Nowacki Heads CU League Of Conn.
MERIDEN, Conn.-Jill Nowacki has been named president and CEO of the Credit Union League of Connecticut.
Nowacki has worked in the credit union community for more than 10 years, coming to the league after working as vice president of development at the $470 million Maps Credit Union in Salem, Ore., where she also served as executive director of the Maps Community Foundation. Before joining Maps, Nowacki worked for CUNA as executive director of Credit Union House. Nowacki succeeds Anthony Emerson, who left the league earlier this year to become CEO of the $475 million IC FCU in Fitchburg, Mass.
Erie Flagship Joins Erie Federal
ERIE, Pa.-Erie Federal Credit Union has merged with Erie Flagship Community FCU The deal was completed Nov. 1, expanding the $381 million Erie FCU's presence in Northwest Pennsylvania. The single office of the $7 million Erie Flagship brings EFCU's branch total to nine. Last year EFCU posted $3.9 million in net income while Erie Flagship lost $147,000. EFCFCU was federally chartered by the employees of Erie City Iron Works and Erie Engine Co. in 1947.
Navigant CU Joins Payday Loan Pilot
SMITHFIELD, R.I.-Navgiant CU and several nonprofit groups have developed a new payday loan program they hope will convince state lawmakers to ban traditional high-rate payday loans.
The United Way has provided a grant of $57,000 to run the initiative, called the Woonsocket Payday Loan Alternative Program, with help from the Capital Good Fund. The grant covers only operational costs. The program will make loans with a line of credit provided by Navigant CU with guarantees supported by Amica Insurance of Lincoln, R.I.
The program kicked off Monday in Woonsocket. It plans to make small, short-term loans, typically in the range of $300 to $500, with interest rates capped at 36%. That's a fraction of the 260% APR Rhode Island state law allows for so-called payday lenders.
Southeastern Hires Former CUSO Exec
VALDOSTA, Ga.-Southeastern FCU hired E. Michael Gudely, the former president of MBL CUSO Innovative Business Solutions LLC, as president and CEO of the $185 million credit union.
Gudely succeeds Delbert Morgan, who resigned in July after 10 years heading the credit union to take the job as CEO of $270 million Martinsvillle DuPont CU in Martinsville, Va. Darryl Wood, vice president of lending at Southeastern FCU, had been serving as interim chief.
Gudely also served as president/CEO of Carolina Commerce Bank in Gaston County, N.C.
Former Bangor FCU CEO Soucy Dies
BANGOR, Maine-Dennis Soucy, former CEO of St. John's Credit Union, which became Bangor FCU, died Saturday at the age of 83.
A founding member of St. John's, Soucy became the CU's president from its inception in 1956 until his retirement in 2008. He managed the CU from its modest roots, running the cooperative in the basement of St. John's Catholic Church to serve the congregation, through its growth-now a 14,000-member $125 million community charted shop.
He also served three terms as this city's mayor and six terms on city council. Soucy is survived by his wife, Constance Barton Soucy, and four children.
NCUA Shutters Mayfair FCU
ALEXANDRIA, Va.-NCUA placed Mayfair FCU, Philadelphia, in conservatorship after four straight quarters of losses at the $14.3 million-asset credit union.
Though the credit union, which is a designated low-income CU, still had a net worth ratio of 13.69%, making it "well capitalized" and well away from the prompt corrective action trigger of falling below 7%, Mayfair posted a loss of $87,447 in the third quarter of 2013, after posting losses of $73,415 in the second quarter, $34,931 in the first quarter and $52,913 at year end 2012.
NCUA said it has assumed control of service and operations and normal member services will continue at the credit union's headquarters. Its branch in Bridesberg, Pa., however, will be closed. Mayfair was chartered in 1936 to serve the low-income community in Philadelphia. It currently has 1,527 members.
Mayfair Federal Credit Union is the fourth federally insured credit union placed into conservatorship this year.
Brenneman Wins Next Top Exec
SAN DIEGO-Amanda Brenneman, business development officer for Maps CU, was honored as the 2013 CUES Next Top Credit Union Exec last week.
Brenneman's project about her Salem, Ore., credit union's "Buy Local" program was chosen from a group of five finalists. She created a blog and posted video updates during the last few months to give the credit union community insight into her project's progress.
Brenneman said the project is testing successfully in the Salem area, with plans to expand nationally. In her presentation, Brenneman also provided suggestions for how credit unions of any size could implement "Buy Local" programs of their own.
The other four finalists were Rob Carabelli, senior marketing strategist, McGraw-Hill FCU, East Windsor, N.J.; Chad Huseby, branch manager, Servus CU, Delburne, Alberta, Canada; Zac King, AVP/card payment systems, Redstone FCU, Huntsville, Ala.; and Bryce Roth, director/marketing and social strategy, CitizensFirst CU, Oshkosh, Wis.
