Bank Trade Groups Unite Against CUs
WASHINGTON-The nation's three leading trade associations for banks said last week they have joined together to fight credit unions and work towards the repeal of the credit union tax exemption.
The three groups, the American Bankers Association, Independent Community Bankers of America and America's Community Bankers, have fought the credit union battle for years but have done so separately.
The three trade associations said they have each committed staff and additional resources to the Inter-Trade Credit Union Coordinating Council, which they called a long-term project.
Jack Henry Places Bid For InterCept Processor
MONETT, Mo.-Credit union outsourcer Jack Henry & Associates has made an offer to acquire InterCept Inc., which is in the middle of a heated proxy battle.
InterCept, based in Norcross, Ga., provides check processing and imaging, debit card processing, and electronic funds transfer services for merchants and financial institutions.
The bid is reported to be for $16 a share, or $325 million, a slight premium over the $15 InterCept shares are trading at.
The offer comes as InterCept management is fending off a proxy initiative by dissident shareholders Jana Partners LLC, a San Francisco hedge fund which owns 9.4% of the company's shares and wants to force a sale of the company.
Jana also wants to oust InterCept CEO John Collins, who tried unsuccessfully last year to take the company private.
BECU Plans To Have Layoffs
TUKWILA, Wash.-Boeing Employees CU said it plans to lay off 70 employees, 8% of its workforce, in a bid to trim costs.
The layoffs, to take effect July 1, will cut across all departments and include both management and staff.
All affected employees will receive severance pay and career counseling. The $4.6-billion credit union employs 800.
ATM Danger For Elderly Member
OAK RIDGE, Tenn.-A 90-year-old member of ORNL FCU was robbed Saturday afternoon while making a withdrawal at a credit union drive-thru ATM.
Police said Sallie Walker received minor injuries, including a scratch on her arm, after a thief grabbed the cash from her hands through the window of her car. The robber is still at large.
CUs Warned Of Cyber-Attacks
LAS VEGAS-Credit unions are being warned they can expect an increase in credit union-specific cyberattacks. "The word is out and credit unions are targets," according to Brent Huston, president of MicroSolved. "Just like banks, knowledgeable attackers go to where the money is."
Huston made his remarks during the CU InfoSECURITY Conference held here and sponsored by William Rogers & Associates. "More worms are coming along with more viruses. Spyware continues to be at the top of the charts," said Huston. "Risks of denial of service will remain the same. Complexity will increase. More worms will impact your network."
CU Aids Illinois Flood Victims
GURNEE, Ill.-Great Lakes Credit Union is lending assistance to people affected by the floods that have struck the area. The North Chicago, Ill.-based CU has launched a "Let Us Keep The Change" campaign to run through June.
All proceeds will be donated to the United Way of Lake County. The credit union is asking members to donate their coins to the fund.
VolCorp Signs Up FAA FCU
NASHVILLE, Tenn.-Volunteer Corporate Credit Union reported that FAA Federal Credit Union has become the first investor in its "SimpliCD" program. The certificate of deposit program offers investors access to federally insured CDs from issuers nationwide, helping to boost liquidity.