On Deadline

Register now

Texas' OCECU Shut Down; 13th CU Failure In 2010


ORANGE, Texas-NCUA and state regulators last week shut down Orange County Employees Credit Union, the 13th credit union failure of 2010. Regulators immediately assigned the assets of OCEFCU to Sabine FCU, a $150-million credit union based in the same town, under a purchase-and-assumption agreement. NCUA said the rapidly deteriorating financial condition of the credit union, which had shrunk to just $1.7-million in assets as of March 31 from $4 million as of Sept. 30, 2009, along with negative net worth led to the closure.


Herb Yolles Will Head Up Region III Through Year-End

ALEXANDRIA, Va.-NCUA named Herb Yolles as temporary Regional Director of Region III through the remainder of 2010. Yolles joined NCUA in 1978 and he has served during his career as CFO, deputy director of examination and insurance, president of the Central Liquidity Facility, and Inspector General. Most recently Yolles Associate Regional Director of Operations in Region II.


To Mark 75th Birthday, BECU Giving Out Cash

SEATTLE-To mark its 75th anniversary, BECU is handing out $1 bills. The credit union, chartered in 1935 by 18 employees of Boeing, passed out the largesse last week at its Capitol Hill branch in the city and will be handing out more cash today at Northgate Mall. The credit union is also be donating $25 for every account opened to the Lifelong AIDS Alliance, except for Friday, when the money will go to the Northwest Burn Foundation through Thunderbird Rodeo. BECU, which originally was known as Fellowship CU and in 1949 became Boeing Employees CU, today is the nation's fourth-largest credit union with almost $9 billion in assets and more than 600,000 members.


Faust Announces Retirement

MADISON, Wis. - Andy Faust, CEO of the $1.4-billion Summit Credit Union, said he will retire effective Sept. 30, 2010. Kim Sponem, president of Summit, will take over as President/CEO on Oct 1. Faust began with credit unions as a teller at State Capitol Employees CU in 1976 (today it is Summit) when it had $1.4 million in assets.


DCCU Buys Bank Branch

HARRISONBURG, Va. - DuPont Community CU has purchased the former NewBridge Bank branch for $1.2 million. The deal between the Waynesboro-based credit union and NewBridge Bank became final last week. DuPont will open a branch at the location later this year.


Kid In Velcro Collects Cash

EAST SYRACUSE, N.Y. - A student from St. Daniel-St. Matthew Academy in East Syracuse had the opportunity to roll around in hundreds of dollars wearing a Velcro suit last week, snatching $265 along the way, as part of the credit union's lesson on savings.The six-year-old won more than other contestants in the past because he decided to grab the special pink envelopes with mystery amounts inside.

"We realize students have a very short term sense of money. They'll get money for their birthday or Christmas and they'll want to run to the mall and spend it. So we're trying to get them to think in terms of intermediate and long term savings goal which is something that everyone needs no matter walk of life they have," said Bill Sweeney, president of Core CU.


Fynanz Adds 50th CU

NEW YORK--Fynanz, Inc., a provider of customized private student lending solutions and the cuStudentLoans.org private student loan marketplace, reported it has reached a new milestone, with 50 credit unions having now signed on to its student lending network. The two most recent additions are Princeton FCU with the EdAccess turn-key private student loan program, and Dort FCU with a custom-built private student loan program. Fynanz reported it has more than doubled the number of credit union partners in just 90 days.


Four Elected to CUMIS Board

MADISON, Wis. - Four directors have been re-elected to the board of CUNA Mutual Insurance Society: Bert Hash, CEO, Municipal Employees CU of Baltimore, Inc.; Alan Peppers, president/CEO, Westerra CU; Farouk Wang, Buildings & Grounds Management, University of Hawaii, and Larry Wilson, president/CEO, Coastal FCU.

For reprint and licensing requests for this article, click here.