PLANO — Shareholders of Viewpoint Bank, known until last year as Community CU, are expected, when they meet in two weeks, to approve a pot of more than $30 million in stock and stock options for insiders — by far the richest bonus pool ever granted by a credit union-convert.

CHATTANOOGA, Tenn. – Tennessee Valley FCU had a busy week, opening one new branch, then breaking ground on two more. The $475 million credit union cut the ribbon on a new service center in Cleveland, then began construction on two more branches in Chattanooga. At the Cleveland branch, local officials cut a ribbon made of dollar bills, which were then donated to Habitat for Humanity.

HUNTSVILLE, Ala. – Gerry Toland, the 69-year-old ex-Marine who headed Redstone FCU for the past 16 years, announced yesterday he is retiring as president and CEO of the $2 billion credit union. Toland came to the then-$580 million credit union in 1991 after stints as CEO of IBM New Jersey Employees FCU, LA DOTD FCU and The United FCU. Toland, who served in the U.S. Marines in Korea, Lebanon, Malaysia, Japan and the Philippines, and his wife Veronica are building a new home nearby where they plan to spend their retirement. The board of Redstone FCU has appointed Mike Goodman, chief operating officer, as interim president while it searches for a permanent successor to Toland. Redstone FCU was chartered in 1951 around the Redstone Army Arsenal in Huntsville and now serves more than 1,000 select groups.

PORTLAND, Ore. – Corillian Corp., which is in the process of being acquired by CheckFree Corp., reported yesterday that first quarter losses rose to $1.1 million, or three cents a share. Losses for the same quarter last year were $970,000, or two cents a share. Revenues for the quarter rose a strong 15% to $16.2 million, as the company integrated last year’s acquisition of InteliData Technologies Corp. CheckFree has agreed to acquire Corillian for $5 a share, or $280 million and the marriage of the Internet banking services providers is just waiting for clearance from federal anti-trust regulators.

DAYTON, Ohio – NCR Corp. announced Friday that its plans to spin-off its Teradata data warehousing unit will provide one share in the new independently traded company for each share owned in NCR. The new company will also be based in Dayton and be known as Teradata Corp. and Michael Koehler, head of the Teradata division, will be the company’s new CEO. The tax-free spin-off still requires approval of the Internal Revenue Services and final approval by the NCR board and is expected to occur in the third quarter.

PONTE VEDRA, Fla. – Struggling ATM ISO Global Axcess Corp. reported yesterday that $175,000 received last quarter from the sale of its South African operations helped it report a slight profit of $101,000, or a penny a share, for its first quarter. That compares to a loss of $900,000, or four cents a share, for the first quarter last year. The operator of 4,500 ATMs, some of them co-branded for credit unions, reported a$74,000 operating loss for the quarter. First quarter revenue were up 1% to $5.3 million for the period. Te company, whose stock has languished in the penny stock neighborhood for the past year, is one of several ATM ISOs experiencing financial troubles.

McLEAN, Va. – Mortgage rates remained steady for the third week in the last four, reflecting further evidence that slower economic growth will help keep inflation in check, according to Freddie Mac. The average for the benchmark 30-year, fixed-rate loan slipped a single basis point to 6.15% this week; while the average for the 15-year, fixed-rate mortgage was unchanged at 5.87%. The Federal Reserve on Wednesday decided to keep the overnight Fed Funds rate unchanged as Fed officials continued to watch to make sure that the economic slowdown that is occurring will be enough to lower inflation pressures. Short-term rates rose slightly, with the average for the five-year ARM moving from 5.87% last week to 5.89% this week; and the average for the one-year ARM rising to 5.48%, from 5.42%.

DENVER – First Data Corp., which in the midst of a major restructuring, said it will consolidate 12 of its U.S. data centers as part of a cost-cutting move. The consolidation is projected to cost the transaction processing giant around $225 million. The company, which recently completed the acquisitions of Wells Fargo’s Instant Cash Services ATM network and of FundsXpress, is itself in the process of being taken private by Kohlberg Kravis Roberts & Co. for $29 billion.

ST. PAUL, Minn. – A man caught robbing The Retail Employees CU was shot down by police yesterday morning as he was making his getaway, and died later from his wounds. The suspect forced his way into the credit union around 7:45 am, just before opening, then made two employees to fill a sack with cash. As he was leaving the branch he was confronted by police and brandished a silver handgun and police shot him, strewing loose credit union loot around the site. He was taken to the hospital where he died later. The credit union is the same one that was robbed twice by the Fishing Hat Bandit, the man who robbed 25 area credit unions before he was caught.

WASHINGTON – NAFCU called on lawmakers yesterday to bar executives and directors of credit unions converting to banks from profiting from the charter change for up to 10 years. In a letter to members of the House Financial Services Committee, which is drafting legislation to make it tougher to convert, NAFCU also said any benefits earned after that should be disclosed fully to members voting on the proposed conversion. NAFCU’s bid comes as lawmakers are scheduled to meet today to discuss the legislation, part of the CU regulatory Improvements Act. The trade group asked lawmakers to stress full disclosure in whatever they do; to facilitate member review of the conversion; and to require clear and plain language in the disclosures. NAFCU also supported a requirement that a minimum of 20% of members vote on the conversion, down from the 30% now in CURIA.

FIFE, Wash. – A group of seven former volunteer directors at Rainier Pacific CU have each accumulated stock in the credit union-turned bank in just a few years worth at least $1 million–the benchmark for a middle-class retirement next egg. The seven former volunteers, who have stoked up on initial public stock offering purchases, stock grants, and options since the ex-credit union went public, continue to sit on the board of what is now Rainier Pacific Bank, emblematic of the growing number of ‘credit union millionaires’ being created by the conversions to banks, according to documents filed with the Securities and Exchange Commission. The switch from credit union to bank has created more than three dozen credit union millionaires like the Rainier Pacific Seven, which includes: Edward Brooks, who owns 82,000 shares worth $1.8 million; Stephen Bader, Robert Coombs, Brian Knutson, Alan Somers and Alfred Treleven, all who own more than $1.4 million in Rainier Pacific stock and options, and Charles Cuzzetto, who owns about $1 million. Brooks, the one-time credit union volunteer and the CEO of a local construction company, was paid $108,000 last year to sit on the board, including $54,400 in stock and $28,800 worth of options. The Rainier Pacific insiders, five of whom were brothers in the local Rotary Club, engineered the January 2001 conversion from credit union and subsequent August 2003 initial public offering, one of the most lucrative yet for directors and managers of a converted credit union. The biggest winner in the conversion sweepstakes, was Rainier Pacific’s President John Hall, who has accumulated almost $4 million in stock and options in less than four years. Rainier Pacific’s Sr. Vice President Victor Toy has accumulated almost $3 million, and its CFO Joel Edwards more than $2 million. Other CEOs who converted their credit unions to banks have also built up multi-million dollar holdings: like John Fiore, the president of Synergy Financial Group (once Synergy FCU), more than $4.2 million in stock and options; Hans Ganz, the head of Pacific Trust Savings Bank (Pacific Trust FCU), more than $4 million; and Kay Hoveland, CEO of K-Fed Savings Bank (Kaiser Permanente FCU), who has built up more than $2 million in holdings.

WASHINGTON – Bank Fund Staff FCU will more than double its space with a move a few blocks away to space currently occupied by the National Cooperative Bank. The site at 1725 Eye St. is two blocks from the White House and will provide the $2 billion credit union with almost 49,000 square-feet of space. NCB is moving across the Potomac River to Crystal City, Va. The credit union currently operates out of 23,000 feet at 1818 H St.

ALEXANDRIA, Va. – The former collections supervisor for Vermont FCU was barred from the credit union industry for stealing almost $44,000 from the Burlington, Vt., credit union, NCUA said yesterday. Michael Monette was convicted of bank fraud and sentenced to four months in prison for the crime. NCUA also banned Glenn Culler, the former president of Ackerman CU in Columbus, Ohio.

SCOTTSDALE, Ariz. – Shares in EFD, the funds processor formerly known as eFunds, rose almost 4% yesterday after the company announced it is exploring various strategic alternatives, including a merger. The company reported yesterday that net income declined slightly in its first quarter and the company has hired investment bankers to explore possible strategic alternatives. The processor for the credit unions’ CO-OP Financial Services said net income for the period was $10.5 million, or 22 cents a share, compared to $10.7 million, or 23 cents a share, for the first quarter last year, as revenues declined 4% to $134 million. EFD said it has formed a review committee of its board and hired Goldman, Sachs & Co. and BlackRock Inc. to explore strategic options, after being approached by certain parties. EFD shares closed at $39.91 yesterday.

CHANTILLY, Va. -- Internet services provider Online Resources Corp. reported it swung to a first-quarter loss on costs related to its purchase of electronic bill payment service Princeton eCom. The company posted a net loss of $9.5 million, or 36 cents per share, for the first quarter, compared to a profit of $757,000, or three cents per share, in the first quarter of 2006.The Princeton eCom acquisition helped boost revenues 85%, to $30.8 million, from $16.7 million for the first quarter last year. Acquisition costs for the July Princeton eCom deal totaled 41 cents a share. The company forecast a loss of 35 cents to 42 cents per share for the full year on $130 million to $136 million in revenue.

FRESNO, Calif. – Six local men were charged in a federal indictment unsealed Monday with using a home computer program to siphon hundreds of thousands of dollars from accounts at Navy FCU, JP Morgan Chase and Citibank, among others. The six allegedly obtained the software program for free online, then access various business accounts, as well as personal accounts through popular financial management programs like Quicken, Quickbooks and Microsoft Money, which yielded credit union and bank account information, PINs and passwords. Authorities believe the group stole as much as $400,000 through the scheme. Named in a 53-count indictment were alleged ringleaders Ryan Friend, 26, and Michael Buchanan, 30, and brothers Christopher Travis, 33, and Lloyd Travis, 37, Robert Moreno, 29 and his brother Cesar Moreno, 34, all of Fresno.

ST. PAUL, Minn. – The state House last week approved a bill that would require all parties to a data breach to notify their customers and for the responsible parties to pay for associated costs, such as cards reissuance. The bill would enact as law the Payment Cards Industry standards which require all merchants to destroy cards data as soon as a transaction is completed. The credit union-backed bill is now headed to the Senate for its review.

WASHINGTON – The Federal Housing Finance Board yesterday approved a new program by the FHLB Atlanta which will direct credit union and bank members to a conduit to sell their loan on the secondary market. The Global Mortgage Alliance Program will not buy the loans themselves, like the FHLBs’ Mortgage Partnership Finance program. The program will deal only with fixed-rate, 30-year mortgages. The Atlanta Bank will provide back-office and marketing services. The Atlanta Bank has the most members of any of the 12 FHLBs, with almost 1,300, 135 of which are credit unions.

NEW ORLEANS – The U.S. Attorney’s office reported that Liberty Bank and Trust Co. has agreed to pay NCUA $1 million to resolve a long-dispute over dividends the bank agreed to pay when the credit union regulator sold it part of a failing credit union. Upon closing Corpus Christi FCU in 1992, NCUA entered into a purchase and assumption agreement in which the agency agreed to invest $2.3 million in Liberty Bank in exchange for 2.3 million shares of Class A Preferred Stock. NCUA claimed that the bank neglected to pay it dividends between 1995 and 2004, as promised. The $1 million payment represents a compromise of the disputed claims.

PLANO, Texas – Shareholders of Viewpoint Bank, known until last year as Community CU, are expected when they meet in two weeks to approve a pot of more than $30 million in stock and stock options for insiders—by far the richest bonus pool ever granted by a credit union-convert. The shareholders are expected to approve an Equity Incentive Plan that will dole out 1.6 million shares of restricted stock to managers and directors valued at $30 million, and an additional 1.2 million shares subject to options and stock appreciation rights, according to the ex-credit union’s annual proxy statement. The largest beneficiary of the bonus pool is expected to be Gary Base, president and CEO of the $1.4 billion credit union-turned-bank, who stands to receive 140,000 shares valued at $2.5 million. The shares will vest in equal installments over five years, but the former credit union executive will earn dividends on them and have full voting rights the day they are awarded. Base earned more than $1 million last year from the conversion of his credit union, including compensation of $920,000 and more than $200,000 in profits on his newly minted Viewpoint stock., according to the proxy. Shares in Viewpoint, the largest credit union to convert to bank, have soared 80% to $18 each, since the credit union-convert went public last October, just 10 months after its switch to bank.