Low-Income Expansions Take Off For FCUs...

NCUA, which has been campaigning for credit union expansions into underserved communities, said it approved 54 low-income expansions in July encompassing 3.1 million residents, both single- month highs.

The largest low-income expansions approved in July went to: Employees 1st FCU, Bedford, Texas, to serve 225,000 residents of Forth Worth, Texas; New Orleans Firemens FCU, Metairie, La., to cover 200,000 residents of Orleans Parish, La.; Huntington VA FCU, Huntington, W.V., encompassing 200,000 residents of Wayne and Cabell counties, W.V., and Lawrence County, Ohio; L&N FCU, Louisville, Ky., to serve 200,000 residents of Knox, Laurel, Pulaski, Rock Castle and Whitley counties in Kentucky; WEPCO FCU, Bloomington, Md., covering 170,000 residents of two Maryland and three West Virginia counties; and Randolph-Brooks FCU, Universal City, Texas, to serve 160,000 residents of Bexar County, Texas.

At the same time, NCUA said it approved only five conversions to community charter in July, the fewest for any month so far in 2002. That makes a total of 58 FCU conversions to community charter through the first seven months of the year. The biggest conversions in July were: Mid-Hudson Valley FCU, Kingston, N.Y., to serve 800,000 residents of Dutchess, Orange and Ulster counties; West Side Auto Employees FCU, Flint, Mich., to cover 450,000 residents of Genesse County; AAA FCU, South Bend, Ind., to encompass 270,000 residents of St. Joseph County; and WY-South FCU, Wynadotte, Mich., to serve 260,000 residents of 16 communities.