Arrowsmith Retires After 24 Years
NEW CASTLE, Del.-Barbara Arrowsmith, president of New Castle County Delaware Employees FCU, has retired after 24 years in credit unions. Arrowsmith began her career as treasurer-manager of the Wilmington Transit Employees FCU in 1983 and then became manager of Wilmington Newspaper FCU in 1985. She joined New Castle in 1992. Meredith Jeffries has been named CEO at NCCDEFCU.
PSCU Rolls Out '7 For 11' CD
WALNUT CREEK, Calif.-The $1-billion Pacific Service Credit Union has rolled out a new CD with blended pricing. Called the "7 for 11" CD, it pays a 7% APY for 11 months on the first $10,000 of a $50,000 deposit. The remaining $40,000 or more may be invested for any term of 12 months or longer (maximum of 60 months) at PSCU's prevailing rate for the term selected.
The credit union's current rates are at 5% APY for 12 months and beyond.
SSFCU Acquires New Horizons
SAN ANTONIO-Security Service FCU, with $4 billion in assets, acquired the remains of failed New Horizons Community FCU in June, said it has agreed to acquire Horizon CU, a $35 million credit union in Portland, Texas. The deal is expected to be completed by year-end.
Wash. Considers Hat Prohibition
OLYMPIA, Wash.-Washington may become the latest state to pass a prohibition on hats, hoodies and sunglasses on consumers entering a financial institution. The FBI said it plans to work with Washington state legislators on such a bill as one way to reduce robberies. Through mid year there had been 113 bank robberies in Washington State. Several other states already have such prohibitions in place.
PCUA Reduces Advocacy Fee
HARRISBURG, Penn.-The Pennsylvania CU Association has reduced the "advocacy assessment" charged to CUs of $20-million or less in assets. Saying it recognizes that margins are tight at all credit unions, especially smaller credit unions, the PCUA has lowered the assessment to a quarter point of assets from a half-point.
For CUs over $20 million in assets, the assessment will be one basis point in 2008 as originally planned. Separately, the PCUA reported that after nearly 12 years of filing information tax return, Form 990, for Pennsylvania's state-chartered credit unions, it will stop offering the service. The Association will complete and file the group return for tax year 2006. State-chartered credit unions will file individually beginning with tax year 2007.
