HarborOne Now Officially A Mutual Savings Bank
BROCKTON, Mass.-HarborOne CU, a one-time credit union for shoe manufacturing workers, has officially become a mutual savings bank. HarborOne Bank, in the biggest credit union conversion ever, far exceeding Minnesota's Think FCU, a former IBM employees' credit union, and Community CU of Texas, both of which had $1.3 billion in assets when they converted. The $2-billion institution was approved for FDIC deposit insurance and was granted a state banking charter by the Massachusetts Secretary of State.
Nine of 19 Firefighters Killed Were ASCU Members
PHOENIX-Arizona State Credit Union has created a matching gift fund to help the victims of the fire in Yarnell, Ariz., that killed 19 firefighters and has devastated the community. Nine of the firefighters who died were members of the credit union. Representatives of the credit union have been in the community offering to provide assistance. ASCU said it will match community contributions up to $20,000. In addition, it is making low-interest emergency loans available, waiving early withdrawal penalties and allowing skip-payments or rewrites on loans.
NCUA Extends Compliance Date For Participations Rule
ALEXANDRIA, Va.-NCUA has extended the effective date of its new loan participation rule (Parts 701 and 741) to Sept. 23. The original effective date had been July 25. The agency said it implemented the change because some credit unions were having trouble meeting the compliance date. It added it will issue guidance to credit unions prior to September.
CO-OP Begins Brand Relaunch
RANCHO CUCAMONGA, Calif.-CO-OP Financial Services is beginning the first phase of what it says is a comprehensive marketing initiative to rebrand and promote CU shared branching. CU Service Centers and its swirl logo will be replaced by CO-OP Shared Branch signage, while the CO-OP Network logo will receive a slight revision and be rebranded as CO-OP ATM.
In mid-July CO-OP Financial Services will distribute launch kits to participants containing access to new signage, including logos, graphics, web/digital programs and more. The "go public" date is Aug. 13.
Merger Forms Big CU In Utah
OGDEN, Utah-Goldenwest CU said last week it has agreed to combine with Logan-based USU Charter CU to create a credit union with almost $1 billion in assets serving 105,000 members. USU Charter, chartered in 1957 to serve employees of Utah State University, has $140 million in assets and will maintain its familiar brand in Cache Valley by operating as a division of Goldenwest.
MECU Pays $1.5M Midyear Bonus
BALTIMORE, Md.-MECU of Baltimore has paid its members, many of whom are teachers, a $1.5 million bonus, half of the annual bonus the $1.2 billion credit union typically pays. MECU began paying the summer bonuses because many of its members work for the Baltimore City School System and don't get paid during the summer. This summer's cash bonus consists of loan interest rebates, which returns part of the interest members paid on loans, and an extraordinary dividend.
Two Mich. CUSOs Complete Merger
LIVONIA, Mich.-The Michigan CU League said it has completed the combination of its two very successful CUSOs, CUcorp and CU Solutions Group. CU Solutions Group was formed in 2010 and is owned by the Michigan league and 125 other investors made up of 20 other leagues, 100+ CUs and other organizations, including CUNA Mutual Group, CUNA Strategic Services and CO-OP Financial Services. David Adams will continue to serve as CEO of the Michigan league and CU Solutions Group.
Not Guilty For Anti-Bank Graffiti
SAN DIEGO--A man who drew multicollored, anti-bank messages in chalk outside three Bank of America branches that urged people to move funds to a credit union has been found not guilty of vandalism charges in state court. Jeff Olson said he drew the messages out of dissatisfaction over the bank's fees.
