Chicago S&L Failure Resurrected As CDCU
CHICAGO--Self-Help FCU, the California community development credit union which acquired Second Federal Savings & Loan in 2012, is officially reopening the failed southwest side thrift in conjunction with the city's the Resurrection Project, as Second FCU.
Though several credit unions have acquired failing banks and absorbed them into their operations, this deal is unique because it marks the first time a CU has acquired and revived a failing bank.
In an unusual alliance, Self-Help FCU, a $600 million affiliate of North Carolina's Center for Community Self-Help, and the Resurrection Project bought the failing thrift's 1,100, $161 million worth of mortgages from the FDIC, then acquired its deposits and three branches from Wintrust Financial Corp. in an effort to preserve banking services for the low-income Hispanic neighborhood where Second Federal operates.
Mississippi Navigator's Longtime CEO Resigns
PASCAGOULA, Miss.-Navigator CU, the state's second-largest credit union, announced the resignation of longtime President Laurin Avara
No reason was given for Avara's resignation. Navigator reported strong financials for the first six months of the year, including a $1.6 million net and net worth of almost 14%.
Robert Fertitta, chief financial officer for the $270 million-asset credit union, was named interim CEO. Fertitta has served as CFO since 1997.
He has managed diverse departmental operations, including risk management, electronic payments, information systems and card services in addition to accounting, finance and treasury responsibilities.
