Long-Time Chairman, Arnot, Dies
WARREN, Mich.-Alexander Arnot, who has been a member of the board of METRO Credit Union for the past 40 years, has died. Mr. Arnot had been chairman of the board for the past 36 years, during which he also worked as a teacher and school principal. During his tenure, Arnot oversaw growth to $180 million in assets from $1 million.
Eastman CU Rebates $2 Million
KINGSPORT, Tenn.-Eastman Credit Union said it will refund more than $2 million to members as part of an "Extraordinary Dividend." The credit union said each member will receive approximately $2.08 for every $100 earned in interest or dividends and/or paid in interest on loans during 3001. CEO Olan Jones said some members will be receiving several hundred dollars as a result. "It's all based on the amount of business you have done with ECU within the past year," said Jones.
Navy Fed Donates $550K
VIENNA, Va.-Navy Federal Credit Union reported it has contributed nearly $550,000 in member, employee and corporate contributions to Sept. 11 disaster relief efforts. Navy FCU President Brian McDonnell presented a $345,542 check to the Navy-Marine Corps Relief Society- the Society's largest single donation to date. An additional check for $203,947 was donated to the American Red Cross. Another donation check will again be presented to the Navy-Marine Corps Relief Society at a later date.
Progress Made In Suriname
MADISON, Wis.-The World Council of Credit Unions (WOCCU) and the North Carolina CU League reported they have been successful in getting the government of the South American country of Suriname to improve its credit union laws, including bringing CUs under the supervision of the Central Bank of Suriname. The Central Bank has tentatively agreed to send a delegation of its staff to the U.S. to visit the North Carolina league in February. Suriname's credit unions are not currently authorized to offer transaction accounts, but WOCCU indicated it is hopeful the new law will set the stage for credit unions to offer expanded products.