Guidance On Loan-Loss Allowances MADISON, Wis.--The Filene Research Institute has issued a new report, âThe Allowance for Loan Losses: Critical Issues for Credit Union Leaders,â which seeks to help âchart a course for credit unions to calculate their particular allowance.â The report was authored by Michael Sacher, and âunpacks the various accounting standards at play and matches them with the expectations of CFOs and credit union examiners alike,â Filene reported. The tactical report is broken into four parts: An introduction to the current ALL trends; an examination of the relevant accounting standards and interpretations, including CU-specific guidance; a model ALL approach for CUs with specific guidance and suggestions for qualitative and environmental (Q& E) factors, and common mistakes.
For info: www.filene.org.
Expanded Charter For Black Hills FCU RAPID CITY, SD--Black Hills FCU has expanded its charter to serve the counties of Butte, Haakon, Stanley and Hughes, bringing to nine the counties it serves.
CUES Directors Get New Terms
MADISON, Wis.--Three people have been re-elected to three-year terms on the CUES board: Gerrianne âWinkyâ Burks, CEO of Northwest FCU; Shelley Clarke, CEO of Goldenwest CU, and Dale F. Schumacher, CEO of Tampa Bay FCU.
Deals Struck on Pair Of CU Mergers
LONGMONT, Calif.--The $875-million Elevations CU is absorbing via merger the $80-million St. Vrain Valley CU, pending a vote by the latterâs members. Meanwhile, in Center Line Michigan, the $7-million Father Kramer CU has agreed to merge into the $1.6-billion Lake Trust CU.
Texas Trust Team Goes âPlankingâ
DALLAS--Thirty-three employees at Texas Trust CU have formed their own âplanking team.â Planking is the art of lying face down, perfectly stiff, on various structures in public. One of the plankers includes CEO Jim Minge. A video of the plankers in âactionâ can be found at www.youtube.com/watch?v=-8lFCTVe9po.
New Board At Council Of CUs
DEL MAR, Calif.--The National Council of Postal CU has announced it new board and officers: Chairman, John King, CEO of Eagle One FCU; Vice Chair, Kevin Yaeger, CEO of Post Office CU; Treasurer, Sidney Parfait, CEO Post Office ECU, and Secretary, Rebecca Cuddy, CEO of NAPUS FCU. Other board members include Neil Crean of Massachusetts ECU; Don DeCinque of Atlanta Postal CU; Hugh Livingston, Jr. of Carolina Postal CU; Vladimir Stark, CEO of Plus4 CU and Will Yarborough of U.S. Postal Service FCU.
Mid Cities Gets $30K Grant
COMPTON, Calif.--Mid Cities CU has received a $30,000 grant from the Economic Security for Low Income Aging through the National Council on Aging (NCOA). CEO Melia Keller said the funds will be used to assist the 26% of membership over age 65, with another 8% of members turning 65 in the next five years.
Florida CU Exec Honored
JACKSONVILLE, Fla.--John Hirabayashi, CEO of Community First CU of Florida, is one of 13 people chosen as a 2011 Ultimate CEO by The Jacksonville Business Journal. The awards recognize innovative leadership, including the CUâs deployment of technology.
MountainCrest CEO To Retire In Jan.
EVERETT, Wash.-- MountainCrest CU said that its president/CEO, Bob Schumacher, will retire effective Jan. 15. Schumacher has been active in credit unions in a variety of roles for 34 years, and is well-known as the emcee of the annual Herb Wegner Awards.
Low-Income Outreach by CUs In Iowa
DUBUQUE, Iowa--A coalition of banks, credit unions and community groups here have organized to form âBank On Dubuqueâ (Bank On DBQ), which will offer low- and moderate-income residents free or low-cost checking accounts and access to free financial education. The âBank On DBQâ accounts require no minimum balance and offer a second chance for people who have had previous trouble with banking. The program is part of the larger, national âBank On Cities Campaign,â sponsored by the National League of Cities.
Annual Report On Financial Ed
MADISON, Wis.--The National Credit Union Foundation has released its 2010-2011 Annual Report titled âBuilding Consumer Financial Capability through Financial Education.â The report details the NCUFâs new focus on financial education. For info: www.ncuf.coop.
Ohio CUs Put Up Strong Growth
DUBLIN, Ohio--Ohioâs CUs reported that Buckeye credit unions exceeded national averages for growth in assets, shares and loans during the first quarter. In particular, Ohioâs CUs saw a 20.1% gain ($28.4 million) in Member Business Lending during Q1. Business loan balances in Ohio grew 8.3% from the previous March, which is faster than the national average (6.4%) during the same period, the Ohio league reported. The overall delinquency rate fell to 1.21% from 1.36% in March 2010. Overall revenue, however, declined 2.7% to $283 million
Saguache Cty CU In Conservatorship
MOFFAT, Colo.--NCUA has placed into conservatorship Saguache County CU, a one-time $24 million community development credit union that has been operating under a state cease-and-desist order for two years. The credit union reported a $205,000 loss for the first six months of the year and net worth of less than 1% at mid-year, while assets had declined to $17.7 million. Separately, NCUA reported that Arrowhead Central CU, San Bernandino, Calif., which the agency placed into conservatorship in 2010, posted net income of $11.3- million in Q2, with net worth improved to 5.06% as of June 30, vs. 3.44% as of Dec. 31.. Total assets at the end of the second quarter were $681 million compared to $808 million for the same period last year.
SCE FUC Named Small Biz Of Year
IRWINDALE, Calif.--SCE FCU has been named 2011 Small Business of the Year by Assemblyman Roger HernÃ¡ndez, (D-San Gabriel Valley). The Small Business of the Year award was established by the California State Legislature to acknowledge the impact organizations have on local communities through acts of philanthropy and charity. Hernandez noted SCE FCUâs employees have donated more than 5,000 volunteer hours during the past six years to community building programs, including conducting 440 financial literacy workshops for schools, employer groups and more than 8,000 other people.
Crisis White Paper From CUNA
MADISON, Wis.â”The CUNA Marketing & Business Development Council has released a new white paper titled âCrisis Communications,â which stresses the importance of preparing for crises and how to engage with various audience groups when a crisis occurs. The white paper reviews the basics of crisis communications, including defining a crisis, perceptions of a crisis, and message strategies implemented in a crisis situation. For info: go to the white paper section of www. cunacouncils.org â“ select the âMarketing & BizDevâ tab.
SAC FCU Gets Approval To Expand
BELLEUVE, Neb.--SAC Federal Credit Union, the largest credit union in the state of Nebraska, has been granted approval to expand its market area from four counties to eight. This expansion continues to strengthen SAC FCUâs presence in the Metro area while providing Better Banking and tailored financial solutions to support even more members throughout their life events.
The Charter expansion includes Washington and Saunders Counties in Nebraska and Mills and Harrison Counties in Iowa. This charter expansion was approved by The National Credit Union Association (NCUA). SAC FCUâs existing service area included Douglas, Sarpy and Cass Counties in Nebraska and Pottawattamie County in Iowa.