Flight Continues From Utah Charter
ALEXANDRIA, Va.-Deseret First CU was approved to convert to a federal charter, NCUA said, making the $280-million credit union the eight state charter to flee the state system over the past year.
Deseret First CU, which serves the Church of Jesus Christ of the Latter Day Saints, is the seventh of the eight largest state charters, targeted by the bankers attacks to convert charters.
As many as six other state charters are reported to be planning to make the move to federal charters.
TULIP Blossoms In Evergreen State
OLYMPIA, Wash.-Three years after the idea was first proposed, the Thurston Union of Low Income People (TULIP) CU has been granted a preliminary charter and has opened its doors for business.
Regulators have affirmed the new credit union's business plans and affirmed its pledges for assistance, leading to the signing a Letter of Understanding with NCUA and an exam by state regulators.
The credit union's general manager, Laura Lawrence, credited Washington State Employee's CU, Boeing Employees CU, and NW Corporate CU for their assistance in getting TULIP CU off the ground.
InfiCorp Buys More CU Portfolios
ATLANTA-InfiCorp., a unit of First National (Bank) of Nebraska, said it acquired three more credit union credit portfolios.
They include the $2-million portfolios of both Kelly Tyler CU, Tyler, Texas, and 1st Garland FCU, Garland, Texas, and the $1-million portfolio of Sea Air FCU, Seal Beach, Calif. InfiCorp. said it also signed a portfolio management contract with First Citizens FCU, New Bedford, Mass.
More than 40 credit unions have sold their card portfolios this year.
Wisconsin CUs On Hunger Strike
MADISON, Wis.-Area credit unions are hoping to collect enough food donations to provide 15,000 meals at this year's annual strike at hunger.
The annual food drive is collecting donations at 36 branches, which will then be sorted by volunteers at the Community Action Coalition. The drive is also accepting cash donations.
CU Supports Its Local Orchestra
MERCED, Calif.-The Merced Symphony Orchestra will benefit each time a member of Merced School Employees FCU uses a cash machine.
The credit union, which targets a non-profit organization to promote each year, has agreed to donate 10 cents to the symphony for every transaction at it's ATMs located at the Merced Mall, Merced College, Costco and the two Mercy Medical Center campuses through the end of the year.
The money donated to the symphony will be used to help fund the 2003-04 season.
uMonitor Lands CU Giant
GERMANTOWN, Tenn.-Suncoast Schools FCU, the largest credit union in Florida, said it signed with uMonitor to provide its members with account aggregation and analysis services.
The company will provide technology for the $3.5-billion credit union's "SunView" service, which offers members a personalized way to manage their finances.
The proprietary service will use information from bank, credit union, brokerage, loan and insurance accounts, as well as electronic bill payment, emails, rewards programs, weather, flight schedules and package tracking to provide an all-in-one analysis of member accounts.
Former Exec Indicted For Fraud
LEOMINISTER, Mass.-The former operations manager at Leominister CU was indicted by a Worcester County Grand Jury Friday on charges of embezzling $66,000 from the credit union.
Rochelle Kennedy, 41, of Baldwinville, used various schemes to steal the funds over three years, then doctored the books to hide the fraud, according to the charges. Kennedy worked at the credit union for eight-and-a-half years.
