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CU System
CU System briefs (02/15/2012)
  • KALAMAZOO, Mich. (2/16/12)--Mysterious valentines appeared Tuesday at a number of branches of Kalamazoo, Mich.-based Consumers CU.  The spray-painted hearts were visible on the front lawns at several offices, including this one at the credit union's Cambridge office. The $358 million asset credit union says it has "no idea" where the hearts came from, but the hearts are "proof" that the credit union loves its members.  A member seen entering the building commented that Consumers CU is her "one true love." Another member said he would bring his Valentine's Day date back later.  In addition to the Cambridge branch, hearts were also found at its Stadium Drive office, Ninth Street office, West Main office and Member Service Center.  (Photo provided by Consumers CU) …
  • RALEIGH, N.C.  (2/16/12)--Coastal FCU announced Wednesday that President/CEO Larry Wilson will retire at the end of June, after 38 years at the helm of the Raleigh, N.C.-based credit union. Coastal's board has selected Executive Vice President/Chief Operating Officer Chuck Purvis to succeed Wilson, effective July 1. In 1974, Wilson joined what was then IBM Raleigh Employees FCU as general manager. At that time the credit union had three employees, $3.5 million in assets and served 3,900 local IBM employees. Today, Coastal has $2 billion in assets, 400 employees serving more than 190,000 members representing more than 1,200 organizations. During his 40 years with credit unions, Wilson has served on the Federal Home Loan Mortgage Corp. Advisory Committee, the Federal Reserve Thrift Advisory Council, and the Fannie Mae National Housing Advisory Council.  He has served director for the Credit Union National Association, the North Carolina Credit Union League and other national organizations including two corporates. Purvis, who has 30 years' experience in the industry, has been with Coastal's management since 2001. Wilson will continue to advise Purvis and Coastal's board through the rest of 2012 …
  • GROTON, Conn. (2/16/12)--Charter Oak FCU has been approved as a U.S. Small Business Administration  (SBA) lender, authorized to offer SBA 7a, 504 and Express loans to qualified business owners in New London and Windham Counties, Connecticut. The Groton, Conn.-based, $688.3 million asset credit union is also Eastern Connecticut's No. 1 mortgage lender and in November it received CUNA Mutual Group's Excellence in Lending Award.  The government-backed loans are designed to encourage growth and development of small businesses. They feature longer-term financing and lower down-payment requirements to help business owners finance new business, expand or modernize facilities, acquire commercial real estate, purchase business equipment, consolidate debt, increase working capital and more, said the credit union's website.  The Credit Union National Association and credit unions are urging Congress to raise the cap on credit unions' member business lending to 27.5% of assets from 12.25% . Doing so would mean $13 billion more available for new small business loans and the creation of 140,000 jobs, without cost to the taxpayer …


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