ALBANY, N.Y. - The $1.4-billion SEFCU has purchased a local insurance agency, and indicated other similar acquisitions may follow. The credit union purchased the Colonial Insurance Agency LLC and its subsidiary, Kenneth Fake Agency. Terms were not disclosed. Both will become part of the SEFCU Insurance Group. The credit union said all 34 Colonial employees will retain their jobs. According to local media reports, Colonial had $20 million in premium volume and $2.4 million in revenue and operates eight offices. SEFCU Insurance will now operate from those same offices, as well as the credit union's 24 branches. The credit union told a local newspaper that it will look at other similar acquisitions. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

WASHINGTON - The credit union lobby is walking a tightrope as it works to defeat a bill that would regulate overdraft protection programs.

LLOYDMINSTER, Alberta - Common Wealth Credit Union has introduced a program called "Young & Free" that is says is the first free financial management service package for young Albertans. The Young & Free platform includes a package of free, unlimited financial services along with an online microsite that includes helpful financial hints, polls, blogs and trivia to "help them move towards financial independence," the credit union said. It is now seeking a spokesperson to represent 17- to 25-year-olds. The winner will be employed by Common Wealth CU and expected to regularly participate in numerous functions. Contestants and members can view, submit and vote on video entries online at www.youngfreealberta.com. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

New Initiative To Help

Throughout 2007, the Credit Union Journal is profiling the credit unions of each U.S. state and D.C. Rather than appear in alphabetical order, the states are being featured in the order they became states.

The purpose of name and logo testing is NOT to learn whether people LIKE a new name or logo. Although appeal is not irrelevant, the primary purpose of the research is to identify the attributes and brand identity that a name or logo communicates, and the extent to which they are consistent with the desired message of the institution.

CUMBERLAND, Md. - A new ruling by the state treasurer's office will once again allow area credit unions to accept payments for water and sewer bills, as well as tax payments.

On a recent flight from San Diego to Phoenix we were approaching the city in the Valley of the Sun, where it rarely rains. So, naturally there were thunderstorms just northwest of Phoenix and with the ride starting to get rough the captain announced that he wanted all service suspended, flight attendants seated, and everyone buckled up. As we began descending we started bouncing around pretty good when I noticed one flight attendant unbuckling her seatbelt and trying to steady herself against the fuselage wall as she reached for the microphone. Like others, I dreaded the announcement that was surely coming: "Put your head between your knees." "Call your loved ones." "Smoke 'em if you got 'em."

WASHINGTON - The closure by regulators of the $2.5-billion online bank NetBank may be the first of other seizures to come, according to analysts. After closing just one institution between June 2004 and September of 2007, problems in the mortgage market and a dearth of buyers for troubled assets are likely to mean NetBank won't be alone. "We absolutely believe that the cycle has begun. We haven't had a failure for quite some time ... but we believe we could see several more failures between now and into the first quarter," Damyon Mouzon, the president of Lace Financial Corp., a Frederick, Md., rating firm that tracks troubled institutions, told the American Banker. "With the liquidity drying up, ... that was the final straw, really, and institutions are now going to have to come clean and say what they really believe they and their loans are worth in the marketplace." Alpharetta, Ga.-based NetBank had a significant number of bad loans; the FDIC is estimating it will cost the fund $110 million. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

Two Credit Union Founders Die

ALEXANDRIA, Va. - Pentagon Federal Credit Union is helping some of America's patriots realize their own dream with a grant program that helps soldiers to buy their first homes.

Is your credit union good at telling the 'credit union' story? Have you found a unique and effective way to communicate to members and prospective members just what it is you are and why you're different? Then take a moment and enter the Frankie Awards. Just send an e-mail to fdiekmann@cujournal.com and share what you've done and how it's worked, along with any related materials. For a look at what previous Frankie winners have done, go to www.cujournal.com and search 'Frankie' in the search box.

DURHAM, N.C. - Latino Community CU (LCCU) has produced what it says is the first Latino feature-length independent film in the state to teach financial literacy. Called "Angelica's Dreams," the film will be screened Oct. 21 as part of a presentation sponsored by Duke University and the City of Durham.

FORT MYERS, Fla. - An investor in one of the speculative homes in Cape Coral filed a new suit against Norlarco Credit Union alleging the Colorado credit union engaged in a sophisticated fraud scheme to inflate real estate appraisals in order to qualify ineligible borrowers for Florida home loans.

DES MOINES, Iowa - Three Iowa credit unions said they will participate in a pilot program of a remittance community outreach program as part of a project also being sponsored by the Iowa Credit Union League and the World Council of Credit Unions (WOCCU). Village CU in Des Moines, Family CU in Davenport and Greater Iowa CU in Ames plan to launch the World Council's International Remittance Network (IRnet) in conjunction with Coopera, a league's subsidiary. The goal is to be up and running by March of 2008. According to the Iowa league, since 2004, the amount of remittances sent from Iowa has nearly doubled to $138-million from $69 million to $138 million. The United States Agency for International Development (USAID) is providing funding. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

SALT LAKE CITY -

RONKONKOMA, N.Y. - People's Alliance Federal Credit Union is trying to make sure that anyone eligible for membership knows it.

MADISON, Wis. - Seven innovative, new product and service ideas are now available to any credit union that wishes to implement them.

MADISON, Wis. - Credit union leaders from nine U.S. states have returned home from Mexico after participating in the first World Council of Credit Unions' (WOCCU) Hispanic Marketing Immersion Program.

DES MOINES, Iowa - Joey Yaukovitz helped drive new employees to the Members Group. Now Youkovitz is driving a BMW Z4 Roadster as a reward.