Dawson Named To Helm At Navy Federal
VIENNA, Va.-Cutler Dawson has been named as the new president/CEO of the world's largest natural-person credit union, the $22-billion Navy Federal. He will replace the retiring Brian L. McDonnell. Dawson, who has served on the Navy Federal board for the past five years, will take the helm effective Dec. 6 after completing a 34-year career in the United States Navy. A three-star admiral currently serving in Bahrain, Dawson's most recent assignment was as Chief Financial Officer of the Navy and principal advisor to the Chief of Naval Operations for the annual development of the Navy's $100-billion program. Mr. Dawson holds an MS degree in financial management. "I am excited about my replacement and his ability to lead this credit union into the future," said McDonnell, 60. "I've worked closely with him throughout his years as a member of Navy Federal's volunteer family."
Former CU Raises
$58M In Public Offering
WAYCROSS, Ga.-Atlantic Coast Federal Savings Bank, the converted credit union known until November 2000 as Atlantic Coast FCU, said it raised $58 million in an initial public offering after converting from a mutual savings bank. The CU first sold 5.8 million shares to depositors, then began trading the shares on the Nasdaq Tuesday under the symbol ACFC. The shares closed Wednesday at $12.30, up 8% from the initial $11.37 trading price.
Muma To Step Down At Fiserv
BROOKFIELD, Wis.-Leslie Muma, one of the co-founders of Fiserv, said he plans to retire as CEO of the financial services outsourcing giant, in June 2006. Muma created Fiserv with George Dalton in 1971 by combining two small bank processing companies that has grown into a leader in back-office services for financial institutions with $3.5 billion in annual revenues serving 15,000 institutions and employing 22,000 workers.
SECU Signs With Allpoint
LINTHICUM, Md.-State Employees CU of Maryland, the state's largest credit union, said it has signed with ATM National to use the company's surcharge-free Allpoint ATM network. The $1.4-billion credit union serves 230,000 members. The deal will give SECU members access to about 800 ATMs within the credit union's market through the state of Maryland and in parts of Delaware, Pennsylvania and north Virginia, and about 31,000 surcharge-free ATMs nationwide. Allpoint has signed more than 50 credit unions to the network.
Glitch In Trial: The Real Dinky
JACKSON, Mich.-A trial in last December's armed robbery at Jackson City-County CU took a comical turn when a witness in the case testified there are at least three men in town nicknamed "Dinky," including the main suspect in the robbery. Jessica Young, a sometime- girlfriend of Dequan Hall, the suspect, said Hall, one of the Dinkys, told her the morning of the hold-up he was going to rob a bank. But she pinned the robbery on another Dinky, a guy named DeAndre. A man who bunked with Hall at the county jail said Hall told him he robbed the credit union while wearing a hood and gloves and left a knife behind. The robber made off with almost $15,000.
DCU Buys Naming Rights
WORCESTER, Mass.-Digital FCU has struck a 10-year, $5.2-million naming rights deal with the Worcester Centrum Centre, a regional locale for major sports events and concerts that will now be known as DCU Center. The new name will be phased in at the venue over the next two months. Under the deal, DCU, the largest CU in New England, will pay $4.8 million up front and pay to install five exterior signs, as well as an interior marketing kiosk at the convention center.
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