,000 per account with ASI and no longer be subject to the minimum capital and member business loan standards of federally insured credit unions. "This gives us the opportunity to grow when we're ready to pull that trigger," Roberts said.The conversion to private insurance is currently being voted by the credit union's members during a 30-day mail ballot.
CU Student Branch Is Test Market
WAUKESHA, Wis.-Landmark CU said it pans to open a student-run branch in Waukesha North High School that will serve as a test market for new products and services for its other nine branches. Students at the new branch will be involved in marketing, product development and operations. The branch will offer students loans and credit cards that don't require co-signers.
Suspect Charged In 3 Robberies
CINCINNATI-A tip from the local Crimestoppers hotline helped police arrest a suspect they believe robbed Hamilton County Teachers FCU and two local banks last month. Kelvin Smith, 30, of Pleasant Ridge, was arrested after a Crimestoppers tip tied him to all three robberies.
FBI Hunts 'Bash Bandit'
WOODINVILLE, Wash.-Federal agents believe a man who robbed King County CU here at gunpoint is responsible for as many as eight bank and CU robberies in the area over the past two years. The robber has been dubbed the "bash bandit" because of his habit of heaving heavy objects through plate glass windows, just after closing. In one case, the robber tried four times to throw a car battery through a bank window as employees watched from inside. The robber finally gave up and walked away. Once inside, the robber typically waves a black semi-automatic handgun at tellers and orders them to gather cash for him.
Grand Jury Eyes Backhoe Bandits
SALEM, Ore.-A federal grand jury is expected later this week to hand up bank robbery indictments against two men suspected of bashing through the wall of Food Industries CU last week with a stolen backhoe and making off with the credit union's four-foot-tall safe.
Police have identified the two bandits captured by the credit union's surveillance video and are expected to arrest them over the next few days, Salem Police Lt. William Kolmeyer told The Credit Union Journal.
The credit union's safe was recovered at an abandoned house last week but the safe had been broken into and emptied by the time police got there, Kolmeyer said. He would not disclose how much money was in the safe.
The safe was stolen early last Tuesday morning when two thieves stole the backhoe from a construction site two doors down from the credit union, then used the heavy earthmover to bash through the wall of the credit union and tear the safe from its moorings.
Police Recover Stolen CU Safe
SALEM, Ore.-Police recovered the four-foot-tall safe that was torn out of Food Industries CU last week with a stolen backhoe, but it was unclear whether the thieves had succeeded in opening the safe.
A Salem Police SWAT team raided the vacant building last Thursday after getting an anonymous tip that a suspicious object was being moved into the house.
A police spokesman told The Credit Union Journal they have identified the alleged thieves from a surveillance video at the credit union, but would not disclose the names. The safe was stolen early last Tuesday morning when two thieves stole the backhoe from a construction site two doors down from the credit union, then used the heavy earthmover to bash through the wall of the credit union and tear the safe from its moorings.