Treasury Gives CDCUs $24M Infusion
WASHINGTON-The Treasury Department announced this afternoon it has awarded 30 low-income credit unions more than $24 million in grants among a total of $172 million awarded under this year's round of the Community Development Financial Institutions program.
Among this year's recipients are:
Self-Help CU, ASI FCU, Electro Savings CU, Santa Cruz Community CU,
New York University FCU, Latino Community CU, 1st Bergen FCU, Alliance CU, Cascade Forest Products CU, Choices FCU, East River Development Alliance FCU, Express CU, First Light FCU, GECU, GTE FCU, Gulf Coast Community FCU, and Hope FCU.
"The fiscal year 2013 round of the CDFI Program provides more awards than any other round in the CDFI Fund's history," said CDFI Fund Director Donna Gambrell. "By expanding the reach and impact of this program to more organizations, the CDFI Fund is supporting more economic development efforts than ever before to bring new life to struggling communities."
The awards went to 191 community development organizations. Credit unions, however, have always played a major role in the program they helped found, receiving more than $250 million in assistance since the 1994 inception of the CDFI program.
Members Clear Another $1B CU Combo
ASHWAUBENON, Wis.-Members of Pioneer CU have approved the merger of their $575 million credit union with Kimberly-based Capital CU, creating a $1.2 billion institution to be known as Capital Pioneer CU, with 25 branches in the Green Bay and Appleton areas.
The merger is expected to be completed in October 2014. That date was chosen, in part, because of plans to install a new core processing system.
Both credit unions are healthy, with Pioneer serving 55,000 members throughout Brown, Door, Kewaunee, Shawano, Manitowoc, Oconto, Outagamie, Marinette and Calumet counties in Wisconsin, and claiming 9% net worth at mid-year. Capital CU, chartered in 1934 to serve Kimberly Clark employees, serves 35,000 members throughout Outagamie, Calumet, Winnebago and Brown counties in Wisconsin, and had net worth of 14% at June 30.
Final regulatory approvals are pending.
NCUA: Toeppe To Head Region III
ALEXANDRIA, Va.-The National Credit Union Administration (NCUA) announced the selection of Myra Toeppe as director of the agency's Region III office.
Toeppe will assume her duties beginning Jan. 1. Region III Director Herbert S. Yolles will be retiring after 39 years of government service.
Currently NCUA's acting director of supervision in the Office of Examination and Insurance, Toeppe joined the agency in 2011 as associate regional director for operations in Region III. She came to the agency after spending almost 25 years in financial services regulation, including posts at the Office of Thrift Supervision and the Federal Home Loan Bank of Atlanta.
"We're fortunate to have talented people like Myra on NCUA's management team, and she is one of the faces of the 'New NCUA' I've often talked about," NCUA chair Debbie Matz said.
Based in Atlanta, NCUA's Region III oversees federally insured credit unions in Alabama, Florida, Georgia, Indiana, Kentucky, Mississippi, North Carolina, Ohio, Puerto Rico, South Carolina, Tennessee and the U.S. Virgin Islands. In 2014, Ohio will move to Region II and Arkansas and Louisiana will become part of Region III.
CUAid Activated For Colo. Flooding
MADISON, Wis.-The National CU Foundation has activated its online disaster relief system, CUAid.coop, to raise money for credit union people in Colorado affected by the recent flooding. Credit union supporters across the country can make donations at www.cuaid.coop.
42 Graduate From NCUF DE Program
MADISON, Wis.-Forty-two credit union professionals graduated from the National CU Foundation's CU Development Education training program.
The program aims to teach participants about the cooperative principles that underpin the credit union movement and includes group exercises, field trips and special team projects geared toward addressing real-world issues that credit unions face.
New CEOs Come Aboard
ROYAL OAK, Mich.-A number of credit unions announced new CEOs at their helms. OUR CU, Royal Oak, Mich., promoted EVP Tina Dix, who had been serving as interim CEO, to be the permanent president and CEO of the $210 million CU. Vantage CU, Bridgeton, Mo., announced that Eric Acree, its executive vice president, has been named president and CEO of the $716 million credit union. In Binghamton, N.Y., GHS FCU said Howard Meller is its new president and CEO.
Argent, Assurance To Complete Deal
RICHMOND, Va.-Argent CU and Assurance FCU completed their merger last week, with Argent as the surviving charter and Rose Gilliam remaining at the helm of the combined $205 million organization.
80th Anniversary Marked, New CEO Welcomed
COON RAPIDS, Minn.-Financial One Credit Union marked three milestones in one big event: its 80th anniversary, the appointment of a new president and a ribbon-cutting at its new branch. Ross Bloomquist was appointed president and CEO of the credit union, having served as EVP since 2009 and with 20 years' experience in the industry.
Next Top Exec Finalists Announced
MADISON, Wis.-CUES has selected the five finalists for its "Next Top Credit Union Executive Challenge:" Amanda Brenneman, Maps CU, Salem, Ore.; Rob Carabelli, McGraw-Hill FCU, East Windsor, N.J.; Zac King, Redstone FCU, Huntsville, Ala.; Bryce Roth, CitizensFirst CU, Oshkosh, Wis., and Chad Huseby, Servus CU in Canada. They will face off for the grand prize-a CUES educational package valued at $20,000-at CUES' CEO/Executive Team Network meeting in San Diego, Nov. 3-6.
THiNK Prize Applications Due
RANCHO CUCAMONGA, Calif.-The deadline to submit entries for CO-OP Financial Services' THiNK Prize is Oct. 15. The $10,000 prize was created to promote innovation in the credit union movement, rewarding ideas that can help move the industry forward.
