Dems Place Deposit In CDCU Ahead Of Convention
CHARLOTTE, N.C. - The Democratic National Committee announced last week it has deposited $4 million in Durham-based Latino Community CU and Mechanics and Farmers Bank for use in conjunction with the Democratic National Convention being held here the week of Sept. 3. The funds are being deposited as part of an effort to provide local institutions with financial and public support in advance of the convention, according to the DNC.
Latino Community is one of the nation's biggest community development credit unions with more than $100 million in assets and ten branches.
The money is a portion of the more than $17 million in public funding received by the committee to help cover the costs of running the convention. The majority of the funds are being deposited with Bank of America, which is also based locally.
Texas League To Recognize
Dozen Folks During '12
FARMERS BRANCH, Texas--The Texas Credit Union League last week introduced a program it is calling "12 of 2012," a year-long effort to recognize both individuals and credit unions.
"We are recognizing efforts of credit union leaders and innovators who go above and beyond," said CEO Dick Ensweiler in a released statement. "From record-setting grassroots efforts to collaborative outreach on the chapter level to unprecedented fundraising for the political action committee, we've developed this program to highlight the good works underway throughout the state." The first winner will be announced Jan. 16.
CoVantage Pays Rebate, Bonus
ANTIGO, Wis.-CoVantage CU paid members a $1.5-million patronage dividend comprised of both a loan dividend and rebate. The savings component provided an additional dividend based on total earnings on selected accounts, while the loan interest rebate returned a portion of the interest paid on loans. The savings bonus has been paid for the past four years, while the loan interest rebate has been provided since 1981 (see related story, page 3).
Deputy's Is Hurt, Suspect Shot
FT. WORTH, Texas-A sheriff's deputy here was seriously injured and hospitalized after his throat was slashed during a robbery at a branch of Forth Worth Community CU. The deputy, Fredrick Bauer, 58, was off-duty and working as a security officer at FWCCU when he approached the suspect after the robbery in the credit union's parking lot. During the attack Bauer was able to fire a shot into the suspect, who was hit in the head. The suspect was hospitalized and listed in good condition." Bauer was also treated and released from the hospital. Police said a second suspect escaped.
CU Officially Purchases Bank
ST. JOSEPH, Mich.-On Jan. 1., United Federal Credit Union here officially completed the purchase of Griffith Savings Bank, Griffith, Ind. The deal marks the first time an FCU has ever purchased a state-chartered, FDIC-insured mutual savings bank. The $1.3-billion CU is acquiring approximately $80 million in assets under the deal.
Dough Raises Lot of Dough
BEAVERTON, Ore.--Rivermark Community CU and the Clackamas Safeway Bread Plant teamed up to mix more than 30,000 pounds of cookie dough for the 29th Annual "Dough for Doernbecher" fundraiser. Members could buy five-pound bags of the cookie dough online and at the CU's branches. Using refrigerated trucks donated by Resers's Fine Foods and Enterprise Car Sales, Rivermark employees transferred the dough from the bread plant to branches for pick-up.
Student Sentenced For Robbery
SYLVA, N.C.-A Western Carolina University student will spend at least 10 months in prison for robbing a State Employees' CU branch with a toy gun. Brian Edwards, 21, pleaded guilty to common law robbery and was sentenced to between 10 and 21 months in jail. The junior from Hendersonville majoring in computer information systems confessed to the holdup.
Jackson County Sheriff's deputies found a black plastic gun under the front passenger seat of Edwards' car hours after the robbery. Deputies also found a mask in the car and money under a bathroom sink in his apartment.
$25K Donated To Hospital
RALEIGH, N.C. - Local Government FCU has contributed $25,000 to Levine Children's Hospital in Charlotte and its project to renovate a rooftop garden that serves as a playground. The project is coordinated by the Carolinas CU Foundation. The idea is to rally credit unions in the communities surrounding the two cities hosting the Democratic and Republican National Conventions. Charlotte is hosting the Democratic Convention this September.
Member Forfeits $2.6 Million
UTICA, N.Y. - The owner of a tobacco store on the Akwesasne Mohawk Reservation was ordered to forfeit $2.6 million and to serve 12 months home confinement for laundering more than $2.6 million of deposits in Seacomm FCU and Community Bank to evade Currency Transaction Reporting. Rosalie Jacobs, 62, pleaded guilty to a conspiracy to structure a series of cash deposits in increments of less than $10,000 into her credit union and bank accounts to avoid federal reporting requirements.
BUFFALO, N.Y. - A senior teller at Morton R. Lane State University FCU last week confessed to stealing $40,000 from the credit union here. Wanda Hasbrouck, 51, admitted to stealing nearly $40,000 between May and September of 2011 from the CU. Hasbrouck pleaded guilty to fourth degree grand larceny. She has already repaid $16,550 and will sign a confession of judgment at sentencing for the remainder.
RICHARDSON, Texas - Texans CU has signed with INVEST Financial Corp. to provide its members with brokerage and investment services. INVEST currently supports more than 140 banks and credit unions and more than 1,200 representatives nationwide. The Tampa, Fla.-based firm is a subsidiary of National Planning Holdings, one of the largest independent broker-dealer networks in the industry.
