The $43 million Members Advantage Community CU of Barre, Vt.,and the $11 million Caswell CU, Burlington, Vt., are merging toform the sixth largest credit union in the state.
Members of both CUs approved the merger at meetings early lastmonth; the transaction already received clearance ofregulators.
MACCU with 8,200 members has two branches in White River Junctionand Barre, while Caswell with 2,700 members has one office.
“Because both credit unions share fields of membership based in theeducation industry and operate on the same core data processingsystem, the transition period is expected to be relativelyseamless,” according to a MACCU statement.
Caswell Manager Kathleen Cote said the merger would permit the CUto offer a broader range of products. “Because of our small size,we've been unable to offer home equity, money market accounts, andlonger term share certificates,” she said.

Members Curb Spending

Eating out, entertainment and vacation costs are being slashedby members of $1.1 billion Truliant Credit Union.
The Winston-Salem, N.C.-based CU recently surveyed more than 3,000of its members on how the downturn has affected their spendinghabits. Seventy-three percent said they have scaled back on diningout, 70% on entertainment and 64% on travel and vacations. Membershave also cut back spending on clothing (59%), home electronics(55%), car purchases/leases and repairs (45%), home appliances(35%) cell phones and/or calling plans (22%) and in other areas,such as groceries and medications (5%).
Nearly half said the state of the economy has led to them cuttingback on a few nonessential items. Twenty-eight percent said theyhave cut back on everything and only buy the necessities. Theremaining members indicated they are spending about the same asbefore or “have difficult choices to make right now, even when itcome to necessities.”

Power Financial Selects
Small Business Winner

A company dedicated to preventing the extinction of rare plants,animals and ecosystems won Power Financial Credit Union's smallbusiness makeover contest.
The Institute for Regional Conservation in Miami providesprotection, restoration and long-term management of biodiversity inSouth Florida, the Caribbean and beyond.
The IRC will receive a $1,000 Staples gift card, a one-hour meetingwith Power Financial's marketing department, a private consultationwith Power Investment Services, registered through broker-dealerCUSO Financial Services LP and a one-hour public relations sessionwith Weston, Fla.-based brainstorm2go. Power Financial scheduledthe prize presentation to coincide with Earth Day on April22.
Jesse Freedman, an IRC field technician, said he was motivated toenter the contest because of the urgent need to upgrade technologyand focus on solid financial planning.
“Being a nonprofit, we face limited resources and difficultyreaching out to the public,” Freedman said. “Our team has thecapability to do incredible things in research and analysis, but wesometimes fall short sharing this work with our community.”
Allan Prindle, president/CEO of the $480 million Power Financial inPembroke Pines, Fla., said the prize package will provide IRC withthe tools it needs to upgrade some technologies, increase theirawareness among their target audience and “apply good financialplanning and budgeting strategies to help achieve success.”

CUNA Mutual VP Retires

Long-time CUNA Mutual Group employee Bill Jolicoeur retired fromhis position as vice president of payment protectionproducts.
Jolicoeur retired on May 1 after 34 years in the industry. Hestarted his career at CUNA Mutual in 1975 as a sales representativein Massachusetts with more than 300 credit unions in histerritory.
“People have asked me why I stayed with one company for 34 years,”said Jolicoeur. “My answer is always the same. When your companyhelps its customers be better at their core business throughproduct development and related support, that's a win-win. CUNAMutual is a customer-focused company with commitment and pride. Ican't think of another organization I'd have wanted to workfor.”
Over his 34-year career, Jolicoeur established and led CUNAMutual's life, health, individual property and casualty brokerageoperations and the internal corporate risk management andsafety/loss program. He also led CUNA Mutual's Bingham Farms,Mich., operation and oversaw the sale of CUMIS General and theCUMIS auto program to Liberty Mutual and led CUNA Mutual's MEMBERSAuto and Home program to now include more than 3,200 credit unionsand 40 million eligible members.
“Bill developed a strong working relationship with our partnerLiberty Mutual and helped build and grow a book of business thatbenefited all parties,” said Randy Kohout, CUNA Mutual's vicepresident of organization capability. “His excellent record withMEMBERS Auto and Home products made him the natural choice for thelarger lending products role, where he again demonstrated hispassion and business savvy.”

Southwest Corporate FCU
Launches X9 Express

Southwest Corporate Federal Credit Union announced that it hasimplemented Endpoint Exchange's service for check imageexchange.
Southwest Corporate is now using X9 Express Direct, a secure Webportal that facilitates check image exchange and file transfer. Theservice allows Southwest Corporate to send and receive electronicpackages of individual check images directly.
“Endpoint Exchange helps Southwest Corporate best address the needsof small and mid-sized institutions, as we are currently providingcheck imaging services through the network to 720 member creditunions,” said Bill Brennan, director of site operations atSouthwest Corporate. “Processing with X9 Express Direct hasresulted in significant productivity improvement of our imageexchange item and file management, balancing and reconcilementprocesses. The service reduced our full time equivalency costs forthis exchange by half-which translates to lower costs for ourmember credit unions.”
Southwest Corporate has been connected to the Endpoint Exchangenetwork since 2004. Endpoint Exchange is a national check imageexchange provider and a Metavante company, which provides bankingand payments technology. The company provides solutions that can bedeliver in-house or outsourced and include distributed capture,check and remittance processing, document and report management andfraud detection.

Leagues Elect Leaders

In separate elections during annual meetings, the MissouriCredit Union Association and the Credit Union Association ofColorado/Wyoming have elected new leadership for 2009-2010.
Stanley Moeckli, president/CEO of Electro Savings CU of St. Louis,was named chairman of the Missouri group. He succeeds Betty Clark,CEO of United CU of Mexico.
Moeckli has served as president/CEO for three CUs during his31-year industry career.
Elected first vice chair was Dennis Pierce of CommunityAmericaCredit Union, Kansas City, and elected second vice chair was BrianEyestone of Southpointe CU, St. Louis.
At the annual meeting of CUAC in Colorado Springs; Douglas Ferraro,president/CEO of Bellco CU, Greenwood Village, was re-electedchairman; Michael Williams, president/CEO, Colorado CU, Littleton,vice chairman; Keith Cowling, president/CEO of CU of Denver,Lakewood Village, treasurer; and Eva Gaudio, president/CEO, St.Vrain Valley CU, Longmont as secretary.

Members Advantage CU
Opens New Branch

Members Advantage Credit Union announced that it will be openinga new 3,300-square-foot facility as part of its new growthplan.
Consulting and facilities development firm LEVEL5 is managing thenew branch strategy for the credit union. Members Advantage hasmore than $72 million in assets and more than 9,500 members. Thecredit union currently has two branch locations and a free standingdrive-up facility.
“LEVEL5 was exactly what we needed given their ability to managethe entire process from strategy, location and design, to handingover the keys,” said Frank Beachnau, president of MembersAdvantage. “The results gave us a clear indication of where weneeded to be and how we needed to get there.”
The new branch location will allow Members Advantage to servePorter County, Ind.
“This strategy allows us to deepen our relationship with existingmembers, while serving new members with the new branch in the newlocation,” Beachnau said.