GAO OKs NCUA Loss Review
WASHINGTON-The Government Accountability Office (GAO) reported last week that NCUA has satisfied its recommendations that the agency's Office of Inspector General (OIG) review NCUA's loss estimates regarding the legacy assets from some corporate CUs. The GAO request followed an earlier report that suggested NCUA was coming up short in documenting total losses related to corporates. The new agency estimates are "reasonable," GAO said.
SunCorp Adds 26 Members
WESTMINSTER, Colo.-System United Corporate FCU (SunCorp) reported it has added 26 new member CUs, including 19 from California. "Our member-focused business development and implementation staff has done a great job receiving and serving our newest members," said CEO Thomas R. Graham.
Youth Saving Challenge Results
MADISON, Wis.-Young members deposited approximately $21.3 million into their savings accounts during the recent National Youth Saving Challenge, according to CUNA, which sponsored the promotion. Some 241 CUs participated in the campaign in which 135,867 members made deposits for an average of $169 per child. The theme of the 2012 campaign was "Be a Credit Union Super Saver."
Alliance CU Absorbs Electric FCU
SAN JOSE, Calif.-The $11-million Electric FCU is being absorbed via merger by Alliance Credit Union. EFCU was founded in 1962 and served IBEW Local No. 332. Meanwhile, in Houston, Space City CU is absorbing via merger Parkway FCU, La Porte, Texas. The combined CU will have $60 million in assets.
Holy Rosary CDFI Certified
KANSAS CITY, Mo.-Holy Rosary CU has been certified as a community development financial institution (CDFI) by the U.S. Department of the Treasury. Credit Union Strategic Planning based in Tacoma, Washington, worked with Holy Rosary to obtain the designation. The CDFI designation, which certifies the community-based lenders as providers of services to low- and moderate-income communities and other target markets, allows certified institutions to apply for grant funding from the CDFI Fund and other sources
Maine CUL Elects Officers
PORTLAND, Maine-The Maine CU League has elected its board table officers, including: Chair, David Rossignol, president/CEO of NorState FCU; Vice chair, Gail Richardson, president/CEO of Midcoast FCU; Secretary, James Lemieux, president/CEO of Sebasticook Valley FCU, and Treasurer, Richard Lachance, president/CEO of Maine Education CU.
Boutwell Is Georgia CUL Chair
DULUTH, Ga.-Marshall Boutwell, CEO of Gwinnett FCU, has been elected as board chair of the Georgia league. Elected to to the board was Tim Bridges, EVP-CFO with Associated CU, while three people were re-elected to the board: Stephen Smith of Fulton Teachers CU, Stacy Tallent of Health Center CU, and Barry Heape of DOCO CU.
NCUA Liquidates Wausau Postal
WAUSAU, Wis.-NCUA has liquidated Wausau Postal Employees CU and assigned the remnants of the one-time $10-million credit union to nearby CoVantage CU. Wausau Postal is the fifth credit union failure of 2012. Founded in 1932, it lost $420,000 in 2011 and $190,000 in 2010.
SESLOC Named 'Best" In County
SAN LUIS OBISPO, Calif.-SESLOC has been voted "The Best Bank or Credit Union" in San Luis Obispo County, Calif., for the fifth year in a row by readers of New Times newspaper.
Kennedy Named TwinStar CEO
LACEY, Wash.-The $821 million TwinStar CU said that President Jeff Kennedy will formally take over as CEO on July 1. Kennedy will move into the top spot with the retirement of Marshall Ellison, who is leaving after 17 years with TwinStar.
BizKid$ TV Program Wins Emmy
MADISON, Wis.-BizKid$, the National CU Foundation-managed TV program that teaches financial literacy, has received Daytime Emmy nominations in three categories, including Outstanding Children's Series, Single Camera Editing and Sound Editing from the National Academy of Television Arts & Sciences. The awards will be given on June 17, 2012 in Los Angeles.
Rein Retires, Kidder Steps Up
LAFAYETTE, La.-Richard "Dick" Rein, the long-time CEO at Heritage CU is retiring after 17 years and will be succeeded by Todd Kidder as president of the $15-million credit union. Kidder has more than 25 years of experience in banking and financial management.
A Last Wish Before Dying
FAIRFAX, Va.-Virgil Harris, Jr., 81, who served on the board of Apple FCU has died after 55 years of service to AFCU. Harris, a former high school teacher, helped build the one time Fairfax County Public Schools credit union from just $2,601 in assets to more than $1.5 billion and 142,000 members during his time on the board. In his final days Harris, who was battling cancer, told his hospice nurse one of his last wishes was to attend a final Board meeting, which he did March 19. In recognition of his long-time service Apple named its 60,000-square-foot headquarters after Harris last year.
