CenCorp To Waive Fees In November
SOUTHFIELD, Mich.-The $3-billion Central Corporate Credit Union said it will waive all processing fees incurred by members during November as a way of paying a special patronage dividend. The corporate is estimating the "payout" from the fee waiver will amount to approximately $550,000. CEO Bill Walby said the move is just the latest by CenCorp to pay back members. It has also improved pricing on its investment and loan products and the rates paid on its Member Capital Share Deposits, which are currently paying 6.25%. CenCorp serves 400 credit unions.
Simmons Elected DCUC Chairman
PORTSMOUTH, N.H.-Gordon A. Simmons, CEO of Service Credit Union, has been elected chairman of the Defense Credit Union Council for the 2007-2008 term. He previously served as chairman from 2000-2002. Simmons was elected to the DCUC Board as representative-at-large in 1995.
Elevations CU 'Right-Sizes' Staff
BOULDER, Colo.-Elevations Credit Union has laid off 12 employees as part of a larger "right-sizing" effort aimed at reducing costs. The credit union told the Daily Camera that the reductions were being made in back-office support and will not affect member service. The $711-million ECU, which employs about 200 people, said the move is not indicative of any financial difficulties. The newspaper cited an e-mail from CEO Bill Sterner that said the laid-off workers had been offered comprehensive severance packages, including a minimum of five weeks pay, extended health benefits, and new job assistance.
Summit, Journal Employees Merge
MADISON, Wis.-Effective in October, the $29-million Journal Employees Credit Union here will be absorbed via merger by the $682-million Summit Credit Union. Summit said it intends to close JECU's downtown Milwaukee office but will open a branch near Miller Park.
City CU Welcomes DART Members
DALLAS-City CU welcomes the members of DART FCU as they merge with City CU. DART FCU, founded in 1939 by the employees of Dallas Area Transit System, serves DART employees, members of the Dallas Gay and Lesbian Alliance (DGLA) and several small companies and their family members. City Credit Union, founded in 1942 by City of Dallas employees, serves a three-county community charter of Dallas, Ellis and Cooke counties.
