NFCDCU Distributes $500K In Grants To CUs
NEW YORK-The National Federation of CDCUs has awarded $500,000 in grants to mainstream credit unions to help them better serve low-income communities. The grants were targeted especially towards those mainstream credit unions that are partnering with community development credit unions in their efforts. The funds will go to: Heritage Family CU ($100,000); OAS Staff FCU ($100,000); Patelco CU ($100,000); Bay FCU ($75,000); Community Educators CU ($50,000); The Summit FCU ($50,000); and North Carolina State Employees CU ($25,000). The $500,000 was provided to the federation through a grant by the Ford Foundation.
U.S. Central Releases Third Quarter Figures
LENEXA, Kan.-U.S. Central CU said its third quarter net income dropped 38% to $10.9 million, due to a 15% rise in interest and dividends paid to members over last year's third quarter. The increased payout helped the corporates' corporate maintain the same dividend rate on both its member capital shares (1.46%) and paid-in-capital (2.25%) through the first three quarters of the year, compared to last year's first nine months.
Fee income for the third quarter was up 9% to $4.9 million; while operating expenses were almost flat at $14 million. For the first three quarters, net income was down 28% to $37.4 million, while member dividends and interest paid to members was down 2% to $438.8 million. Operating expenses for the first three quarters was up 13% to $43.3 million, due to a $1.9-million increase in salaries; a $1.7-million increase in data processing costs; and a $2.2-million increase in outside consulting expenses. U.S. Central ended the third quarter with $36.8 billion in assets, down from $37.9 billion at the end of last year's third quarter. Third quarter highlights included a $155-million offering of collateralized mortgage obligations made up of credit union jumbo mortgages through U.S. Central's Charlie Mac subsidiary.
Man Pleads To 10 Robberies
SEATTLE-A 41-year-old Vancouver, Wash. man confessed to 10 armed robberies in the Puget Sound area, including eight at credit unions since 2001. Clifford Uptegrove was arrested last March 25 after he made his getaway from a robbery at Riverview Community Bank in Hazel Dell, Wash., on a bicycle. Witnesses called police when they saw Uptegrove loading the bike in a van because they thought he was stealing the bike. When questioned by police Uptegrove confessed to robbing the 10 institutions, including Kennewick Community FCU on March 1, 2001; Spokane City CU on July 1, 2002; Oregon Central CU on July 3, 2003; Kennewick Community FCU again on Aug. 27, 2003; Spokane City CU again on Jan. 27, 2004; Oregon Central CU again on Feb. 6, 2004; and Olympia CU on March 1, 2004. In a plea agreement, Uptegrove was convicted of one count of armed bank robbery and using a firearm during the commission of a violent crime and was ordered to pay $57,714, the total amount he stole during the robbery spree.
Would-Be Robber Is Shot
NASHVILLE, Tenn.-A security guard shot and killed a suspect in two armed robberies last week here just as the suspect was preparing to rob Courthouse CU. The suspect, who was identified as Brian Schweitzer, 34, a former metropolitan police officer, is believed to have who robbed Rutherford Bank and Trust and US Bank in nearby towns earlier Wednesday morning. The guard, an off-duty police officer named Shawn Taylor, heard the description of the suspect in the two earlier bank robberies, then saw a man who fit the description pull up in the parking lot outside the credit union. When Taylor identified himself Schweitzer tried to flee and fired four shots at Taylor, according to police. Then Taylor shot Schweitzer.
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