NCUA Releases P&A Guidance
ALEXANDRIA, Va.-NCUA has released background information on its purchase and assumption (P&A) and merger process and detailed the criteria that it uses to evaluate P&As and mergers. The letter also covers NCUA's ID of merger and P&A partners as well as its "selection of an acquirer in the limited circumstances when NCUA is involved in making the choice."
Federation Expands Consulting
NEW YORK-Saying it was responding to the "extreme stress in the credit union community on the one hand, and the growing opportunities to access federal resources on the other," the National Federation of CDCUs is expanding its consulting and technical assistance services.
"There is growing alarm among small credit unions that the expenses for corporate stabilization and the Share Insurance Fund will increase pressure to merge or liquidate them," said Federation President/CEO Cliff Rosenthal. Among the Federation's initiatives is a new "We Care" program, spearheaded by Joy Cousminer of Bethex FCU, and a Spirit Network of faith-based CUs. For details. www.cdcu.coop.
'Too Small To Fail' Published
GLASTONBURY, Conn.-Louis Hernandez, Jr., chairman and CEO of Open Solutions, Inc., has published a new book titled "Too Small to Fail: How the Financial Crisis Changed The World's Perceptions." The book uses historic examples to illustrate how the rate of change impacting the financial services industry is accelerating. In the book Hernandez "outlines a process to map the future direction of individual institutions and the industry in a way that addresses near-term issues and overarching global changes." The book is available thorugh opensolutions.com/toosmalltofail.htm, or via online retailers.
CEFCU In Citizen Soldiers Program
PEORIA, Ill.- CEFCU is a participating in the Illinois Citizen Soldiers Program. Administered through the Illinois State Treasurer's Office, the program offers short-term loans to members of the National Guard and Military Reservists to help them support their families during, or after, deployment. Qualifying individuals can receive up to $10,000 for a maximum of two years at a rate of 3% APR. Loan payments do not begin until the individual returns from active duty.
TADFCU Breaks Ground On New HQ
SCRANTON, Penn.-Tobyhanna Army Depot FCU has broken ground on a new $4-million headquarters. The three-story, 24,000-square-foot building is to be completed in 12 months.
Committee Expands Due-Diligence
MADISON, Wis. - CUNA Mutual Group has introduced a Retirement Plan Services Investment Committee to provide enhanced due-diligence support for plan sponsors offering its Choice 401(k) program. The five-person committee, which meets quarterly, is to provide research, analytical studies and monitoring to provide solid due-diligence reporting behind every investment option available, the company said. CUNA Mutual manages 4,000 credit union retirement plans representing $6 billion in assets under administration.
Symitar CEO Plans To Retire
MONETT, Mo.-Kathy Hooker Burress, president of Symitar Systems, will retire effective July 31. Jack Henry & Associates, parent to Symitar, reported that Ted Bilke, Symitar's current general manager of Episys Operations and Development, will take over as Symitar's new president effective Oct. 1, with Hooker Burress serving in an advisory capacity through the end of the calendar year. "When I joined the Symitar team in 2000, my goal was to become an agent of positive change and I believe we've done that. Symitar is the undisputed leader in this industry," said Hooker-Burress. "However, I've also had a long-term goal of retiring while my husband and I still have plenty of time to enjoy our families and explore life."
P&S FCU Provides $300K To Scholars
BROOKLYN, N.Y.- Polish & Slavic FCU provided more than $300,000 in total scholarships to 298 recent high school graduates. Since its inception in 2001, P&S FCU has underwritten more than $2-million in academic scholarships to more than 1,400 students. The CU also recently donated $500,000 to endow the Chair of Polish Studies at Columbia University.
CDCU Institute Set For August
NEW YORK-The National Federation of CDCUs will host its CDCU Institute August 8-13. The program is a professional development and training program specifically designed for credit unions serving low- and moderate-income communities. The registration deadline is July 23.
For info: http://www.cdcu.coop/i4a/pages/index.cfm?pageid=385.