The CU Journal Daily

Register now

CU Makes Slam-Dunk In NBA Finals

FLINT, Mich.-The Big Brothers/Big Sisters of Greater Flint are $2,700 richer, thanks to the fifth game of the NBA finals, in nearby Auburn Hills.

That's because Financial Plus FCU purchased two tickets for the $300 face value and donated them to radio station WWCK-FM (105.5), which auctioned them off for $3,000.

Alaska CUs Help New Homeowners

ANCHORAGE, Alaska-Several credit unions have joined the Alaska Housing Finance Corp. to help make low-income renters buy the first home.

Under the Housing Choice Voucher Homeownership program, individuals and families renting in federally subsidized Section 8 public housing are provided vouchers from the Department of Housing and Urban Development to help them finance a mortgage.

The program specifically targets families in which the head of the household or a spouse has a permanent disability.

Among the lenders in the program are Alaska USA FCU, which helped finance the first loan under the statewide program, Northern Schools FCU, First National Bank of Alaska and Residential Mortgage.

Cardwell Signs CUs For Software

WESTLAKE, Ohio-Cardwell said it has signed three credit unions to deploy its Connections Online collaboration and management software. The software helps organizations align all of their projects and employees with their strategic goals.

The new credit union clients are: Pennsylvania State Employees CU, First Financial CU and Sandia Laboratory FCU.

Venture Funds Cash Out Of OSI

GLASTONBURY, Ct.-Open Solutions Inc. said that well-known venture fund Menlo Partners, one of the company's original financers, has decided to distribute its 1.8 million OSI shares, an 11% stake in the company worth $40 million, to its partners.

Several of the other major investors cashed in their stake in OSI last month, including venture funds affiliated with Aetna Insurance and KeyBank. OSI raised more than $20 million last month with a secondary offering of 1.6 million common shares.

Global Axcess Expands ATM Fleet

PONTE VEDRA, Fla.-Global Axcess Corp. said it has signed two separate agreements that will add almost 900 machines to its growing fleet of 2,500 ATMs. In the latest deal, Global Axcess has signed a letter of intent to acquire a privately held independent ATM company operating a network of 700 ATMs. The deal is expected to close by Sept. 1. The company has also agreed to a separate deal to acquire a company operating 166 cash machines.

Alliant CU Signs With Symitar

CHICAGO-Alliant CU, the credit union giant formerly known as United Airlines CU, said it has signed with Jack Henry & Associates' Symitar unit to implement the company's Episys in-house core processing system.

The system will support the $4.5 billion CU's aggressive technology plan, which includes expansion of its imaging capabilities, eCommerce initiatives, service migration strategy, and integration with key business partners. Full implementation is expected in the fourth quarter of the year.

Manager Guilty In Embezzlement

BEAUMONT, Texas-The former president of American Synpol Employees CU pleaded guilty to embezzling funds from the Port Neches credit union, now known as Texas-US CU.

Dora Ganey, 50, was charged with stealing $487,000 under the scheme, but agreed to plead guilty to a single count of embezzlement involving $11,000. No sentencing date has been set.

Fourth Man Arrested In CU Heist

WATERLOO, Iowa-Police followed up the arrest of three suspected accomplices in an armed robbery at John Deere Community Credit Union with the capture of the suspected leader.

Jarvis Stevens, 30, of Waterloo, is believed to be the man who entered the credit union and claimed to have a gun, before escaping with an undisclosed amount of cash.

Three alleged accomplices were captured over the weekend and charged with helping to plan the hold-up.

For The Citi That Never Sleeps

NEW YORK-Citigroup said Tuesday it is introducing the first cross-border credit card that will allow Mexican workers in the U.S. to share their accounts with relatives and family back home.

The bi-national card will let U.S. cardholders pay their bills in dollars or Mexican cardholders to pay in pesos, and makes it easier for people to wire funds across the border.

The card will be issued by California Commercial Bank, the Los Angeles-based banking arm of Citigroup's Mexico-based Benamex unit.

For reprint and licensing requests for this article, click here.