A Pennsylvania entertainment megaplex that boasts a bowling alley, arcade games and 10-cent chicken wings recently got a last minute stay of execution thanks to Members 1st Federal Credit Union.
In mid-September, the $1.7 billion credit union in Mechanicsburg, Pa,. paid off back taxes for 2007 and 2008, totaling $120,000, for the Coliseum Entertainment Megaplex, according to the Cumberland County tax claim office. Members 1st bought the amusement center's mortgage during a recent auction, placing a bid of $3.6 million, Christopher Rice, the credit union's lawyer, told pennlive.com. Member 1st did not immediately respond to Credit Union Times' request for more details.
According to published reports, Rice said the credit union would not place a bid lower than $3.6 million. Rice told pennlive.com that Members 1st's intentions were to keep the entertainment megaplex open. The center's owners, Coliseum Entertainment Group Inc., filed for Chapter 11 bankruptcy protection in 2008, according to the county tax office. Calls to the group were not returned.
Located in Camp Hill, Pa., the entertainment megaplex houses a sports bar, bowling alley and arcade gallery.
This is not the first time the credit union has stepped in with a lifeline to small businesses. In 2005, Members 1st was the first to partner with the Cumberland Business First loan program, an initiative to stimulate the expansion and assist in the retention of small businesses throughout the county. Along with Members 1st, another credit union and three area banks also participate in the program.
In January, the credit union donated $20,000 to Cumberland Small Business Fund loan program, an initiative that helps micro businesses and is funded in part by credit unions.
--msamaad@cutimes.com
In mid-September, the $1.7 billion credit union in Mechanicsburg, Pa,. paid off back taxes for 2007 and 2008, totaling $120,000, for the Coliseum Entertainment Megaplex, according to the Cumberland County tax claim office. Members 1st bought the amusement center's mortgage during a recent auction, placing a bid of $3.6 million, Christopher Rice, the credit union's lawyer, told pennlive.com. Member 1st did not immediately respond to Credit Union Times' request for more details.
According to published reports, Rice said the credit union would not place a bid lower than $3.6 million. Rice told pennlive.com that Members 1st's intentions were to keep the entertainment megaplex open. The center's owners, Coliseum Entertainment Group Inc., filed for Chapter 11 bankruptcy protection in 2008, according to the county tax office. Calls to the group were not returned.
Located in Camp Hill, Pa., the entertainment megaplex houses a sports bar, bowling alley and arcade gallery.
This is not the first time the credit union has stepped in with a lifeline to small businesses. In 2005, Members 1st was the first to partner with the Cumberland Business First loan program, an initiative to stimulate the expansion and assist in the retention of small businesses throughout the county. Along with Members 1st, another credit union and three area banks also participate in the program.
In January, the credit union donated $20,000 to Cumberland Small Business Fund loan program, an initiative that helps micro businesses and is funded in part by credit unions.
--msamaad@cutimes.com
