MECU Pays Another Bonus, Plans Yet Another In Dec.
BALTIMORE-MECU of Baltimore, which paid its members a $2 million mid-year bonus in July, paid another $1.14 million on Dec. 5, and plans one more bonus before the end of the year. The $1.2-billion credit union, formally Municipal Employees CU, has been paying its members a semi-annual bonus, as many members are teachers and aren't paid during the summer.
Other CUs are also announcing year-end bonuses (see story, page 2).
MECU is finishing up one of its most successful years ever with a $6.7 million net for the first three quarters of the year, up from $6.1 million last year. This year's holiday bonus amounts to $6.25% of interest earned between July 1 and Nov. 30. MECU will pay its members extraordinary dividends for the period of July 1 to Dec. 31, on Dec. 31, its third bonus dividend of the year. For all of 2012, MECU will have returned $4.25 million to its members.
Navy FCU Continues Ongoing Expansion Of Its Branches
VIENNA, Va.-Navy FCU, which has opened 42 branches since the start of 2010, is opening two more branches this week, its 6th and 7th new branches in the last four months. Navy is floating its newest branches in Orlando, Fla., to serve 20,000 local members of the world's biggest credit union, and San Marcos, Calif., where the $52-billion Navy Federal claims 100,000 local members.
Massachusetts' NBCU Seeks Broad FOM Expansion
BOSTON-New Bedford CU has applied to state regulators to expand its field of membership to cover almost 1.5 million resident in the state's Barnstable, Bristol and Plymouth counties, and the towns of Little Compton and Tiverton in nearby Rhode Island. The $123-million credit union, chartered in 1932 to serve employees of the city of New Bedford, has had low growth and narrow net income in recent years.
CFCU Joins Consumers Council
CHERRYVILLE, N.C.-Carolina FCU has become the fifth credit union to join the North Carolina Consumers Council, a nonprofit organization promoting consumer education, awareness and protection that will expand membership eligibility for the credit union. Membership in the consumer group enables individuals to become eligible to join the credit union just by joining the council.
AmeriChoice Joins Local FHLB
MECHANICSBURG, Penn.-AmeriChoice FCU said it has been accepted as a member of the Federal Home Loan Bank of Pittsburgh, the bank's 27th credit union member. Membership in the FHLB supports the $170-million credit union's liquidity by providing access to the FHLB's line low-cost loans (advances), which can be used for community lending, general asset/liability management and financing.
Accountant Sentenced In Fraud
HARTFORD, Conn.-An investment accountant at United Nations FCU has been sentenced to five months in prison for stealing more than $87,000 from the credit union by filing false medical claims. The credit union self-insures its employees, but uses Connecticut-based Aetna to administer its insurance claims. Between 2009 and 2011, Halina Mielczarek, 47, of Queens, N.Y., submitted 157 medical claims, according to federal prosecutors.
Of those, 145 claims were fictitious, and she received approximately $87,000 for medical expenses that she and her family members never incurred. When asked to provide documentation justifying her claims, Mielczarek altered checks and other documents used to make other non-medical payments and submitted the fraudulent records to Aetna.
Mielczarek pleaded guilty to one count of receipt of stolen property and was also ordered to pay $87,000 in restitution.
Member Wins $20K Payoff
MIDLAND, Texas-Representatives of My Community FCU went to the home of members Ramon and Elvira Garcia last week with an oversized check for $20,000, flowers and confetti to award the Garcias the credit union's promotional loan pay-off.
The credit union offered its members a chance to have their loan paid off for those that signed up for a loan in November and December.
The $20,000 will be applied to the Garcia's auto loan.
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