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CU Turned Bank Now Set For Public Offering

TACOMA, Wash.-Officials at former credit union Rainier Pacific Bank said they have all the regulatory approvals necessary to go public in an initial stock offering slated for later this month.

Former members of the converted credit union, those with deposits of at least $50 at Dec. 31, 2000-the date the credit union became a bank-will get the first shot at buying stock at the $10 a share offering price.

The newly formed holding company, called Rainier Pacific Financial Group, hopes to raise as much as $80 million with the sale of as many as eight million shares. After the former credit union members, the $540-million banking company will sell shares to its employee stock ownership plan (ESOP), then to depositors with at least $50 on deposit at June 30, 2003, then to other depositors.

Calif. Credit Union Seeks To Add Seven-Million

RIVERSIDE, Calif.-The board of Riverside County's CU has approved a move to expand the $550-million credit union to cover more than seven million residents in the nearby counties of Orange, San Diego and San Bernardino.

The 85,000-member credit union, which currently serves Riverside County and its two million inhabitants, has contracted with an independent consultant to help it develop a new name to reflect the broader field of membership. The credit union is planning to open at least three new branches-two in San Bernardino County and one in Orange County-if the expanded FOM is approved by the state's Department of Financial Institutions.

California Students Open CU

BAKERSFIELD, Calif.-Students at Ridgeview High School opened their own credit union operation when they returned to school this week, courtesy of Kern Schools CU.

The student-run branch will serve students, teachers and other employees at the high school.

Students will earn credits to work one period a day at the branch.

Man Charged As Robber, Carjacker

BRAINTREE, Mass.-A 31-year-old man, arrested on the island of Martha's Vineyard was charged with last week's armed robbery at Telephone Workers Credit Union and subsequent highway carjackings which snarled traffic south of Boston for hours.

William Brymer, of Quincy, was charged with armed robbery while masked, and assault and battery with a dangerous weapon.

Brymer is believed to be one of three men who held up the credit union at South Shore Plaza, carjacked a driver, then tried to carjack another vehicle as they ran across Route 3 waving guns at passing motorists.

The two other suspects remained at large at press time. Brymer is also wanted by Boston Police on several other charges, including credit card fraud, larceny, receiving stolen property, and forgery.

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