Robbers Hit CU As Bush, Kerry Speak
DAVENPORT, Iowa-Three institutions, including one credit union, were robbed last week while President Bush and Democratic nominee John Kerry were speaking just blocks away from each other.
The Ralston CU was the first one hit, around 10:45 a.m., just after the President Bush began speaking at LeClaire Park. Then followed a hold-up at First National Bank at 11:23 a.m., and a third one at Southeast National Bank, at 11:45 a.m. Kerry had begun his own economic forum at the city's River Center at 10 a.m.
"I'm sure the bad guys read the papers and they knew when the presidential candidates were going to be speaking in town," Davenport Police Lt. Don Gano, told The Credit Union Journal.
A suspect in the credit union robbery was arrested a short time after the hold-up, said Gano. Police were investigating whether the three incidents were related.
West Coast CUs Form Workers Comp Option
RANCO CUCAMONGA, Calif.-The California CU League said it has partnered with Gallagher Captive Services, Inc., to provide workers compensation for credit unions in Hawaii, Nevada and California, where skyrocketing premiums over the last few years have caused many providers to pull out of the market.
The entities have formed C-U First Ltd., a licensed insurance company domiciled in Washington, D.C., and administered by Gallagher, based in Itasca, Ill. The mutual company is owned by the nine credit unions that are currently clients. Business on the West Coast, particularly in California, have been plagued in recent years by increases in workers comp premiums of as much as 80%. Under the scheme at C-U First, premiums will be based on an individual credit union's own experience, rather than the marketplace, as a whole. Members of C-First will also be able to recoup their unused premiums, based on their individual experiences. Organizers of the insurance program are looking at expanding it to credit unions in other states.
West Coast CUs Form
COQUILLE, Ore.-Oregon First Community CU said it has agreed to sell its downtown headquarters building to the city, which will convert it t a new city hall. The credit union will then buy a vacant downtown automobile showroom and tear it down to build a three-story, 28,000 square-foot headquarters. Under the deal with the city, Oregon First, formerly Oregon FCU, will lend the city $682,000 at 1% a year to finance the purchase of its property.