WEST PALM BEACH, Fla.With online phishing scams projected by some to continue to grow at 15% per quarter, the Credit Union Journal, in conjunction with MarkMonitor, will host a free, one-hour web seminar on managing online risks on Feb. 28 from 1-2 p.m. (EST). The we seminar comes at the same time one new study has found that some of the best socially-engineered sites fooling over 90% of recipients, hurting not just the victims but also costing their credit unions in time and money. During the complimentary web seminar, discussion will include practical steps for managing online fraud risk, and certain technologies can help in mitigating and responding to phishing threats. The featured presenters are Michael Adame, Director of Information Security with Texans Credit Union, and Carolyn James Vice President-IS with USA Federal Credit Union. Journal readers can sign up for this free web seminar highlightingstrategies on managing online risks by going to www.sourcemedia.com/webseminar/markmonitor/regform.

CAMP HILL, Pa. – Larry Stoner, a founder of West Shore Teachers FCU, who ran the credit union that became Susquehanna Valley FCU, announced he is retiring as president and CEO on March 1. Stoner helped charter the credit union in 1967, then took over as president in 1993 when he retired from teaching, building it to $53 million in assets. He will remain involved as a consultant to the new CEO, whose name as not yet been announced.

SEATTLE – The Federal Home Loan Bank of Seattle announced yesterday that James Gilleran, the former director of the federal Office of Thrift Supervision, will retire in April as its CEO, after a two-year work-out of the troubled FHLB. Gilleran will be succeeded as CEO by Richard Riccobono, the Seattle Bank’s chief operating officer, who also came to the Bank form the OTS, where he clashed with NCUA over conversions of credit unions to mutual thrifts. Riccobono, who served as acting OTS chief after Gilleran’s departure, followed his boss to the Seattle Bank, where the two worked to turn-around the institution, which was then under supervisory agreement with its own regulator, the Federal Housing Finance Board. The supervisory agreement was lifted in January and the Bank has resumed paying dividends to its 380 members, including 75 credit unions. It was as acting director of OTS in the summer of 2005 that Riccobono clashed with NCUA as the credit union regulator held up the conversions of credit union giants Community CU and OmniAmerican CU to mutual thrifts. In a congressional hearing where NCUA Chairman JoAnn Johnson was grilled by critical lawmakers, Riccobono said he believed NCUA was intentionally making it difficult for credit unions to convert to thrift charters.

NOVI, Mich. – Everything’s for sale by the Novi Parks Foundation, which agreed to an innovative deal with Telecom CU to sell the naming rights of a local recreational facility. The program is trying to sell naming rights to Novi's sports fields, shelters, playgrounds, rooms at city hall and other facilities to provide another source of revenue for the city's parks amid tough economic times. Under plans to raise as much as $200,000 a year to supplement the city’s $3.8 million parks budget, the credit union has agreed to pay $7,500 over three years to have a a sign over the heretofore Ella Mae Power Park named for it. Telcom will get a sign bearing the company's name at the park, which sits behind the Civic Center.

SAN DIMAS, Calif. – Financial Service Centers Cooperatives announced yesterday it plans to pay out over $2 million in patronage dividends to users of its shared branch network. The annual dividend, up 12% from last year, will be paid in April, around annual audit time. In addition, FSCC said it paid out $400,000 in December to shareholders for acquired transactions, the last cash payout of 2002 dividends. FSCC is poised for the April roll-out of a new fleet of 2,100 self-service kiosks at the nation’s 7-11 convenience stores, which will connect to its network of more than 2,400 credit union branches.

SAN DIEGO – Mitek Systems Inc. yesterday announced the roll out of the next generation of its FraudProtect check fraud protection system. The new FraudProtect Web provides the ability to distribute the analysis of suspicious checks, so payment decisions can be expedited–all through a web browser. The system is also designed to provide outsource item processing providers the ability to securely manage hundreds of financial institutions concurrently.

DENVER – First Data Corp. announced yesterday it has acquired Datawire Communication Networks Inc., a provider of Internet-based transaction delivery services. Datawire offers Datawire VXN, a global transaction delivery network, designed to transport any real-time data, like a financial transaction, with maximum security and reliability. Financial terms of the deal were not disclosed.

MONETT, Mo. – Jack Henry & Associates CEO Jack Prim took advantage of a run-up in the company’s share price amidst the frenzied takeovers of competitors by exercising 35,000 options last Friday, then selling the shares at a quick $624,000 gain. Prim exercised the options at $6.03 each, then sold the shares for $23.86 each, as the shares neared a new high after the company announced a six-cent dividend, according to a filing with the Securities and Exchange Commission. Jack Henry shares have risen about 9% over the past three months as major competitors Open Solutions, Digital Insight, John H. Harland Co. and Corillian have all fallen prey to takeovers.

SCOTTSDALE, Ariz. – eFunds Corp., processor for the credit union-owned CO-OP Network, said yesterday that fourth quarter earnings surged 72% to $19.5 million, or 41 cents a share. Revenues grew a slight 2% to $140 million for the fourth quarter. For the full year, earnings climbed 10% to $54.5 million, or $1.15 a share, while revenues rose 10% to $552.4 million. Over the last three years eFunds has shifted some of its business, selling off its 14,000 fleet of ATMs to TRM Corp., and acquiring WildCard Systems, a provider of stored value card services for financial institutions.

SAN ANTONIO – Check printer Clarke American reported yesterday that net income for its fiscal year was halved to $19.5 million, mostly because of interest charges related to the 2005 acquisition by M&F Worldwide. Takeover-related interest expense rose almost six times, to $60.8 million, in 2006, the company reported. M&F Worldwide, the investment vehicle for corporate raider Ron Perelman, acquired Clarke American for $800 million from British conglomerate Gus plc. M&F Worldwide, is poised to acquire Clarke American competitor John H. Harland Co. to create the largest check printer in the U.S. The deal is being closely scrutinized by the U.S. Justice Department for antitrust implications. Clarke American said revenues growth fo 2006 was almost flat, with fiscal year revenues at $623.9 million.

WASHINGTON – Continuing pressure from higher short-term rates and a flat yield curve pushed down credit unions’ bottom lines in the fourth quarter, with return-on-average assets, the industry’s key profitability indicator, falling to just 0.82, near a 10-year-low, NCUA reported yesterday. Rising rates continued to push up cost of funds in the fourth quarter, while return on assets continued to stagnate. Jeff Taylor, senior economist at NAFCU, said credit unions have reacted to the rising rate environment by lifting the rates they pay on longer-term CDs, causing a mass transfer of funds from lower-paying regular shares and share draft accounts, and pushing up cost of funds. “Most credit unions decided to only aggressively price CDs,” Taylor told The Credit Union Journal. “There’s a lot of money moving from low-cost shares and share drafts to higher cost CDs.”For the year, average cost of funds rose to 2.34% of assets, from 1.72% for 2005. Adding to the squeeze was the continued rise in operating expenses at a rate of 7.3% for 2006. Activity was tepid all around in the fourth quarter, with loans growing by just 1.3% and shares growing at the same slow rate. For the full year, loans grew by 7.9% and shares by 4.1%. The slowing mortgage market also had a toll, with real estate loan originations declining by 5.2% for the year, and delinquent mortgage loans soaring by 41%.

GRAND RAPIDS, Mich. – A member of Lake Michigan CU was arrested yesterday and charged with robbing $1,200 from his own account last week. Police said David Johnson tried to withdraw the funds but was told by a teller he had a payee listed on his account and couldn’t access the account without the payee’s authorization. So Johnson allegedly put his hand in his pocket as if he had a gun and forced the teller to give him the money. Police were late arriving to the scene because the caller identification on the incoming 911 call had the credit union’s corporate address on it, and not the branch where the incident occurred, so they went to the wrong address. Johnson told police he needed the money to feed his addiction to crack cocaine.

BOSTON – A man who apparently wore a fake mustache and a hard hat to rob two credit unions and a bank is being hunted by state and local police. The suspect robbed East Cambridge Savings Bank in Somerville last week, after hitting Stoneham Municipal Employees FCU in Wilmington the week before, and Filene Employees FCU in Boston last month. During each incident the robber was wearing a yellow or white hard hat, sunglasses, a dark gray sweatshirt and hood and dark pants. In two of the robberies he was wearing surgical gloves.

WATERBURY, Ct. – Waterbury Connecticut Teachers FCU said yesterday it has agreed to install Lending Solutions’ call center and online lending services. The $140 million credit union has also signed on to for the company’s identity theft protection solution, called Identity Shield, offered through a partnership with RelyData of Chicago. Under the contract, the 72-year-old credit union will use Lending Solutions’ National Loan processing Center to originate and process loans 24 hours a day, seven days a week.

LOS ANGELES – L.A. Financial CU said yesterday is has signed with TFactor to implement the company’s KnowledgePortal360 Internet-based learning management system and CU Compliance Courses. The system’s advanced reporting features help administrators quickly look up a student’s enrollment status, progress and grades and presents them in easy to view graphics. TFactor is a unit of Technology Strategy and Solution Development Co.

ST. LOUIS – Annheuser-Busch Employees’ CU announced yesterday it has agreed to implement OHVA Security’s SoundPass multi-factor authentication software. SoundPass is a Java-based software authentication system that provides users with a token file created by a Java applet, instead of a hardware token. Users control how the software key is stored and have the ability to disable or enable this extra layer of authentication at any time. The system is easy to use, allowing users to activate their software key themselves when they login to the protected network.

LAKE JACKSON, Texas – TDECU, formerly known as Texas Dow Employees CU,aid yesterday it signed with John H. Harland Co.’s Liberty unit to provide it with a variety of services. They are: checks, payment books, statements and directing marketing. TDECU is a $1 billion credit union with 93,000 members.

FORT WORTH, Texas – American Airlines CU announced yesterday it has expanded it relationship with CO-OP Financial Services and will now have the credit union-owned company process its five-million debit card transactions, both PIN- and Signature-based. The $4.2 billion credit union joined the CO-OP Network in 1999, giving its members access to CO-OP ATMs, but now will earn a patronage dividend based on the number of transactions processed through CO-OP Financial. The two entities also collaborate on the deployment of ATMs at Los Angeles International and Ontario, Calif., and Salt Lake City Airports.

DALLAS – Just weeks after raising $60 million to help it pursue bigger cards deals, TNB Card Services said yesterday it had acquired the $16 million credit card portfolio of A+ FCU, of Austin, Texas, which includes more than 9,000 accounts. Under the agent issuing deal, TNB will offer competitive rates along with higher credit lines to cardholders of the $500 million credit union. Since many of the A+ credit union members have excellent credit ratings, they will be eligible for the most attractive credit card rates in the marketplace. Cardholders will also be able to participate in TNB’s rewards program. A+ will also offer a Platinum card and a Rewards Program for the first time and initiate a family account card program, which will benefit the many students attending the participating schools in the A+ service area. Finally, TNB will also work with A+ to expand its business card program, enabling it to offer improved products to this growing market segment. TNB is a unit of credit union-owned Town North National Bank.

MORENO VALLEY, Calif. – Visterra CU unveiled a new program yesterday under which it will rebate 25% of a real estate agent’s commission to members who buy or sell a home through its new Home Fortunes program. The home buying program is being offered in conjunction with the $440 million credit union’s own mortgage financing. The participating real estate agents have been hand-picked by HomeSold, a unit of title insurer Fidelity National Financial.