MANCHESTER, N.H. - At the turn of the 20th century, this city had become the textile-manufacturing center of the U.S. But its workers had no place to turn for savings or credit, a fact recognized by Monsignor Pierre Hevey of St. Marie's Church. With counsel and guidance from Canada’s credit union movement leader, Alphonse Desjardins, and the commitment of local attorney Joseph Boivin to serve as the first president, the first credit union in the U.S. opened in 1908. Originally called St. Mary’s Cooperative Credit Association, its name was revised in 1925 to La Caisse Populaire Ste.-Marie, or “Bank of the People,” St. Mary’s. (c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

PASADENA, Calif. - Wescom Credit Union has eliminated as many as 110 full-time employee positions as it seeks to address financial losses the credit union experienced during 2007. Wescom reported negative earnings of $6.9 million during the first nine months of 2007 (CU Journal, Nov. 26).

SLFCU CEO On Fed Council

RALEIGH, N.C. - Coastal Federal Credit Union has launched Daymark Realty, a full-service real estate firm serving the Triangle area that will operate as a wholly owned subsidiary of the CU. Coastal teamed up with existing real estate agents to create the new business.

RANCHO CUCAMONGA, Calif. - While some have forecast a recession in the U.S. for 2008, Terrin Mendivil, economist and industry analyst for the California and Nevada CU Leagues, does not agree. That isn’t to say, however, that the picture is rosy.

LAS VEGAS–CheckFree is preparing to unveil a new release of its online banking platform.

MONTVALE, N.J. - As football fans across the country geared up for college bowl mania, employees of Paragon FCU had even more riding on it than some of the biggest fans.

PORTSMOUTH, N.H. - Service Credit Union has launched a new multi-lingual website.

WARRENVILLE, Ill. - Members United Corporate Federal Credit Union has established Members Health Network, LLC with the goal of joining technology and services that would make credit unions real competitors in the world of Health Savings Accounts and health banking.

WEST PALM BEACH, Fla. - In this issue the Credit Union Journal launches two new features. The first, below left, “Post Cards from the CU Past,” is being launched in conjunction with the 100th Anniversary of credit unions in 2008-09. Over the next two years the Journal will feature various moments from credit union history, chosen at random. In the second new feature, below right, we invite readers to share their recollections of efforts to get HR 1151, the Credit Union Membership Act, passed. This year marks the 10th anniversary of President Clinton’s signature on the bill. Coverage will culiminate with a special issue of the Journal to be published in conjunction with CUNA’s GAC in March. (c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

MANCHESTER, N.H. - GOP Presidential candidate Mitt Romney gave a speech at America’s Credit Union Museum last week. Romney’s 20-minute remarks included reference to the news of the assassination of Pakistan’s former Prime Minister, Benazir Bhutto, which had occurred just prior to his remarks. Romney also said it is his belief that family values and the work of the American people are the solution to the challenges that the nation faces. After Romney concluded his remarks, he held a press conference on the first floor of America’s Credit Union Museum and then joined his campaign staff; U.S. Senator Judd Gregg (R-NH); his wife, Ann Romney; New Hampshire league President Dan Egan; and Peggy Powell, executive director of America’s Credit Union Museum for lunch. (c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

ALBUQUERQUE, N.M. - U.S. Rep. Steve Pearce (R-NM) has agreed to sponsor CURIA after meeting with credit union executives from New Mexico to discuss how credit unions can better meet the financial needs of the state’s residents.

CHANTILLY, Va. - Credit card bills continue to be the first to go unpaid by consumers who are short on cash to pay bills, according to a new study. The study refutes a trend some analysts had suggested was developing, which is that an increasing number of borrowers, especially subprime mortgage borrowers, were letting their mortgage payments go first in favor of paying other bills. The study, from Internet bill-payment solutions provider Online Resources Corp., said the behavior of some subprime borrowers is just an anomaly, and that most consumers continue to put their mortgage payment first. ORCC CEO Mathew Lawlor said the study found many families have created what he called a “delinquency budget” to decide which bills to pay first. For 98% of households in the ORCC survey, the monthly mortgage payment remains first. “Research indicated very strongly that the card provider is the last in line to get paid,” Lawlor said. (c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

MADISON, Wis. - A study from the Filene Research Institute has concluded credit unions are significantly overcapitalized (CU Journal, Dec. 7). That has led to some feedback from credit unions disagreeing with some of the report’s conclusions (see related item, page 8).

COLUMBUS, Ind. - Members who open a savings account at Centra Credit Union here just might win a prize.

BIRMINGHAM, Ala. - One person sees a silver lining in both CU mergers and the tough market projected for 2008.

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CU24, Tallahassee, Fla., named Jim Gowan executive vice president of administration and strategic planning.

BEAVERTON, Ore. - Beginning this month, the Credit Union Association of Oregon (CUAO) will launch the Oregon Compliance InfoSight, a comprehensive online compliance information system. The service is free.

BIRMINGHAM, Ala. - It will be all about the income in 2008, according to one expert.