Southeast Corp Members OK Corporate One Merger
COLUMBUS, Ohio-Corporate One FCU last week reported that members of Southeast Corporate FCU, Tallahassee, Fla., approved the combination of the two, creating one of the biggest corporates in the country with $5 billion in assets. The next step in the process is to obtain capital commitments from member CUs. As of May 22, more than $59 million in capital had been committed toward the total goal of $75 million. The merged institution will serve more than 1,100 CUs nationally, and will retain Southeast Corporate's Tallahassee offices as a branch. The merger is the seventh corporate combination over the past year, whittling down the one-time network of 45 corporates to 15, with three corporate mergers pending.
Former CU Moves One Step Closer to Going Public
CRANSTON, R.I.-Depositors of Coastway Community Bank, known until three years ago as Coastway CU, have approved the conversion of the former credit union to a mutual holding company, which will enable the $310-million bank to sell stock to the public. "The formation of a mutual holding company will give us the capacity to further expand the financial products and services Coastway offers, expand our capital base and establish relationships with other banks and financial service providers," said Bill White, president of the 92-year-old institution.
'High Five Refi' Debuts In Mich.
KALAMAZOO, Mich.-Consumers CU has rolled out a mortgage refinancing program it says will help reduce monthly payments and increase cash flow for troubled homeowners. Called "High Five Refi," it is similar to the federal Home Affordable Refinance Program (HARP), except the credit union said its version has no maximum combined loan-to-value, allows the new loan amount to include financed closing costs, transfers existing mortgage insurance to the new loan, and includes no lender's fees. The refis are aimed at borrowers whose homes are underwater but have been making mortgage payments on time.
Ex-Loan Chief May Have Stabbed Self
PHOENIX-Authorities are probing whether a knife wound suffered by William Liddle, former member business loan chief at AEA FCU, less than an hour before he was scheduled to be sentenced to prison was self-inflicted. Sentencing for the former MBL chief, who is expected to draw a long prison sentence for his fraud, was delayed Monday afternoon after Liddle's lawyer reported the one-time credit union executive had been hit on the head in his Phoenix back yard and woke up with a knife sticking in him. Investigators said a search of Liddle's home found directions to his wife and family how to proceed in the case of his death.
CUs For Kids Hits $100M Mark
SALT LAKE CITY--Credit Unions for Kids, the CU-wide effort to raise money for children's hospitals, said last week it has now raised more than $100 million for Children's Miracle Network Hospitals since it began in 1996. During 2011, $8.7 million was raised by CUs for Kids, with Phoenix ($445,895) the top individual market for fundraising.
Lending Award Nominations Sought
MADISON, Wis.--CUNA Mutual Group and the CUNA Lending Council are now accepting entries for the 13th Annual Excellence in Lending Awards, which recognize outstanding lending results and practices by credit unions. The categories, divided by assets of more/less than $250 million, include Consumer Lending, Mortgage Lending, Low/Modest Means, and Busienss Lending. The deadline for application sis Aug. 17. For info: www.cunalendingcouncil.org.
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