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CUs Raise Rates On The Long End

WASHINGTON, D.C.-Credit unions continue to lift their dividend rates on longer maturing savings products, even as rates for short-term shares continue to lag near all-time lows.

Data compiled by DataTrak Corp. shows that average credit union rates on five-year CDs have risen seven basis points over the past month and 35 bps since the first of the year to 4.58%, while rates for four-year CDs have climbed six bps in the past month and 29 bps since the first of the year to 4.21%.

Average rates for three-year CDs have risen four bps in the past month and 20 bps since the first of the year to 3.85%; while rates for two-year CDs climbed three bps in the past month and eight bps since the start of the year to 3.35%.

Rates on all other savings products shorter than two years have fallen since the first of the year with regular shares dropping 25 bps to 1.63%; checking accounts 16 bps to 0.98%; and money market accounts by 25 bps to 1.87%.

Suspect Sought In Robberies

MELVILLE, N.Y.-Police are hunting an unarmed robber suspected in separate heists 40-minutes apart at Bethpage FCU and Chase Bank in nearby Brentwood.

In both robberies a suspect entered the institution and threatened a teller without showing a weapon, before fleeing with an undisclosed amount of cash. No one was injured.

CO-OP, SSC Merger Approved

LAS VEGAS-Members/owners of The CO-OP Network voted at their annual meeting to approve the national electronic funds transfer network merger with Service Centers Corp., the nation's largest operator of shared branches.

All that is left is the integration of the two operations, Dan Balagna, head of Service Centers, told The Credit Union Journal.

The addition of the 700 ATMs operated by Service Center Corp. under the SC24 brand will give The CO-OP members access to more than 13,000 surcharge-free ATMs nationwide, with another 2,000 ATMs to be added to the system by year-end. Service Centers operates 29 shared branches, including 25 in Michigan and four in the Washington, D.C., area.

Man Charged With Check Fraud

BRUNSWICK, Me.-A Wiscasset man was charged with a check-fraud scheme that may have drained tens of thousands of dollars from as many as eight local CUs and banks.

Mathew Smith, 23, was arrested at Atlantic Regional CU as he was attempting to cash a $700 check on a closed account. Smith is one of eight individuals under investigation by local police and the FBI in the scheme.

CU Flies High With Air Show

ROCHESTER, N.Y.-ESL FCU will have its name emblazoned on Greater Rochester International Airport next month as part of its sponsorship of the U.S. Navy's popular Blue Angels air show. The credit union, the show's largest sponsor, put up $30,000 of the show's $150,000 to $200,000 expenses. The Blue Angels are a squadron of jets that fly in formation and do air tricks. The ESL International Air Show 2002 will be held June 22-23.

Police Hunt CU Bandit

GRAND RAPIDS, Mich.-Local police are asking for help from the public in locating a masked man who robbed Multi-Products CU at gunpoint Monday afternoon, just before closing.

The robber entered the credit union around 5 pm and demanded money, before fleeing with an undetermined amount of cash. No one was injured in the heist.

CU Builds New Office Project

LOUISVILE, Ky.-L&N FCU said it is building new offices in nearby Erlanger, where it will consolidate two existing facilities.

The 4,500 square-foot offices will be built by Paul Hemmer & Co., a local contractor. L&N operates nine offices throughout Kentucky.

Member Charged With Payroll Scam

CANTON TOWNSHIP, Pa.-A member of Washington County FCU was charged this week with a check scam in the alleged theft of payroll checks from a local company.

Carl Pettit, 29, of Canton Township, was charged with forgery, theft by deception and receiving stolen property in the alleged theft of four checks totaling $9,000 from OU Air Technologies of Wheeling, W.V., and an attempt to deposit them at the credit union.

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