Robber Shoots Member Before Being Nabbed
MIDWEST CITY, Texas-An alleged robber and a credit union member were shot during an attempted hold-up last week at the CU Service Centers shared branch here. The armed robbery suspect was shot in the leg, then captured after he exchanged gunfire with a police officer. A 71-year-old credit union member who was doing business at the shared branch was hit in the knee, police said. The shoot-out occurred around 6:30 pm.
Mike Osborne, 49, Of First Tech Dies
BEAVERTON, Ore.-Mike Osborne, EVP/CFO at First Tech Credit Union, has died with pneumonia listed as the cause. Mr. Osborne was 49. A past chairman of Northwest Corporate CU, Mr. Osborne was remembered by many as his death just preceded the corporate's annual meeting.
NY CUs Again Seek To Get Public Deposits
ALBANY, N.Y.-Credit unions are trying again to get a share of the public coffers with a bill that will allow municipalities to deposit funds in credit unions as well as banks. A bill introduced in the state legislature would give CUs an opportunity to gain a share of the $20 billion or so deposited by New York municipalities each year. The bill is opposed by the banking groups, which say it's not fair for non-tax-paying credit unions to get a share of the tax revenues raised by the state cities and towns. The New York CU League commissioned a study that found the municipalities could earn as much as $24 million a year more by depositing their funds in higher-paying credit union accounts. The credit union lobby has tried unsuccessfully before to be certified for public deposits.
Ex-CU Officials Cash In
ALBANY, Ga.-Just a year after going public, Heritage Financial Group, known until 2001 as AGE FCU, approved a bonus pool for managers and directors of comprised of 12 million shares and options valued at more than $20 million, the credit union-convert reported last week. The Equity Incentive Plan was approved at this week's annual shareholders meeting, which is controlled by a mutual holding company that is controlled by the same board and managers that will benefit from the plan. The bonus pool will be comprised of 771,149 restricted shares valued at almost $10 million to be granted to top managers; 450,000 shares valued at almost $6 million to be granted under the employee stock ownership plan; and 550,000 options to buy discounted shares, according to an annual proxy statement filed with the SEC. The shares will be awarded solely at the discretion of the compensation committee of the board of directors. Heritage Financial is the holding company for Heritage Bank of the South, which was chartered as a CU in 1955 to serve soldiers at the Marine Base in Albany, Ga. The ex-CU sold 30% of its ownership in an IPO last May with the institution and its directors continuing to hold on to a 70% stake.
CU, Sponsor Swap Land
BEAUMONT, Texas-MobilOil FCU and its former corporate sponsor, ExxonMobil, have agreed to swap property to facilitate the MOFCU's expansion. The $240-million CU will give the energy giant the branch outside the Exxon Mobil Refinery that used to serve as the CU's headquarters and in exchange receive a plot across the street where it will build a new branch. ExxonMobil plans to tear down the CU's building, which was damaged significantly by Hurricane Rita. The company will use the property to build a security buffer around the refinery. The CU, which is now a community charter, will build a 2,100-square-foot branch that will serve the surrounding community at its new site. The CU moved into a new 30,000-foot headquarters nearby in January 2005.