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CU System
CU System briefs (05/20/2010)
* WISCONSIN RAPIDS, Wis. (5/21/10)--Bull's Eye CU was awarded nearly $85,000 of $540,000 allegedly embezzled by the former president of Rapids Municipal CU, Wisconsin Rapids, in a settlement agreement filed in a U.S. District Court in Madison, Wis. Bull's Eye acquired Rapids Municipal CU in December 2008 after authorities discovered the money missing. Rapids Municipal's former president, David K. Henke, was indicted by a grand jury for bank fraud and embezzlement, but was found dead after he missed the plea hearing. The $85,000 Primevest investment account was held by his former spouse, Laurie Henke, who received it as part of their divorce. The government seized the account last year, saying it was directly traceable to the fraud. Bull's Eye claimed it was entitled to the money because it lost $540,000 to the embezzlement plus spent $166,000 to investigate it. The agreement reached Monday remains pending before U.S. District Judge William Conley (WisconsinRapidsTribune.com and Wausau Daily Herald May 20) ... * DES MOINES, Iowa (5/21/10)--The U.S. Small Business Administration (SBA) recognized Dupaco Community CU, Dubuque, Iowa, as its 504 First Mortgage Lender of the Year in Iowa during the Iowa Smart Conference in Des Moines May 6. SBA's 504 program provides long-term fixed-asset financing to small businesses. In it, lenders finance 50% of the cost and take a first mortgage position on the assets financed while an SBA certified development company finances 40% of the project. The small business provides a down payment that can be as low as 10%. The award goes to an SBA lender who demonstrates outstanding commitment to small businesses in the community through increased participation in multiple SBA 504 program loans. Dupaco was the first mortgage lender on three 504 deals in Dubuque in 2009. Its share of financing accounted for more than $849,000 but made available more than $1.5 million in total project dollars, creating 14 jobs and retaining eight others. Also, Dupaco approved 14 loans for $362,000 in 2009 ... * BATTLE CREEK, Mich. (5/21/10)--Inspire Community Development CU opened Monday in Battle Creek, Mich., with 13 new accounts opened. The new credit union aims to help low-income people get out of debt and save for the future, said Battle Creek Inquirer May 19). Members can start a savings account with $5 and staff will teach them how to pay down debt, apply for loans, save for emergencies and other financial skills. Its grand opening will be June 14 ...


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