Pentagon, VFW FCUs Merge
ALEXANDRIA, Va.-NCUA said it has approved a request from Pentagon FCU to acquire VFW FCU, a $3-million Kansas City, Mo., credit union, in the $6.5-billion credit union's fifth merger in the past two years.
Over the past two years the credit union giant has also acquired: Fort Shafter FCU ($46 million), Coast Guard Employees FCU ($13 million); D.C. Veterans Affairs Medical Center FCU ($15 million) and Fort Hood Military FCU ($25 million).
NCUA said it approved 24 mergers in May, making a total of 122 mergers approved through the first five months of the year.
Eighteen of the mergers approved last month included one or more small credit unions under $5 million in assets, making a total of 81 small credit unions that have disappeared through mergers so far this year.
The biggest mergers approved last month were: Watermark CU, Seattle ($400 million) with King County Medical Society CU, Seattle ($14 million); DPL FCU, Newark, Del. ($65 million) with Hercules FCU, Wilmington, Del. ($11 million); and Colorado State Employees CU, Denver ($660 million) with CSM FCU, Golden, Colo. ($9 million)
NMCUL Adopts New Name
ALBUQUERQUE, N.M.-The New Mexico Credit Union League's membership unanimously voted to change the league's name to the Credit Union Association of New Mexico, effective Sept. 1.
The name change reflects the league's desire to make it more obvious to legislators and members of the public that the league is the state trade association for credit unions in New Mexico.
"We are very excited about our new name and we hope that it will help us to represent the state's credit unions even more effectively," said League CEO Sylvia Lyon. "We won't have to explain who we are and what we are when introducing ourselves to legislators and other community members."
Underserved Areas Draw FCUs
ALXANDRIA, Va.-Expansions into low-income communities continue to be the most popular method of broadening field of membership for federal credit unions, according to NCUA, which approved another 42 underserved expansions encompassing 3.7 million people last month.
NCUA approved several Louisiana credit unions to expand into low-income communities, including Greater New Orleans FCU, Metairie, La., to serve 500,000 people in Orleans Parish; both Bossier FCU, Bossier City, La., and VAC FCU, Shreveport, La., to serve 400,000 people in Caddo, Bossier and Webster parishes; and La Capitol FCU, Baton Rouge, La., to serve 200,000 residents in Lincoln, Rapides and Allen parishes.
The biggest underserved expansion approved last month was for JetStream FCU, Miami Lakes, Fla. (formerly FAA FCU), to serve more than 500,000 residents of Puerto Rico.
Corporate One Signs Imaging Deal
COLUMBUS, Ohio-Corporate One CU said it has contracted with Alogent Corp. to deliver image and data capture, validation and management of check deposits as part of its Check 21 infrastructure strategy for its member credit unions.
The Alogent technology will help Corporate One provide faster and expanded services on check and item imaging. Under the deal, Corporate One will implement Atlanta=based Alogent's Sierra Xpedite deposit automation solution.
Low-Income Counseling A SNAP
OLYMPIA, Wash.-Two area credit unions have joined a local community group to provide financial counseling services to low-income residents of Spokane County.
The credit unions, Washington State Employees CU and Numerica CU, will provide free financial training and counseling and will help operate the Spokane Neighborhood Action Program, or SNAP
The program also allows participants in the program, many of whom are homeless or unbanked, to join one of the CUs.
Bankers Systems CUDLs With CUs
RANCHO CUCAMONGA, Calif.-CU Direct Lending said it has approved the use of Bankers Systems' motor vehicle retail contracts for use by its member credit unions. Bankers Systems' line of motor vehicle lending documents helps credit unions meet compliance requirements in all 51 U.S. jurisdictions.
The St. Cloud, Minn.-based company provides credit unions with retail contracts, title applications and other related documents.
Corporate One Signs Imaging Deal
COLUMBUS, Ohio-Corporate One CU said it has contracted with Alogent Corp. to deliver image and data capture, validation and management of check deposits as part of its Check 21 infrastructure strategy for its member credit unions and their branches.
The Alogent technology will help Corporate One provide faster and expanded services on check and item imaging. Under the deal, Corporate One will implement Alogent's Sierra Xpedite deposit automation solution. Alogent is based in Atlanta.
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