Nevada's Silver State To Close Five Of Its Branches
LAS VEGAS-Silver State Schools CU, which lost almost $51 million last year, last week announced it is it is closing five branches under a supervisory agreement signed with state regulators. The one-time $1 billion credit union, which was forced to borrow $22 million from private deposit insurer ASI last year, told members it is working with the Nevada Financial Institutions Division under a consent order on a financial restructuring plan. "Along with offering new cost-saving programs, there is, unfortunately, additional belt-tightening that is needed. Our comprehensive plan addresses this need, and involves consolidation of our extensive, state-wide branch network," said David Rhamy, president of Silver State Schools, which had $819 million in assets at year-end 2009.
Visa Reports 33% Surge In Second Quarter Earnings
SAN FRANCISCO-Visa Inc. reported a 33% surge in second quarter earnings to $713 million, fueled by higher-than-expected growth in transaction volume. The cards giant, one of two, along with MasterCard, controlled by banks and credit unions, reported transactions processed over its VisaNet system grew 14% for its fiscal second quarter and payments volume expanded by 13%. Revenues rose by 19% for the second quarter to $1.96 billion.
Davis To Retire As CEO At Stanford Federal
PALO ALTO, Calif.-Stanford FCU, one of a few large California credit unions that have stayed profitable throughout the state's financial turmoil, announced its president and CEO John Davis is retiring May 14. Stanford FCU has named Joan Opp, CFO at $650-million Texas Trust CU, Mansfield, Texas, to succeed Davis. Davis was hired at Stanford FCU in 1996 as chief financial officer. He was promoted to CEO of the then-$160 million credit union in 1999 and grew it to $1.1 billion. The credit union earned a $7.6 million net in 2009, even after a $6.3 million charge for the corporate credit union bailout, and a $6.4 million net in 2008, even after big write-offs for its capital in WesCorp FCU.
Tennessee CU Pledges $100K
NASHVILLE, Tenn.-Tennessee CU has pledged $100,000 of in-kind support, with annual investments of $50,000 to follow, to Antioch College for a new program to bring financial professionals into the city's high schools and offer internships. In Antioch's business and finance academy, select students will be interviewed and chosen to work for six weeks this summer as paid employees at the credit union, where they will be trained in various financial skills. The credit union also will install a student-run credit union inside Antioch. Students who complete the summer program will operate the new credit union as branch managers and tellers. It will open during the fall of the 2010-2011 school year.
Ohio CU Joins Student Choice
COLUMBUS, Ohio-MidState Educators CU said it will begin offering private student loans through the Credit Union Student Choice program. Students enrolled at least half-time in a four-year degree-granting program at a public or private non-profit school are eligible for CU Student Choice Loans. Once approved for a CU Student Choice loan, students can borrow from $1,000 up to the cost of attendance, less any other financial aid awarded. With a Student Choice loan, a student receives a line of credit of up to $75,000, which can be accessed as needed throughout the college years.
Scavenger Hunt To Mark Opening
CANTON, Ohio-Champion CU is staging a scavenger hunt for cash to celebrate the opening of its new branch in Waynesville. On the morning of May 7, local residents will wake up to lime green envelopes stashed all over town. Inside are certificates worth real money, some as much as $100. Lucky finders only will have until 6 p.m. to redeem the certificates at the new branch later that day.
The grand opening also will feature a wind machine that will allow participants 10 seconds to grab as much of the $3,000 that will be blowing in the wind. Cards enabling participation were mailed and distributed in the weeks prior to the event, but will be available in limited numbers the day of the event.
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