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CU System
CU System briefs (01/29/2013)
  • PITTSBURGH (1/29/13)--The former manager of the now defunct Lawrence County School Employee FCU, New Castle, Pa., has been sentenced to 15 months in prison and ordered to repay nearly $223,000 embezzled from the credit union.  Holly Cowan of Slippery Rock Township, who pleaded guilty to embezzlement and tax evasion, also was sentenced to three years of supervised release and orderd to pay the full amount in restitution and pay the Internal Revenue Service $63,000. The theft occurred over five years. An assistant manager, Stacy L. Attisano, also of Slippery Rock, pleaded guilty to embezzlement and tax evasion and will be sentenced April 19. The women were accused of taking $811,000 by falsifying deposits and loan payments. The credit union had $2.6 million in assets and 1,805 members at the time it was liquidated by the National Credit Union Administration on March 5, 2010 (Beaver County Times Jan. 24) …
  • MOUNTAIN VIEW, Calif. (1/29/13)--First Tech FCU reported it "is well-positioned to increase member value in 2013." Its total assets rose 9.3% to $5.6 billion in 2012, while total loans rose 15.6% to $3.3 billion over loans for the period ending Dec. 31, 2011. First Tech also reported a net income of $62.8 million--a 1.15% return on assets representing a 51% increase over earnings for the period ending Dec. 31, 2011. As of year-end 2012, First Tech remains the nation's 12th largest credit union, serving 360,000 members throughout the U.S.  Its reserves total $537.2 million and results in a PCA Capital Ratio of 9.57%. First Tech will reinvest its 2012 earnings into the credit union so it can "continue delivering competitively-priced share and loan products for our members while also making significant technology and process investments that will allow us to better meet the needs of our members and their families," said Gregory Mitchell, president/CEO …
  • ALBUQUERQUE, N.M. (1/29/13)--U.S. New Mexico FCU has named Marsha Majors as president/CEO. She succeeds James Raquet, who retired this month after serving more than 10 years in the position. Majors has 27 years of credit union experience, beginning her career as a retirement account administrator and progressing to her most recent position as executive vice president. The $740 million asset credit union is based in Albuquerque and serves more than 70,000 members. It has four six branches--four in Albuquerque with a fifth to open in second quarter, plus one in Bernalillo and one in Farmington. A fifth branch will open second quarter in Albuquerque …


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