SECU Partnering With City On Foreclosure Rehabs
DURHAM, N.C.-State Employees' CU is partnering with the city of Durham to help rehabilitate foreclosed homes in distressed neighborhoods through its recently formed property management CUSO, SECU*Real Estate, or SECU*RE. The $27 billion credit union signed a "Pledge of Support" with the city to develop and implement a cooperative model it said will help mitigate foreclosures elsewhere in North Carolina. The project initially has targeted approximately 14 properties on Hibiscus St. in Durham that SECU plans to renovate and rent out.
Harry Ovitt, CEO OF NSWC FCU, Killed In Auto Accident
DAHLGREN, Va.-Harry Ovitt Jr., 63, the longtime CEO of NSWC FCU, was killed in a car accident on Aug. 8 on his way to work. Ovitt, who was wearing his seatbelt, was taken by ambulance to Mary Washington Hospital, where he died. Ovitt was alone, and no other vehicles were involved. Ovitt had been CEO at the $300 million credit union, chartered to serve employees at the Naval Support Activity South Potomac facility, for 27 years.
NY Fed: No Reason To Fear Increased Subprime Auto
NEW YORK-New analysis released by the Federal Reserve Bank of New York suggests that a revival of subprime auto lending, which has spurred concern in some quarters about excessive risk, should not be a concern. The bank's researchers found that automobile buyers in the lowest band of credit scores are borrowing about $20 billion per quarter, which is roughly in line with pre-recession trends. Loans to borrowers with the worst credit scores amounted to approximately 24% of total auto loan originations in the second quarter of this year, according to the report. That is a high mark for the last five years, but it is well below the 30%-plus levels reached in both 2001 and 2006.
PMCU Wins 'Chili Challenge'
SAN DIEGO-The first-ever "Credit Union Chili Challenge" here helped raise more than $10,000 for charities while proclaiming the team from Pacific Marine CU as the chili-cooking champions. Held at the Del Mar Thoroughbred Club Racetrack and sponsored by Xpress Data, Inc. (XDI), 10 CUs competed for trophies and bragging rights at the event that was sanctioned by the International Chili Society. By taking first place, Pacific Marine CU's "Chilis-a-Blazin'" team won $5,000 for the charity of their choice, Rady Children's Hospital. The team also qualified to compete in the Homestyle Division of the 47th Annual International Chili Society (ICS) World's Championship Chili Cookoff.
The "Chili Chili Bang Bang" team from 1st United Services CU took 2nd, while "Team Fat Chili" from USE CU took 3rd.
Big Crowd At DCUC's 50th
WHITE SULFUR SPRINGS, W.V.-The Defense Credit Union Council drew one of its largest group of attendees in its history when it drew 477 attendees to its 50th annual meeting at the Greenbrier Hotel here last week. Among those speaking to the meeting were NCUA board member Michael Fryzel, CUNA CEO Bill Cheney, NAFCU CEO Dan Berger, NASCUS CEO Mary Martha Fortney and keynoter Ernest Gregory, former Principal Deputy Assistant Secretary of the Army.
Chartway Consolidates Brands
SALT LAKE CITY-Chartway FCU said it will bring together two CUs it previously had absorbed via merger and which it had been operating as separate "divisions," Utah Central and HeritageWest, under the single HeritageWest brand effective Oct. 1.
Chartway also operates five Southwest Community CU branches in four Utah markets and has 50 total branches across 10 states.
Suit Filed Against Harland
SANFORD, Fla.-Dinesh Sheth, the former owner of Parsam Technologies, has filed suit against Harland Financial Solutions alleging the latter has deliberately failed to comply with a 2010 purchase and sale agreement under which Harland acquired his company and its primary product, uMonitor.
Sheth alleges in the suit that Harland agreed to buy his company for $33 million in cash and a $25 million "earn out," but that due to changes made by Harland upon acquisition the earn-out could not be earned.
