Corporate governance

WASHINGTON — With credit unions finally hitting the 100 million member mark last week, analysts and executives said the most powerful impact of reaching this milestone is the increased awareness of one of the "best-kept secrets" in financial services.

Directors talk about succession planning for both board and management recruitment.

Credit union executives are celebrating the movement reaching the 100 million-member milestone — but what does it really mean for the industry?

LAS VEGAS — Credit unions must be aware of and adapt to fundamental changes in the world around them, such as a younger generation that would rather use financial applications than go to financial institutions.

JACKSONVILLE, Fla. — The boards of Duval Federal Credit Union and 121 Financial Credit Union have agreed to merge late this year, subject to approval by their memberships and regulators, the FCUs jointly announced.

NEW YORK. — Education Affiliates FCU's members have voted to approve the proposed merger with McGraw-Hill FCU in East Windsor, N.J.

JACKSONVILLE, Fla. — Members of the State Employees Credit Union voted in favor of merging into First Florida Credit Union, formally creating a CU with more than $725 million in assets and 60,000 members.

TALLAHASSE, Fla. — Credit unions continue to buy banks, with First Commerce CU here entering into a purchase and assumption agreement with First National Bank of Crestview.

VALDOSTA, Ga. — Tiny $12.2 million Nashville Credit Union is looking to merge into $198 million Southeastern FCU here, in a move both institutions are calling "strategic in nature."

WICHITA, Kan. — Two Kansas credit unions on Monday announced their intent to merge, a move that would create an institution with a combined 15 branches, $525 million in assets and more than 70,900 members.

RANCHO CUCAMONGA, Calif. — CO-OP Financial Services is expanding its popular THINK initiative, adding a series of four free regional one-day events to go along with its annual conference.

SYLVANIA, Ohio — Inspired by millionaire Jason Buzi who has been hiding envelopes in major U.S. cities stuffed with $100 for strangers to find, one credit union is doing something similar in a few small towns that have been battered by the recession.

To stand apart from the crowd and attract new members, some credit unions are offering some creative and unusual perks.

GLOVERSVILLE, N.Y. — Fulton County FCU has rebranded itself as First Choice Financial FCU.

NEW YORK — Befitting a credit union with a heavily international membership, United Nations FCU has seen a strong response to a World Cup bracket challenge that it launched shortly before the quadrennial soccer tournament kicked off in mid-June.

Many credit union representatives have said that when times get tough — such as during an economic downturn — the CU's marketing budget is the first to get cut and often the last to be reinstated.

SAN JOSE, Calif. — The San Francisco Bay Area is a "very crowded" market, with "high competition" among the many credit unions, banks and other financial service companies that are here.

SAN FRANCISCO — As credit union leaders from across the U.S. flock here for CUNA's America's Credit Union Conference this week, they will find most San Francisco Bay Area CU executives with big smiles on their faces.

MORA, Minn. — Members of Greater Minnesota CU here have approved a merger with SPIRE CU, which will be the continuing credit union.

CUNA and the state leagues have launched a new website to mark U.S. credit unions' march toward 100 million members.