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Arrowhead Launches MBL Program For CUs

SAN BERNARDINO, Calf-Arrowhead CU said it has put off plans to start its own bank, temporarily, while it cultivates its new business lending operation. The new service, which began operations Jan. 1, will provide member business loans to the credit union's members and assist other California credit unions in their MBL operations. The credit union had planned to apply to state regulators to charter a new bank that would specialize in business lending, but those plans have been put on the backburner for the time being.

Would-Be Robber Has A Change Of Heart

EGG HARBOR TOWNSHIP, N.J.-A local man turned himself into police last week after he apparently lost his nerve during a hold-up at South Jersey FCU. Kenneth Dunn, 43, walked into the credit union branch inside Shore Mall around 9:50 a.m., went to the teller's window, indicated he had a gun, and demanded cash. But before the teller could comply, Dunn fled. Within an hour he turned himself in. He was released on $10,000 bail after being arraigned on attempted robbery charges.

Best Payoffs For CU Members Also In Vegas

LAS VEGAS-Clark County CU, one of the nation's most profitable credit unions, is paying members a bonus dividend of $3.75 million, deposited in their accounts last week.

This year's payout comes after the $340 million credit union racked up more than $7.3 million in net income for 2002, a return-on-average assets (ROA) 0f 2.16%.

The bonuses will be based on how much each member used the credit union's products and services during the year.

More than 10,000 members will receive more than $100 and the average payout will be $119 per member, with one member earning $20,300.

NCUA To Add Economist

ALEXANDRIA, Va.-NCUA is expected to end a decade's hiatus when it hires a chief economist later this year. The NCUA Board has budgeted to fill the job of chief economist who will serve in the Office of Strategic Program Support and Planning, NCUA Chairman Dennis Dollar told The Credit Union Journal. NCUA has not had a chief economist since the 1991 death of Charles 'Chick' Bradford.

Fairwinds CU To Rebate $1M

ORLANDO, Fla.-Fairwinds CU said it will return more than $1 million in the form of bonuses and rebates to members. A bonus dividend of 2.34% is being paid on members savings accounts, while an interest rebate of 2.34% is being paid to all borrowers, excluding credit cards.

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