On Deadline

Register now

SECU Grant $2M To Fund Hospital Facility

RALIEGH, N.C.-The Board of State Employees CU has approved a $2 million matching grant through the SECU Foundation to help fund a new facility at University of North Carolina Hospital in Chapel Hill for extended stays by families of critical patients.

The credit union foundation will fund half of the $4 million project and has challenged the North Carolina community to finance the remainder, according to Jim Blaine, president of the $12-billion credit union.

"There is a critical need for this and it serves the entire North Carolina community," Blaine told The Credit Union Journal. The project, called the Family House at UNC Hospitals, will consist of 40 rooms and be located on the grounds of the state's only teaching hospital for doctors.

The recently formed foundation is one of the richest credit union foundations on the country and will fund $4 million in college scholarships this years, as well as the hospital project, from monthly checking fees members have voluntarily agreed to transfer to the non-profit.

Alabama League Invests In MDC, LLC

BIRMINGHAM, Ala.-The Alabama league said it will invest $100,000 to purchase one Class A share in the Members Development Company, LLC (MDC). MDC, which is 45% owned by the CUNA Mutual Group and 51% by credit unions and/or CUSO. The Alabama league is the first league to join Members Development Co., LLC.

CASE CU Now Official Name

LANSING, Mich.-The $170-million Capital Area School Employees CU is officially changing its name to an acronym it has used, CASE Credit Union, and moving to a community charter as it expands with two branches inside Meijer stores in this market. The charter is open now to residents in Livingston and Shiawassee counties. It is also open to anyone with the Michigan Education Association, along with other education-related groups.

Restatement Boosts AHM

MELLVILLE, N.Y.-American Home Mortgage Investment Corp., a real estate investment trust, said first quarter earnings more than doubled to $125.4 million, because of a restatement of 2004 earnings that required it to move $71.4 million of net income from the fourth quarter of 2004 to the first quarter of 2005.

Otherwise, the company reported an 11% increase in earnings, compared to last year's first quarter, of $54 million.

The company said comparable revenues rose 8% for the first quarter to $164 million.

'Mr. Magoo Bandit' Believed Found

DENVER-A man believed responsible for as many as 20 area bank and credit union robberies was indicted on six federal charges connected to area hold-ups, including the Feb. 11 heist at Columbine FCU in Centennial.

Tyler Hamilton, 43, dubbed the 'Mr. Magoo Bandit,' because of thick black-framed glasses he wore during most of the hold-ups, was arrested March 23 at a remote mountain cabin owned by a family member.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER