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Students 'Millionaires' For a Day

SAGINAW, Mich.-Seven students earned dividends on $1 million deposited in their accounts for a day as part of Team One CU's "Millionaire for a Day" Contest.

About 100 students at six local elementary and one high school who made deposits in their credit union account during National CU Youth Week in April were made eligible for the millionaires drawing.

The winners were allowed to keep the $50 of dividends earned on their one day as millionaires.

Hole-In-One Claims CU Cash

MAPLETON, N.D.-A 47-year-old golfer claimed the $10,000 put up by North Dakota Air National Guard FCU last week when he aced a hole-in-one on the 11th hole at Maple River golf course during the annual Ka-Whumpa Tournament.

Brian Self, who has been golfing for 20 years, is the first golfer to claim the credit union-sponsored prize in the tournament's 31-year history. Self used an eight-iron on the 165-yard hole to win the prize.

Northeast Arkansas Cited By NCUA

ALEXANDRIA, Va.-Northeast Arkansas FCU, which has been struggling to rectify accounting problems, agreed to a cease and desist order with NCUA aimed at cleaning up the $72-million credit union's books, the federal regulator said last week.

Under the regulatory action, the credit union agreed to maintain complete and accurate records and produces complete and accurate financial statements; ensure the credit union's information and technology systems function properly; refrain from committing credit union resources until management can accurately assess the credit union's liquidity position; and ensure qualified management is hired and retained.

The credit union, which boasts a healthy 10.3% capital ratio, has been leaderless since its president and CEO was forced out earlier this year.

WesCorp Opens Utah Facility

SAN DIMAS, Calif.-WesCorp FCU said last week it plans to open a new share draft processing and check imaging facility in Salt Lake City to serve the state's two largest credit unions, America First FCU and Mountain America FCU.

The two credit unions are expected to generate more than four million items a month for processing. The new facility, which WesCorp will be leasing, is expected to open by Aug. 9.

CCU Adopts Adobe Doc Platform

CORNING, N.Y.-Corning CU said it has installed the Adobe Intelligent Document Platform, which will enable it to create a series of interactive, intelligent forms that employees can complete online to instantly generate loan packets.

The system places the data automatically into the appropriate pre-formatted Adobe PDF template, then the file is encrypted and password protected to help ensure client confidentiality.

OSI Raises Additional Funding

GLASTONBURY, Conn.-Open Solutions Inc. said it raised an additional $13.6 million in capital with a previously announced secondary stock offering through the exercise of an underwriters over-allotment of 665,000 shares at the offering price of $21.50 a share, minus an underwriting discount of $1.07.

The company also sold one million shares in the offering to raise $21.5 million. Another 3.5 million shares were sold by investors in the company, including venture funds for KeyCorp., Aetna Life Insurance, Connecticut Innovations and Axiom Venture Partners, both Hartford, Ct., venture firms.

Conn. Online Joins Check Exchange

AVON, Ct.-Connecticut Online Computer Center Inc., a provider of financial technology and support services for financial institutions, said it has agreed to provide electronic clearing and settlement services to its clients through the Endpoint Exchange Network, the national check clearing system.

The deal will combine Connecticut Online's check imaging services in the northeast with Endpoint Exchange's infrastructure for connecting financial institutions to check imagining exchange and settlement.

In exchange, the network, owned by CheckClear LLC, will have the potential to access Connecticut Online's 100 check imaging clients.

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