CU*Answers Seeking To Raise $5.4 Million
GRAND RAPIDS, Mich.-CU*Answers, a CUSO serving 190 credit unions, said last week it hopes to raise as much as $5.4 million in a debenture offering to its 104 credit union owners. The CUSO, provider of the CU*BASE core solution, said it is offering five-year debentures at 3.75%, which are structred to pay Prime Rate plus 50 basis points, with quarter interest payments. The CUSO's most recent debenture offering, which is sheduled to mature in June, paid a 6.50% rate.
NCUA Intro's Youth-Oriented
Site Called 'PocketCents'
ALEXANDRIA, Va.-NCUA has launched what it says is the first phase of its new, free youth microsite called PocketCents. The site was created in conjunction with the agency's month-long financial literacy campaign and is part of the broader MyCreditUnion.gov site. The agency said Pocket Cents provides access to tools and info designed to teach school-aged youth positive financial habits, offers lessons about the value of a dollar, and allows youth to explore the different currencies from around the world using an interactive map.
Ads In NJ Urge Senators
To Get Behind MBL BIll
HIGHTSTOWN, N.J.-The New Jersey CU League last week launched radio and Internet ads urging its two home state senators, Sen. Frank Lautenberg and Sen. Robert Menendez, to support the Credit Union Small Business Jobs Act (S. 2231) when it comes up for a vote (see related story, page 1). The ads also encourage N.J. residents to visit www.bankingyoucantrust.com to learn more and find ways to help get the legislation passed. The NJCUL is also conducting a postcard campaign similar to the one it initiated last year in support of municipal depository reform.
CUNA Mutual Reports Results
MADISON, Wis. --CUNA Mutual Group is reporting what it called stronger-than-expected results for 2011, noting strong performance in its core CU business pushed operating revenues up 4% last year to $2.5 billion, and net income inched up 1% to $88 million for the year. The credit union insurer said the diversification into crop insurance, which boosted profits in 2010, was more of a drain in 2011 as it paid out in crop claims due to natural disasters. However, its core credit unions and wealth accumulation businesses offset the crop insurance losses.
Operating revenue grew 5.4% in 2011, with more than half of that growth coming from crop insurance. Credit union consumer products (Auto & Home and Life & Health) and Wealth Accumulation offset lending-related revenue due to poor economic conditions, said the company.
Vamper Award Winners Named
NEW YORK--The National Federation of Community Development Credit Unions has named two people as the recipients of its 2012 Annie Vamper Helping Hands Award, the highest honor given by the federation to community development credit union (CDCU) staff and volunteers. The recipients are Phillip H. (Phil) Conner, board member at the $542,000 asset Mt. Zion Indianapolis FCU, and Helen Godfrey-Smith, president/CEO of the $87-million Shreveport (La.) FCU.
Conner joined the board more than 25 years ago and most recently chaired its delinquent loan committee, overseeing a reduction in delinquencies from 26% to nearly 0%. The effort included some in-person visits to collect payments. In 1983, Godfrey-Smith became CEO of Shreveport FCU and built the $1.9-million SFCU into an $88-million CDCU operating seven branches, with an eighth branch planned. Godfrey-Smith has also been active in traveling throughout the U.S. and world to help build CUs.
Both will be honored at the Federation's 38th Annual Conference on Serving the Underserved in Atlanta in June.
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CHANTILLY, Va. - Justice FCU, which serves the U.S. Department of Justice, announced plans to open branches in Chicago and Miami in an effort to live up to its motto, "Serving Justice Across the Nation." The $530-million credit union recently expanded its presence at the FBI National Academy in Quantico, Va.
