CU That Converted To Bank To Go Public
FIFE, Wash.-Rainier Pacific Savings Bank, which converted from a credit union 18 months ago, is planning to raise as much as $80 million with an initial public offering of eight million shares. The 70-year-old convert, chartered as Tacoma Teachers CU, will offer all former members with at least $50 deposited at conversion from a credit union, the ability to buy shares at the offering. Executives of the bank, formerly known as Rainier Pacific CU, plan to buy 18% of the stock. Proceeds from the offering will be used to finance possible acquisitions, and offer stock-based compensation to employees. The mutually owned savings and loan is the fourth converted credit union to go public.
Large Crowd On Hand For Australia Meeting
More than 1,000 were on hand last week as the World Council of Credit Unions kicked off its International Forum in Brisbane, Australia.
Michigan State FCU Donates $2.5 Million
LANSING, Mich.-Michigan State University FCU (MSU FCU), one of the first credit union to endow a university program, has taken its academic largesse one step further with a $2.5 million donation to fund the college's overseas study program. The MSUFCU Study Abroad Scholarship will provide qualified students with awards of $500 to $2,000 for overseas study programs approved by the MSU study abroad program. During the 2001-2002 academic year, 1,819 students participated in the program. To qualify for the scholarships, students must have a grade point average of at least 2.5 and demonstrate financial need.
The credit union also started the Endowed Chair in Financial Institutions/ Investments in 1999, which helped finance several MSU projects.
Hawaii CU Donates Mobile Unit
KAUA'I, Hawaii-Kaua'i Government Employees FCU helped the Kaua'i Police Department get more mobility in their efforts to fight local crime with a donation of a mobile command unit. The 33-foot trailer home will be equipped with phone and fax lines, maps, cell phone, radios and computers and will be used as a mobile command center in case of emergency or major crisis. The value of the 11-year-old vehicle, which previously served as the credit union's mobile banking center, has been set at $30,000 to $40,000. Police hope to fully equip the operation for about half the $400,000 the Honolulu Police spent to equip its mobile unit.
Florida CU Seeks Bigger FOM
PENSACOLA, Fla.-Members First CU of Florida has applied to state regulators to add three counties to its field of membership. The $120-million credit union has applied to add more than 500,000 residents in Escambia, Santa Rosa, and Okaloosa counties.
Man Gets 30-Year Sentence
DECATUR, Ill.-A man who fired several shots at police during a high-speed getaway from an armed robbery at Land of Lincoln CU last December was sentenced to 30 years in jail last week. Eddie Keomala, 27, who has promised to testify against his accomplice, apologized to the court and said drugs clouded his judgment. "I just want everyone to know that I'm truly sorry for my actions," Keomala, who was high on Ecstasy during the crime, said at sentencing. "Please forgive me." Keomala has offered to cooperate with the case against his co-defendant Chittakone Bangsengthong, 26.