Potter's House FCU Shut
ALEXANDRIA, Va.-NCUA has liquidated Potter's House Federal Credit Union of Jacksonville, Florida because the CU was insolvent.
Chartered in 1999, Potter's House FCU had $233,093 in assets when the regulator shuttered it. NCUA said it will issue checks on or before April 11, representing the deposits of the 1,500 members of the CU.
It's a Nu Day At Old CU
LANSING, Mich.-State Employees CU, one of the state's largest credit unions, announced it has changed its name to NuUnion CU.
Officials at the $780-million CU said the old name no longer reflects its membership, as only 20% of members are employed by the state. NuUnion has launched a print, television, radio and billboard campaign to promote the new name.
Payment Cos. Settle Cases
VANCOUVER, B.C.-LML Payment Systems Corp. has entered various licensing agreements on its electronic check conversion technology with First Data Corp., Electronic Clearing House and NOVA Information Services to settle patent infringement claims brought by LML.
Under terms of the separate agreements, First Data's Telecheck Services unit; ECHO's XPRESSCHEX unit; and NOVA have all agreed to license LML's patents for electronic check conversions and pay licensing fees. Financial terms of the settlements were not disclosed. LML Payment is a financial payment processor that provides check processing solutions including electronic check authorization, electronic check conversion, and primary and secondary check collection.
Equifax Offers Mortgage Agency
ATLANTA-Equifax Inc. said it has formed a joint venture with ATM Corp., one of the leading providers of settlement services, to create a national online settlements company. Equifax Settlement Services, LLC, will provide a complete set of mortgage settlement offerings, including title, closing and appraisal services.
The new venture will be based in Pittsburgh, and combine Equifax's advanced technology solutions and market reach with ATM Corp.'s VISION System, a web-based settlement solution.
CUs Join Dispute Resolution Srvc
SASKATCHEWAN-Saskatchewan Central CU said its 88 credit unions joined the Ombudsman for Banking Services and Investments April 1, giving their 500,000 members access to an independent and impartial dispute resolution service for unresolved complaints.
Under the ombudsman system, members with a complaint first approach their credit union, then move their dispute to SaskCentral if the problem is not resolved.
If the member remains unsatisfied with the outcome, they have a right to forward the dispute to OBSI. OBSI claims more than 500 credit unions, banks and investment companies among its customers.
S1 Rejects Calls To Sell Company
ATLANTA-S1 Corp. said it will follow through with its reorganization, rather than sell itself, as suggested last week by Ramius Capital Group LLC, an investment company with an 8.6% stake in S1.
In a letter to the S1 Board, Ramius Capital said it believes S1's assets are undervalued and the best way to maximize their value is through a sale of the company.
The investors also said they may file a slate of directors for election for the S1 Board at this year's annual meeting.
S1 is due to launch its new Enterprise 3.5 product soon, but Ramius Group said it is skeptical about the potential benefits of waiting for the product.
Ramius Group noted since the beginning of fiscal 2002, S1's share price has declined by about 77% and its revenues have fallen by about 14%. "We do not believe that the potential success of this product is adequate justification for the company to remain a stand-alone entity," the group said in its letter to the board.
S1 reported a net loss of $1.1 million on $204.1 million in revenue in 2005, and took $15 million in restructuring charges. In its response S1 said, "we have put in place a substantial reorganization and have an exciting and dynamic business plan for success. We believe that this business plan is just starting to show results, and that the long-term best interest of all shareholders will be served by executing on that business plan, rather than selling the Company..." and took $15 million in restructuring charges. In its response S1 said, "we have put in place a substantial reorganization and have an exciting and dynamic business plan for success. We believe that this business plan is just starting to show results, and that the long-term best interest of all shareholders will be served by executing on that business plan, rather than selling the Company..."