3-Way Merger Is Proposed
PONTIAC, Mich.-Affinity Group FCU will almost triple its assets to $100 million under a three-way merger approved by NCUA. The combination will add Crestwood Community FCU, a $30-million credit union in nearby Garden City, Mich., and Wy-South FCU, a $35-million credit union in Wyandotte, Mich. The resulting credit union, which will be known as Affinity Group FCU, will serve various groups in Oakland and Wayne counties.
DSFCU Small Change Adds Up
PHOENIX-Desert Schools Federal Credit Union raised $52,000 in just six weeks from a Spring Change Drive that called on employees at its 59 branches to donate extra change from their paychecks.
The loose change will benefit the Children's Miracle Network and Phoenix Children's Hospital. Last month the $3-billion credit union raised $175,000 at its annual golf tournament for Phoenix Children's Hospital.
City Approves iQ CU's Purchase
VANCOUVER, Wash.-This city's council approved the sale of two downtown buildings for $3.2-million to iQ CU, which plans to build a headquarters there. Officials of the $350-million credit union haven't decided whether they will renovate or demolish the 47-year-old building, once the headquarters for First Independent Bank. One city councilor said he hopes the credit union will retain the 'Vancouver U.S.A.'' sign on the Citizens Service Center building, along with the temperature and time gauges.
Reward For Violent Robber
PORTLAND, Ore.-Authorities have set a $22,500 reward for a violent robber who has hit seven area institutions since last October, including Great Northwest FCU, in nearby Long Beach, Wash.
The assailant has been dubbed the 'Pepper Spray Bandit' because he locks employees and customers in a back room before leaving and has sprayed employees with pepper spray during at least one robbery.
In the latest robbery, the bandit circled the Security State Bank on a bicycle waiting for customers to leave before making his entrance, and then made his getaway on the bike.
Fluorescent Robber Hits CU
LANCASTER, Penn.-A armed man dressed in a fluorescent green construction vest and hardhat held up the Belco Community CU here yesterday morning and forced employees into the vault, before making off with an undisclosed amount of cash. The employees made their way out of the vault and there were no injuries reported. The FBI was called into to hunt for the bandit.
KKR, First Data Deal Proceeding
DENVER-Payments processor/EFT network First Data Corp. said yesterday it did not receive any other acquisition offers during its "Go Shop" period and will be wed to private equity giant Kohlberg Kravis Roberts & Co.
Under the "Go Shop" clause of April's $34-a-share, $29-billion deal, First Data had 50 days to actively solicit other offers but none materialized, the company said yesterday.
KKR, made famous by the story of its then-record $25 billion takeover of RJR Nabisco as "Barbarians at the Gate," has embarked on a frenzied takeover spree that has included more than $100 billion worth of deals in the past three months.
The items on this page were originally reported at www.cujournal.com.
