NCUA Queries Vote In OmniAmerican Conversion
ALEXANDRIA, Va.-NCUA has introduced a new wrinkle into the flap over the conversion of Fort Worth, Texas-based OmniAmerican: voter eligibility.
The regulator wants to know why only 99,000 of the CU's 251,000 members (as listed in OmniAmerican's most recent call report) were sent ballots to vote on the proposed conversion to a mutual bank charter.
(See story on page 3).
DealerTrack Announces Plan To Launch IPO
LAKE SUCCESS, N.Y.-DealerTrack Holdings, Inc, whose on-demand software links auto dealers with banks, finance companies and credit unions for indirect lending deals, has filed with the Securities and Exchange Commission to launch an initial public offering of its common stock.
The shares are being offered by DealerTrack Holdings, Inc. and certain selling stockholders. J.P. Morgan Securities Inc. and Lehman Brothers Inc. will act as joint book-running managers for the proposed offering. Wachovia Capital Markets, LLC will act as co-lead manager.
Masked Gunman Wanted Suicide, Not Money
COLUMBUS, Ohio-A tense three-hour stand-off between police and a masked teenage gunman at Centra CU ended after the suspect released his last hostage.
The gunman, identified as 18-year-old Galen Kroger, entered the credit union armed with a rifle and wearing a blue bandana over his face, police said. He took about 20 credit union members and employees hostage but negotiators convinced him to release everyone but the manager, whom was released later, around 5 pm.
Shortly after 6 p.m. Kroger walked out of the credit union holding his weapon in the air and was taken into custody. Police said Kroger wanted to commit suicide, since he did not mention robbing the credit union.
Fiserv To Buy Bill Pay Service
BROOKFIELD, Wis.-Fiserv announced last week it has agreed to acquire BillMatrix Corp., a Dallas-based provider of electronic bill payment services.
Fiserv will add BillMatrix to its growing payments business, which includes Internet bill payment and presentment, cash management products and services, debit/ATM transactions, credit cards, checks, currently and lockbox, and automated clearinghouse services.
Terms of the deal were not disclosed. BillMatrix is majority owned by Great Hill Partners, a Boston private equity firm and outside investors, with the remainder owned by management and employees.
Democrats Fight For Housing Fund
WASHINGTON-A group of Democratic senators were expected to submit a substitute proposal that would require Fannie Mae and Freddie Mac to set aside billions of dollars to create an affordable housing fund during the Senate Banking Committee debate on a secondary market reform bill late last week.
The provision, which has little chance of passing the Republican-controlled Senate committee, is symptomatic of the broad disagreement that exists on the reform bill, which has pitted some of the most powerful lobbying groups against one another.
The Democrats are proposing a provision requiring the secondary market giants to set aside a portion of their annual profits, just as the Federal Home Loan Banks are required to do, to fund affordable housing projects.
The fund is projected to have as much as $3 billion in it after the first few years. But the measure is widely opposed by Republicans, who see it as another tax on the two government sponsored enterprises, so the Republican leaders of the banking committee have not included it in their version of the bill.
The Credit Union Journal's On Deadline coverage is sponsored by Liberty. For info: www.libertysite.com.