NCUA Loan Eval Guidance Unveiled
WASHINGTON-NCUA has released the guidance and questionnaire its field staff will be using to assist in evaluation of loan participation programs.
The guidance stresses CUs must apply the same principles to loan participations applied to evaluating, selecting and monitoring third-party relationships. NCUA noted outstanding loan participations more than doubled among CUs over the last five years, and that in terms of annualized total dollars, loan participations charged off in 2008 were double the level of 2006. In a letter to credit unions, NCUA Chairman Michael Fryzel said that properly managed loan participation programs can be beneficial to both selling and buying credit unions, but he also reminded of potential risks and the assessments that must first be performed.
Eakes Among '10 Who Inspire'
WASHINGTON-Martin Eakes, CEO of Self-Help CU in Durham, N.C., has joined a list that includes actress Glenn Close, and musician Quincy Jones.
Eakes was named to a listing of "Ten Who Inspire" by AARP and was recognized for his work in helping low-income populations. The profile appears in AARP Magazine's January issue.
Heinze Tapped As River City CEO
SAN ANTONIO-Kim Heinze has been named to succeed Watt Prichard as CEO of the $128-million River City FCU here. Mr. Prichard plans to retire March 31, 2009, after 23 years at the credit union. Heinze, a 30-year veteran of credit unions, was previously interim president and CEO of Mobiloil FCU, and has also held positions at Beaumont Telco CU and FivePoint CU.
Smart Financial, Key Merger Finished
HOUSTON-Smart Financial CU and Key FCU have consummated the merger announced earlier this year, integrating account offerings, processes and data. The merged entity now serves more than 80,000 members, has more than $392 million in assets and 17 locations.
Hoosier Hills, Spencer County Unite
BEDFORD, Ind.-The $307-million Hoosier Hills Credit Union and the $1.7-million Spencer County Co-Op Credit Union have merged. Originally chartered in 1934, SCCCU has 400 members who will now join the more than 25,000 who belong to HHCU.
