SECU Program Surpasses $1 Billion
RALEIGH, N.C.-State Employees CU's First Time Homebuyer's Mortgage Loan program has surpassed the $1-billion mark in loan balances. The credit union said the program has now helped more than 8,300 members achieve homeownership. The program enables qualified members to borrow up to 100% of the purchase price for a primary residence. The average loan amount is about $180,000, SECU said. The credit union offers two-year and five-year ARM products for a term of up to 30 years, featuring competitive interest rates, low settlement costs, no origination or credit report fees and no private mortgage insurance requirement. In the program's 24-year history, SECU said losses have been minimal, with net charge-offs over the past 12 months averaging just .29% and 60-day delinquency below 2%.
Two CUs With Name Changes
GREENSBORO, N.C.-Fifty-seven years after being formed, Greensboro Health Care CU is changing its name to HealthShare Credit Union. CEO Genice DeCorte said the name change is being made to better reflect its field of membership, which is not limited to those who live in Greensboro, and that the new name reflects the FOM, which is "health" care employees and their "share" of ownership in the credit union. In Lowell, Mass., NMTW Community CU is lining up with a new name coming this fall: Align CU. The CU's current acronym name stands for Northern Massachusetts Telephone Workers, reflecting its original core sponsor when it was chartered in 1922, but in 2005, the CU converted a community charter. Danvers, Mass.-based Single Source Marketing is assisting in the launch of the CU's new name and brand.
Minn. Network Elects Board
ST. PAUL, Minn.-Members of the Minnesota Credit Union Networkhave re-elected Karen Fleming of HBI Employees Credit Union and Jeff Schwalen of Hiway FCU to the board, and elected Terri Maloney of Catholic United Financial CU and Kelly McDonough of First Alliance CU to the board. Elected as table officers were: Chairman, Patrick Pierce of City & County CU; Vice Chairman, Chuck Albrecht of Mid-Minnesota FCU, and Secretary/Treasurer Jeff Schwalen.
NAFCU Promotes Demangone
ARLINGTON, Va.-NAFCU has promoted Anthony Demangone to EVP/COO. Demangone has been with NAFCU since 2004 and prior to that was an attorney practicing in the Washington area.
NCUA Liquidates Tiny Texas CU
ALEXANDRIA, Va.-NCUA has liquidated the seventh credit union of the year by shutting down Electrical Workers #527 CU in Texas City, Texas. The $622,857 CU had just 527 members. It was chartered in 1963 to serve electrical workers in the local market. All members will have their deposits refunded up to $250,000 over the next week, according to the agency, which said the CU was insolvent with no prospect of restoring viable operations.
NASCUS, CFPB In Agreement
ARLINGTON, Va.-The Consumer Financial Protection Bureau (CFPB) and NASCUS have signed a memorandum of understanding (MOU) to build on the foundation of state and CFPB coordination and cooperation for the supervision of state-chartered credit unions. The goal, according to NASCUS, is consistent exam procedures.
CU Exec Wins Political Race
HARRISBURG, Pa.-Bob Macey, business development/community relationship director with Century Heritage FCU and also an Allegheny County councilman, won the Democratic primary election against opponent Arlene Jabbour in Council District 9 in Pennsylvania. The general election is Nov. 5.
Long-time CU Leader Barden Dies
ONTARIO, Calif.-Stephen Barden, a former credit union president/CEO, employee of the California league, and chair of the Board of Trustees at Western CUNA Management School (WCMS) Board of Trustee chair, has died. Barden retired in 1998 after 16 years as the president/CEO of Beckman Employees CU-now Fullerton, Calif.-based Pacific Community CU. In 1980 he was named winner of the league's Leo H. Shapiro Lifetime Achievement Award. Barden was the son of Lance Barden, who organized more than 400 CUs, including the first credit union in Nevada, and the Hawaii Credit Union League. His daughter, Sue Longson, is VP-business development and community relations in Irwin, Calif.-based SCE FCU.
Two More CUs In Mergers
BAKERSFIELD, Wis.-A sharp decline in capital has led Tehachapi FCU to opt to merge into Kern Schools FCU. The $2-million Tehachapi's capital was at 2.22% as of March 31. The $1.3-billion Kern Schools has 8.38% capital as of March 31. In Lansing, Mich., the $540-million LAFCU here is absorbing via merger the $22-million Centel CU.
