Orange County Teachers FCU said it has distributed $338,338 to local schools through its "Step Up for Education" program. The program is aimed at providing extra funds to cash-strapped schools. Earlier this year, OCTFCU kicked-off the Step Up for Education program with $250,000 and challenged Orange County businesses to also contribute, promising to match all donations dollar-for-dollar. At the conclusion of the program, OCTFCU had donated $294,403, with another $43,935 coming from local businesses. The $4-billion credit union has also been helping out with special products and services to help educators affected by reduced budgets, along with interest-free COBRA Health Insurance loans, interest-free classroom supply loans, deferred loan and credit card payments, and workshops focusing on job search skills.
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The Federal Open Market Committee's decision to reduce interest rates for the first time in nine months lifted bank stocks Wednesday. The 25-basis-point reduction could lead to net interest income headwinds now, but loan growth later, analysts said.
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