Credit unions

ST. LOUIS–Missouri Corporate Credit Union (MCCU) has declared a bonus dividend of $100,000 to be paid to its member credit unions at the end of fiscal year 2007.

TALLAHASSE, Fla. - In response to member credit unions asking for investment advice and management help, Southeast Corporate Credit Union has launched a CUSO called Accolade Investment Advisory LLC.

Given today's volatile rate environment and the potential for greater interest-rate risk associated with growth in real-estate loans, it's likely your credit union's asset/liability management (ALM) planning processes will be a focus of your examiners. While on the surface, such a focus may seem stressful and burdensome, it's actually beneficial, as good ALM practices are critical to successful business decisions.

ATLANTA - VSoft Corp announced that Constitution Corporate Federal Credit Union (Constitution), a New England-based cooperative wholesale financial institution with assets of $2 billion, has successfully processed incoming image files from Bank of America using its Check 21 software and interface.

WARRENVILLE, Ill. - Corporate credit unions are on alert after the Federal Reserve's 50-basis-point rate cut had some observers interpreting the Fed's move as a signal it is concerned the credit-market crunch will slow economic activity well into 2008.

SAN DIMAS, Calif. - WesCorp FCU said credit ratings service agency, Standard & Poor's (S&P), affirmed its long-term credit ratings (AA-/Stable/A-1+) and gave the corporate credit union a "stable" outlook.

WARRENVILLE, Ill. - Members United Corporate FCU has launched a new, wholly-owned subsidiary, Members Health Network, LLC, which will help facilitate the introduction of Health Savings Accounts at credit unions.

SAN DIMAS, Calif. - The stock market jolted up following the Fed's decision to cut rates by 50 basis points, but at least one industry could see a longer-term benefit from the move: credit unions.

GREENSBORO, N.C. - As is the case with several other corporate CUs, First Carolina Corporate Credit Union has seen a rise of nearly 54% in term and structured certificates over the past year after an extended period of low liquidity.

MIDDLETOWN, Penn. - Natural-person credit unions appear to agree with Wall Street that the Fed will not be making any changes to the Federal Funds rate this year and as a result have been not only pouring deposits into corporate CUs but moving out of overnights and into longer-term investments.

COLUMBUS, Ohio - If conversions to bank charters, a seemingly endless parade of mergers and even the first "hostile takeover" attempt by one credit union over another have shaken faith in the cooperative nature of the credit union movement, the corporate credit union network offers a preview of how cooperation can survive a shakeup in the landscape.

SANTA ROSA, Calif.–Redwood CU and First Napa FCU have completed their merger, with RCU as the surviving institution serving 135,000 members and assets exceeding $1.5 billion. “We are pleased to welcome the Members of First Napa Federal Credit Union to our membership, and look forward to the opportunity to offer expanded financial services to these new Members, as well as to the entire Napa community,” said RCU’s CEO Brett Martinez. All former FNFCU employees were retained on staff of the merged institution.

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