CU's Value To Community? $20 Million
ST. LOUIS-St. Louis Community CU said research shows the CU has an annual economic impact on its community of $20 million when compared to banks, payday lenders and check cashing outlets. The figure is based on a study by the Olin School of Business at Washington University. "This figure focuses on the overall long-term sustainability of the organization, which includes the absolute value of having a banking relationship with the credit union, as well as its social influence," the credit union said in a statement. In addition to relationship value, the Olin School of Business found that by its mere existence, St. Louis Community CU recycles dollars back into the community, and also offers other community support, including during 2010 430 free financial literacy presentations for social service agencies, local schools and community groups reaching more than 8,440 people.
Deadline For Grants June 30
WASHINGTON-The National Credit Union Foundation is also reminding that the deadline is June 30 to apply for the new Financial Education Grants. NCUF's annual grant program was formerly known as "Innovation Grants," but has been updated this year to realign with the Foundation's focus on education. For info: www.ncuf.coop.
Redwood, Cal State Conclude Merger
SANTA ROSA, Calif.--Redwood Credit Union (RCU) and Cal State Central Credit Union (CSCCU) have completed a merger, with Redwood as the surviving organization. The combined institution has more than $2 billion.
VocCorp Meeting Aug. 18-19
NASHVILLE -Volunteer Corporate Credit Union (VolCorp) will host its annual Forum August 18th-19th, at the Renaissance Nashville Hotel. Speakers include Mike McKinley, Jeff Rendel and CU Journal Publisher Frank J. Diekmann. For info: www.volcorp.org.
Fields Named To 'Power List'
PENSACOLA, Fla.-Ron Fields, president and CEO of Pen Air FCU has been named to the "2011 Power List" by local, weekly newspaper The Independent News. The newspaper said that the winners are chosen from publicly-nominated individuals in order to name the 100 most influential.
Item Processors In Merger
IRMO, S.C.-Palmetto Cooperative Services announced it plans to consolidate its item processing operations with Cooperative Services, Inc., to create a processor serving more than 600 credit unions and banks in 20 states that will be known as PCSi. "Our processing services and image-based solutions have evolved to the point where we felt our item processing unit needed its own identity," said Ed Culpepper, CEO of Palmetto Cooperative Services. "The merger of our item processing operations with Cooperative Services, Inc. doubles our volume and increases our efficiency which will allow us in some cases to pass along savings to our customers of up to 20%."
Building Named After Dennis Cutter
SPOKANE, Wash.--Numerica Credit Union President & CEO Dennis Cutter received a surprise here when employees and board members revealed a new sign on the headquarters building that reads "Dennis A. Cutter Administration Building." The unveiling took place at Cutter's retirement party, which marked his 40 years as CEO. Cutter is scheduled to retire in July. According to the credit union, "The surprise was pulled off after months of careful planning that included secret e-mails, parking lot diversions, and perfectly-timed tee times."
Prohibition Order Is Issued
ALEXANDRIA, Va. --NCUA has issued an prohibition order against Stan Roberson, a former employee of Her Majesty's Credit Union, Denver, Colorado, who was earlier convicted of contempt of court and sentenced to 180 days in the Denver County Jail.
MECU Certified As CDFI
BALTIMORE-- MECU of Baltimore has received certification as a community development financial institution (CDFI). To obtain the certification, financial institutions must demonstrate that at least 60% of its financing activities are targeted to a qualifying target market as defined by the CDFI Fund. MECU's certification application noted that more than 70% of its membership is low income and/or lives in economically depressed, financially underserved communities.
Defense CUs To Be Highlighted
ARLINGTON, Va.-NAFCU's Defense Credit Union Summit will be on June 29 at the Moscone West Convention Center in San Francisco, held in conjunction with NAFCU's 44th Annual Conference & Exhibition. Holly Petraeus, who is tasked with establishing the Consumer Financial Protection Bureau's Office of Service member Affairs, will be the keynote speaker for the event's luncheon. For more info: www.nafcu-annual.org.