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CU System
CU System briefs (04/05/2011)
* RANCHO CUCAMONGA, Calif. (4/6/11)--CO-OP Financial Services announced its patronage pool totals $20.2 million for fiscal year 2010. This year's dividend brings its total patronage distribution to shareholders to $212.1 million since it became a cooperative in 1996. Other milestones include: realizing $64 million in surcharge replacement savings last year through its investment in access to ATMs in retail locations such as 7-Eleven and Costco; saving clients $18.4 million by cutting operational costs, cutting prices, providing clients promotional materials and support, and absorbing infrastructure costs to upgrade the company's telecommunications platform for all CO-OP services; processing more than two billion payment transactions via CO-OP Network, third party ATM, PIN/Signature debit and credit card; and making more than 71 million shared-branching transactions. CO-OP Financial Services is also now processing more than 200,000 transactions per month via CO-Op Mobile and CO-OP My Deposit … * TACOMA, Wash. (4/6/11)--A former office manager and teller at Tacoma-based KBR CU was sentenced to 33 months in prison for embezzling $440,000 from the credit union by a U.S. District judge. Edgar Hugh Kelly, 37, who had worked for nearly 13 years for the credit union, also was sentenced to three years of supervised community service time and ordered to pay restitution. The embezzlement was discovered in 2010 after an internal audit found false records hiding a loss of funds from the credit union's accounts with other banks. He pleaded guilty in November to theft from a lending, credit or insurance institution (thenewstribune.com (April 5) … * LA SALLE, Ill., (4/6/11)--Angela E. Pena, 50, of Peru, Ill., a former branch manager of American Nickeloid Employees CU in LaSalle, pleaded guilty March 31 to using her position to illegally inflate her home loan. She was charged with one count of financial institution fraud and faces four to 15 years in prison. Pena had been approved for a $86,900 loan, but the document later was altered to $250,000. Pena had no loan approval except for unsecured personal loans up to $5,000. The theft allegedly financed a gambling habit (newstrib.com March 31) …


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