CUES, CU Journal Team Up
MADISON, Wis. and WEST PALM BEACH, Fla.-The Credit Union Executives Society and Credit Union Journal are in discussions to combine two of the most popular conference and learning events in the industry-the CUES Experience and the Journal's Grow Show-in latter 2010. To offer your input and suggestions: www.zoomerang.com/Survey/WEB22AH2UN879T.
Failed Banks Offer Opportunities
MACON, Ga.-MidSouth Community FCU is the latest to take advantage of a growing inventory of bank branches on the market by agreeing to acquire two branches of failed Security Bank from the FDIC.
"There's properties available," said Claude Garrett, president of the $143 million credit union in Georgia, which leads the nation with 38 bank failures since 2008.
MidSouth has branches in three of the 13 counties it serves and is looking to add branches in other locations, Garrett told Credit Union Journal. "We're interested in more properties," he said.
Garrett declined to disclose the prices for the two branches because of a confidentiality agreement he signed with the FDIC, but industry sources said the regulators are selling assets at steep discounts. "I understand that they're fairly good deals," said one expert on bank branches.
The two branches acquired from the FDIC are in Warner Robins, near a military base, and in Watson. Building redesign and remodeling at the two locations will begin May 1, with plans to open the Watson Boulevard branch by mid-June, and the Russell Parkway branch by mid-August.
MidSouth joins a growing list of credit unions buying troubled bank branches. In recent months nearby Robins FCU bought a branch from Piedmont Community Bank; University of Wisconsin CU acquired a branch from Amcore Bank; Dupaco Community CU acquired a branch from East Dubuque Savings Bank and Royal CU in Eau Claire, Wis., agreed to buy 11 branches from troubled Anchor Bank.
The MidSouth branches were acquired through a local real estate broker working on behalf of the FDIC. The process took almost 10 months to complete, according to Garrett.
Louisiana CUs Fight Bill
HARAHAN, La.-The Louisiana CU League said its lobbying has helped to backburner a proposed bill in the state Senate that would have repealed the CU exemptions from the Louisiana Consumer Credit Law and the Louisiana Motor Vehicle Sales Finance Act. League officials said Sen. Ann Duplessis has agreed not to schedule SB224 for any hearing without further discussion with the league.
WOCCU Sends Delegates To Haiti
PORT AU PRINCE, Haiti-A delegation of credit union representatives including World Council of CUs President Pete Crear and CUNA President Dan Mica arrived here last week to meet with credit unions and members attempting to recover from the Jan. 12 earthquake. More than 400,000 people in Haiti are served by 220 member-owned credit unions. Several credit unions were destroyed in the 7.0-magnitude earthquake.
The group, led by WOCCU Haiti Program Director Greta Greathouse, visited several caisses populaires (credit unions), all of which have operated from tents since the destruction of their buildings. The tents were donated by WOCCU.
The delegation includes WOCCU Chairman Barry Jolette, CUNA Mutual's Sue Albrecht, Worldwide Foundation for Credit Unions' Valerie Breunig, the California/Nevada league's Bill Cheney, Virginio Gerardo and Jose Joaquin Suriel of the Dominican Republic, Schools First FCU's Linda Hanson, MECU of Baltimore's Bert Hash, CUES' Fred Johnson, Melrose CU's Alan Kaufman, the Wisconsin league's Brett Thompson, Scotland's Marlene Shiels, Ralph Wharton of the Caribbean Confederation, and the World Council's Josh Fetting, Mike Muckian, and Cassie Rademaekers.
