Credit Union Times Magazine December-14, 2005

In Other News

  • DONATIONS

    Postal Credit Union, Woodbury, Minn., has lent a hand in the fight against hunger. A group of 27 PCU employees and volunteers gladly rolled up their sleeves and packed over 600 boxes of food to be distributed by Second Harvest Heartland Food Bank. Second Harvest was also presented with a...

  • WEST

    Altura Credit Union, Riverside, Calif., has promoted Valerie Spiro to employee relations manager. In addition, Altura CU has named Maria Colgan commercial real estate manager and Jandea Samawova Corona-South branch operations manager.

  • SOUTH

    Community Educators Credit Union, Rockledge, Fla., has named James D. Chastian vice president of commercial services. State Employees Credit Union, Raleigh, N.C., Senior Vice President/Chief Operations Officer Sue Douglas has been elected chairman of the NC Credit Union Commission and SECU Senior Vice President of Loan Administration Phil Greer has...

  • SOUTHWEST

    Smart Financial Credit Union, Houston, has promoted Diane Ray to vice president/controller. Firstmark Credit Union, San Antonio, Assistant Vice President Linda Sue Rodriguez has been named president of the Professional Teleservice Management Association.

News

News Briefs

  • CU Business Capital Ramps Up Loan Processing Deal with Lending Solutions

    MIRAMAR, Fla. - Nearly five months after its launch, CU Business Capital LLC is moving forward with its commercial lending program for credit unions. The CUSO, launched by $2 billion Eastern Financial Florida CU in July, has just signed on with Elgin, Ill.-based Lending Solutions Inc. to provide its credit...

  • DPSCU/SRMCU in Colorado Merging Gateway

    DENVER - DPSCU/SRMCU, formed by the merger of Safeway Rocky Mountain CU into DPS CU earlier this year, has announced merger plans with Gateway Credit Union of Aurora. If approved, it will create an $800 million credit union. "An already great partnership just gets better," said Alan Peppers, President/CEO of...

  • Sub S Status Making Banks More Attractive Acquisition Targets

    CHICAGO-Banks with Subchapter S status under the Internal Revenue Code are making themselves ripe for acquisitions, according to a recent analysis by Grant Thornton LLP. After 10 years as an S Corp, banks can use additional favorable tax rules because they will no longer need to apply the built-in gains...

  • CORRECTIONS

    In the Nov. 23 issue, the story entitled, "Jack Henry Adds to Product Mix With Acquisition of ProfitStar", the story stated that Stratika's profitability solution will be replacing ProfitStar's profitability solution. According to ProfitStar, the Stratika product will be offered to credit unions, however it is not replacing the ProfitStar...

  • Reception for NCUA Board Members Planned at the Capitol

    WASHINGTON-A number of government officials will be honoring the newest members of the NCUA Board with a reception at the U.S. Capitol. Senators George Allen (R-Va.), Richard Burr (R-N.C.), Banking Committee Member Elizabeth Dole (R-N.C.), Banking Committee Member Tim Johnson (D-S.D.), Minority Leader Harry Reid (D-Nev.), and John Warner (R-Va.),...

  • NAFCU Reports IRS to Publish Deferred Compensation Study in 2006

    ARLINGTON, Va. - A study on deferred compensation from the IRS is scheduled for release in 2006. NAFCU, citing information from BNA Banking Report, said the study will look at how the plans are treated at tax-exempt organizations. While the report won't be targeted directly at credit unions, the IRS...

  • NAFCU Announces Annual Trek to Fed

    ARLINGTON, Va. - NAFCU recently announced a group of top staffers will be visiting the Federal Reserve Board Dec. 15. NAFCU sends a small group of top staff, with report in hand, to the Federal Reserve every December to update the board on the credit union community. Fed Vice Chairman...

  • CDFI Announces Approximately $25 Million Available in 2006

    WASHINGTON - The U.S. Treasury Department's often attacked and occasionally beleaguered Community Development Financial Institution Fund has announced that it will have approximately $25 million available for which certified CDFIs can apply in fiscal year 2006. Community development credit unions have largely, though not always, found the CDFI Fund generous...

Tech Bytes

  • Credit Union Offers One-Stop ATM, Shared Branch Locator

    As the number of ATM and shared branch networks have grown, credit unions often find themselves scrambling to keep their members up to date about their own ATMs and branches as well as the ATMs and branches tied to fee-free networks such as from CO-OP Network and Allpoint. Often this...

  • Phishing Attacks On CUs, Community Banks Rising, Firm Says

    ATLANTA - If your $400 to $500 million credit union hasn't been phished yet, experts say that it is only a matter of time until it is. Phishing attacks, those in which criminals intent on fraud send e-mails seeking to fool consumers into visiting phony Web sites and revealing sensitive...

  • COCC Adds PPS Early Warning Services to Security Suite

    AVON, Conn. - COCC has added Primary Payment Systems' check-fraud alert tools to the core processor's risk-management suite for credit unions and community banks, and one early user says it's already paid off. COCC, a client-owned provider of core processing and other technologies to more than 125 financial institutions, is...

  • RSA Security Acquires Cyota

    BEDFORD, Mass. - RSA Security Inc. here has acquired New York City-based Cyota, Inc. for $145 million. Cyota's presence has been growing in the credit union industry. It has a number of large credit union clients such as Patelco CU and Pennsylvania State Employees CU, both of which use its...

  • Mid-Atlantic Partners With BluePoint for Branch Capture

    MIDDLETOWN, Pa. - Mid-Atlantic Corporate has partnered with BluePoint Solutions to offer Bluepoint's C21 Capture solution to its member credit unions. Its members will be able to capture digital images of their deposited checks at the branch and transmit them daily to Mid-Atlantic Corporate for processing. Mid-Atlantic Corporate will use...

  • SECUWA to Convert to Symitar Platform

    SEATTLE - School Employees Credit Union of Washington says it will be converting its core processing system to the Episys platform from Symitar. The $612 million CU says it selected the system after a 24-month evaluation process. "Episys has the flexibility to support our credit union's strategic direction in attracting...

Special Report

  • TNB Upgrades Card Management Access For Clients

    DALLAS - TNB Card Services, the card services company which is a subsidiary of credit union owned Town North Bank has announced an upgrade to the system through which its processing credit unions can access and manage their card information. Dubbed the VIP CardStation, the new system offers a more...

  • Chinese Debit Card First Used in U.S. at a PULSE Terminal

    HOUSTON - Executives from two Chinese banks, as well as Discover and PULSE took part in the first swipe of a debit card issued by a Chinese bank at a point of sale terminal in the U.S. On Dec. 5, Liu Tinghuan, Chairman of China UnionPay (CUP), and Su Ning,...

  • PSCU Makes Dividend Payment Early

    ST. PETERSBURG, Fla. - PSCU Financial Services, the card services CUSO for over 500 credit unions which process their card transactions with First Data Inc., has announced that it will pay the balance of the patronage funds it owed its credit unions from 1998 three months early. The money is...

  • Kessler Financial Services Becomes Kessler Group

    BOSTON - Kessler Financial Services, the card portfolio brokerage most closely associated with card giant MBNA and noted specialist affinity marketing firm, has changed its name and become the Kessler Group. "This new identity unites our entire organization of diverse, forward-thinking companies under one umbrella brand," the company said about...

  • Retail Sales Continuing Strong As Shopping Season Continues

    SAN FRANCISCO - American consumers are continuing to use their Visa branded credit and debit cards a significantly higher rate than last year, the nation's number one card brand has reported. Overall sales volume on Visa-branded payment cards reached $25.1 billion for the week (Nov. 28 - Dec. 4), an...

  • Desert Schools Members Love The Gift Card

    PHOENIX -- Members of the $2.4 billion Desert Schools FCU can choose the credit union's Visa gift card again this year after the CU sold 13,000 of the cards between October and December of 2004. The cards will be available from the CU's branches as well as online and will...

  • Technology Credit Union Starts Offering Amex

    SAN JOSE, Calif. - Proclaiming its members "some of the most demanding consumers in the world," the $1.1 billion Technology Credit Union has begun offering the American Express Card pursuant to its agreement with MBNA, the card issuer with whom it has an agent relationship. "Our goal is to find...

Letters to the editor

Publisher's Column

  • Changing CU Landscape Will Drive Up CEO Salaries

    One nugget of news from last month's House Ways and Means Committee hearing on the credit union tax-exemption that isn't being talked about much is the panel's interest in credit unions disclosing executive salaries. I'm not sure the industry is ready for this. Compensation is an inherently controversial topic. Just...

People

  • MIDWEST

    John Deere Community Credit Union, Ankeny, Iowa, Lending Supervisor Michele Starkenburg has been elected Ankeny Area Chamber of Commerce board director Wright-Patt Credit Union, Fairborn, Ohio, Community Development Manager Walt Overholser has been elected vice president of the Beavercreek Chamber of Commerce. Vantage Credit Union, St. Louis, has named Eric...

  • EAST

    Aberdeen Proving Ground Federal Credit Union, Md., has named Terry Coldiron vice president of member lending services and Maureen Bruneau Bel Air mortgage operations manager. St. Mary's Bank, Manchester, N.H., has named Thomas A. Champagne director of business development and marketing. Citadel Federal Credit Union, Thorndale, Pa., has named John...

Quotes Worth Quoting

  • Quotes Worth Quoting

    "We're of one mind." - Michael Hale, president/CEO of $784 million Andrews FCU on the turnout from NCUA,CUNA and NAFCU officials and other industry notables at the grand opening of a District of Columbia branch, which will serve people of modest means. "Pennsylvania needs to get tough on payday lending....

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