CUMIS Meeting Is Set
MADISON, Wis.-The annual meeting of CUNA Mutual Insurance Society policyholders will be Thursday, May 27 at 9:15 a.m. CDT at the InterContinental-O'Hare in Chicago.
For info: www.cunamutual.com.
SC CUL Shrinks Board To 7
COLUMBIA, S.C.-South Carolina's CUs have voted to shrink the league board to seven members from 14.
Newly elected to the board were Rick Hammond, CEO of S.C. State Credit Union, and Robert Harris, CEO of Health Facilities FCU.
Re-elected were Faye Crocker of Greater Abbeville FCU (secretary); Jerry Miller of Carolina Trust FCU (treasurer); Ray Partain of Anderson FCU; Ed Templeton of SRP FCU (first vice chairman), and Linda Weatherford of SPC Cooperative CU (chairman).
NCUA Liquidates Tracy FCU
TRACY, Calif.-The $25.4-million Tracy FCU has been liquidated by NCUA, with its shares and loans purchased and assumed by Valley First CU of Modesto, Calif. "Declining financial condition" was cited for the liquidation.
TFCU is the sixth federally insured CU to be liquidated in 2010.
Shell Names Promo Winner
DEER PARK, Texas-Shell FCU named Carolyn Marshall as the first winner of its Operation Erase My Debt promotion, which is aimed at helping people reduce payments by lowering interest rates on their loans and credit cards via consolidation.
SFCU reported that its www.OperationEraseMyDebt.com has been visited more than 2,800 times, received more than 750 video views, and has had 224 stories shared. Marshall, who won $5,000, was selected in a drawing after financing a vehicle though Shell Federal.
ERDA FCU Opens Doors
LONG ISLAND CITY, N.Y.-ERDA FCU has held its grand opening here. Sponsored by East River Development Alliance, it will serve residents of New York City's Long Island City, Astoria, Woodside and Sunnyside communities.
ERDA FCU is one of just two new federal charters that were granted by NCUA in 2009.
WOCCU Adds New Country
PAPUA NEW GUINEA-The World Council of Credit Unions has a new member: the Federation of Savings and Loan Societies (FESALOS) in Papua New Guinea. Founded in 1962, today FESALOS represents all 20 of the country's credit unions, still referred to locally as savings and loan societies. Together the 20 institutions serve 250,000 members and hold $249 million in total assets.
Bredemeyer To Retire
YUMA, Ariz.-Ken Bredemeyer, CEO at AEA FCU, has announced plans to retire after 31 years. EVP Denise Sweet-McGregor has been appointed interim CEO. During Bredemeyer's tenure as CEO, the credit union's assets grew to $400-million from $28 million. In 1998, Bredemeyer received the Very Outstanding Credit Union Person (VOCUP) Award from the Arizona league.
Study: CUs To Rival Banks
NEW YORK-A new study suggests Canada's credit unions could well develop into strong rivals for domestic marketshare against banks. Moody's Investors Service noted in a new report that Canada's CUs currently account for a 16% share of domestic deposits and a 19% share of residential mortgages, with both figures expected to continue rise. The major factor in further growth, said Moody's, will be CUs' ability to improve risk-management capabilities as their operating models become more complex. The report further cites Canadian CUs efforts to centralize more activities and to use central credit unions as means of creating efficiencies.
In March, the Canadian government indicated plans to introduce legislation that would allow CUs to incorporate as federal entities and to branch nationally. The report is titled "Canadian Credit Unions Could Pose A Longer-term Challenge to Canadian Banks."
MCIF Usage Explored
MADISON, Wis.-Credit unions that use their MCIF system only for compiling mailing lists are significantly underestimating its potential, according to the new CUNA Marketing and Business Development Council white paper, "Making the Most of MCIF Systems." The paper is based on information from three CUs and three vendors to reveal how an MCIF system can help CUs explore households' profitability, identify niches, promote strengths, explore their neighborhoods, track marketing results, and educate senior leaders about current and potential members. For info: www.cunacouncils.org - select the "Marketing & BizDev" tab.
Tremont CU Under LUA
ALEXANDRIA, Va.-NCUA and the Commonwealth of Massachusetts Division of Banks have jointly issued a Letter of Understanding and Tremont Credit Union, Braintree, Mass., seeking order to restore the credit union to safe and sound operation. Among the adverse conditions cited: insider abuse and self-dealing, poor loan quality, inadequate internal controls and weak management.
