Florida CU Giant Plans To Switch To State Charter
LAKELAND, Fla.-In the latest development in the shake-up of the state's largest credit unions, MidFlorida FCU has converted to a state charter, paving the way for a broader field of membership.
The $1.4-billion CU, which scuttled a merger with Sarasota Coastal CU, currently serves the five counties of Polk, Highlands, Hardee, DeSoto and Okeechobee. The Sarasota Coastal deal would have added three more counties, Sarasota, Manatee and Charlotte. Credit union officials said they are still eyeing entry into the Sarasota market.
MidFlorida will hold a series of town hall meetings with its members to determine how it plans to expand.
Pentagon FCU Plans For Customer Center In Omaha
ALEXANDRIA, Va.-Pentagon FCU is expanding its operations in Omaha, Neb., with the addition of a second customer-care center to handle mortgages and collections.
The $14-billion CU currently has about 285 employees at its accounting, data and call center in northwest Omaha.
PenFed expects to bring about 100 to 150 new jobs to the new facility, and as many as 300 over the long term. The operation will be sited in the former ADT building, which sits in a business and technology park near 72nd Street and Cornhusker Road.
CU Flies High With New Branch
WICHITA, Kan.-Cessna Employees CU, which has watched thousands of its members lose their jobs during the past seven months, is constructing a free-standing branch at Cessna's Pawnee facility. The new branch will provide better access to the credit union's members who no longer work at Cessna. The CU currently operates a branch at the Cessna plant. The new 4,000-square-foot facility will cost of about $1 million.
CU Of Colo. Adds New Denver Branch
DENVER-The CU of Colorado is expanding its branch network with a new facility in nearby Parker. The branch will be the $900-million CU's ninth in Metro Denver, and 15th overall.
CU Commits To $6.3M Biz Line
KINGSTON, N.Y.-Hudson Valley FCU has arranged commercial financing of $6.3 million for three local businesses. The financing for two CVS pharmacies and one Taco Bell amount to five-year loans at an interest rate of 5.25% per annum with amortization on a 25-year schedule. The CU loans were arranged through Cedar Shopping Centers, Inc., of Port Washington, N.Y.
SAFE Joins $95M Biz Park Financing
SACRAMENTO, Calif.-SAFE CU said it has joined three local banks in providing a $95- million secured credit facility for McLellan Business Park, the redevelopment of McClellan Air Force Base, which was shut down a decade ago. The new credit facility is for up to five years and provides a revolving line of credit. Participating banks are Wells Fargo, Bank of America and River City Bank. The development will encompass 3,000 acres and 8.5 million square feet of commercial, retail, office and residential buildings.
CU Rewards Teachers, Students
ASTON, Penn.-Sun East FCU recently held its annual Scholarship and Teacher Award reception where it awarded 10 high school seniors, two college students, and one endowment of $500 each for dedicating themselves to the community in the spirit of "People Helping People." Three eighth-grade students received $100 student awards. The "Best Teacher Under the Sun" Award recognizes teachers who demonstrate outstanding behaviors in motivating their students to reach beyond their grasp. Three teachers were awarded $1,000 for their accomplishments: $500 to the teacher, and $500 to the teacher's school.
Mngr Charged With Stealing $1.2M
MIAMI, Ariz.-The manager of the now-defunct Marian Miami FCU was charged with embezzling $1.2 million from the credit union, which was taken over by regulators in 2006. Marlene Pena, 45, who ran the credit union from 2000 until its demise, was charged in a federal indictment with creating 141 phony loans and issuing the funds to family members and friends. After the scheme was uncovered, the $8.6-million credit union was taken over and liquidated by state regulators in the fall of 2006.
