Wright Patt CU, Gulf Winds
Announce Year-End Bonuses
FAIRBORN, Ohio--Two more CUs announced bonus dividends last week.
Wright-Patt Credit Union said it would pay a $5-million Special Patronage Dividend on Jan. 4, 2012. Over the past four years WPCU has paid more than $16-million in such bonuses.
"Returning $5 million to members is unique in this industry because a for-profit institution would not likely give money back to the very customers who helped them make it," said CEO Doug Fecher.
Wright-Patt CU said many members will easily receive $15 just for having an active debit card, using home or mobile banking and having e-statements. Others will receive hundreds of dollars due to the amount of products and services they have with the credit union.
In Pensacola, Fla., meanwhile, Gulf Winds FCU paid a $1 million bonus divided to members on Nov. 30.
VolCorp, W. Va. Corporate Move Ahead With Merger
NASHVILLE, Tenn.-Members of Volunteer Corporate Credit Union have approved the combination with West Virginia Corporate Federal Credit Union to create a $1.5-billion corporate, one of six pending corporate marriages.
Under the deal, VolCorp, with $1.3 billion in assets, will be the survivor, with the name and primary office location being maintained in Nashville. West Virginia Corporate's Parkersburg, W.V., headquarters will become a branch of the merged corporate. Other mergers include Southwest Corporate (Bridge) FCU with Georgia Corporate FCU to create Catalyst Corporate FCU; Corporate One FCU with Southeast Corporate FCU; Alabama's Corporate America CU with Louisiana Corporate CU; and Kansas Corporate CU with Montana's Treasure State Corporate CU.
NCUA Liquidates BCT FCU,
ALEXANDRIA, Va.-NCUA last week liquidated BCT FCU, a one-time $50-million credit union it took under conservatorship in October, and sold the remnants to Visions FCU in nearby Endicott, N.Y.
The deal comes as Visions, a $2.7-billion, former IBM employees credit union, is in the process of absorbing Paragon FCU, a troubled $410-million credit union in Montvale, N.J.
NCUA said it made the decision to liquidate and discontinue operations of BCT, which recorded a $9.6 million loss for the first three quarters and negative net worth, after determining the credit union was insolvent and has no prospect for restoring viable operations on its own.
Time To THINK About 2012
RANCHO CUCAMONGA, Calif.-CO-OP Financial Services has opened registration for its THINK 12 Conference.
The meeting will be held April 29-May 2 at the Boca Raton Resort & Club in Florida. "We are looking forward to hosting THINK 12 in Florida, so that our clients and colleagues east of the Mississippi will have a shorter distance to travel to hear our world-class featured speakers," said CEO Stan Hollen. For info: http://co-opthink.org.
NJ CU Gets OK For Big FOM
WAYNE, N.J. - State regulators have approved a request from First Jersey CU to add 1.5-million residents in four adjourning counties to its field of membership, giving the $125-million credit union an FOM spanning more than two-million residents, the biggest among New Jersey's state charters and the first FOM approval by state regulators in five years.
The new charter will enable the 82-year-old credit union, which currently serves the 500,000 residents in its home of Passaic County, to add all of adjacent Bergen County and a vast swath of underserved communities in Essex, Hudson and Union counties.
Ad Compliance Deadline Jan. 1
ALEXANDRIA, Va.-Credit unions now have less than 30 days to meet the mandatory Jan. 1 compliance deadline for NCUA's new share insurance advertising requirements. The agency's new revisions to its advertising regulations require radio and TV ads (with an exemption for ads of less than 15 seconds).
NAFCU Meets With CFPB, Fed
WASHINGTON - NAFCU's board last week met with officials of the new Consumer Financial Protection Bureau and the Federal Reserve to discuss credit union issues.
"These remain challenging times for our nation's financial institutions and our economy, and credit unions have a vital role in helping our economy recover through their service to their members and their communities," said NAFCU President and CEO Fred R. Becker, Jr.
VP Gets Two-year Sentence
CHARLESTON, W.Va. - The former vice president of operations of Star USA FCU has been sentenced to two years behind bars after pleading guilty to using false information to obtain $280,000 in home equity lines from her credit union. Michelle Morris, 38, used relatives' names and identifying information to fraudulently obtain loans from the credit union. During her employment, Morris created fraudulent loans and home equity credit lines - ranging from $5,000 to $134,000 - using relatives' information. Proceeds from some loans were used to pay off earlier fraudulent loans.
Morris used the loan proceeds and concealed the evidence by changing mailing codes and addresses to keep relatives from receiving mailings.
BFCU Expands To Serve Latinos
BETHPAGE, N.Y. - Bethpage FCU opened its 25th branch last week in Patchogue Village as part of an expansion in Suffolk County to better serve minorities, including Latino Long Islanders. The $4.3-billion credit union called the opening as part of an "aggressive Suffolk County expansion," including efforts to serve minority populations. The branch, Bethpage's 11th in Suffolk, includes Spanish speaking staff.
Bethpage described the opening as part of the Village of Patchogue's revitalization, including businesses, government, and arts and entertainment entities. As part of its expansion, Bethpage also plans to open a branch in West Babylon later this year, seeking to reach across the region that its federal community charter allows it to serve.
PITTSFIELD, Mass. - Greylock FCU has pledged $100,000 to Girls Incorporated of the Berkshires in support of the organization's Go Girl endowment campaign to help girls "become smart, strong and bold."
The Go Girl campaign was launched to create a fund to ensure that girls throughout Berkshire County, ages 5 to 18, would continue to receive research-based prevention programs that encourage them to master physical, intellectual and emotional challenges. Girls Inc. has raised nearly half of its $1 million goal for the campaign.
Each year more than 1,000 girls from 22 towns take part in the programs at Gladys Allen Brigham Community Center.
