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CU System briefs (07/05/2009)
* KENNEWICK, Wash. (7/6/09)--Mortgage lending by Washington State credit unions increased by 313% over the last decade, with those credit unions providing a total of $10.5 billion in mortgage loans to their members during that time span. Washington State credit unions lent $3.3 billion in mortgage loans during the previous decade. Auto loans and savings deposits also increased over the last ten years. (The Tri-City Herald July 1) … * MIAMI, Fla. (7/6/09)--A class action suit has been filed by IBM employees in the U.S. District Court in Miami, alleging that their credit union lost their money by investing with Wellstone Securities, a now-defunct company that underwrote bonds from Cornerstone Ministry Investments. Cornerstone is a religious affiliated group that specialized in real estate investments. It filed for Chapter 11 bankruptcy protection earlier this year. The lawsuit was filed against Boca Raton-based IBM Southeast Employees FCU and four of its employees. The complaint says the members relied on the advice of credit union employees who had a business relationship with Wellstone that prevented impartial investment advice (Palm Beach Daily Business Review July 2) … * WICHITA, Kan. (7/6/09)--Mid American CU, a $141.5 million asset credit union based in Wichita, Kan., is in merger talks with the $3.3 million asset, Arkansas City-based Sunflower CU, according to Mid American President/CEO Jim Holt (The Wichita Eagle July 2). Both credit unions' boards have approved the proposed merger plan. Mid American will conduct a special member meeting July 27 to discuss the plan, which would make Mid American the surviving institution. A merger would give it its first physical presence in Arkansas City and Cowley County. The credit union has some members in that area already. Sunflower members would gain access to more services if a merger is approved by the Kansas Department of Credit Unions. Pending approval, the merger could be completed as early as the end of the third quarter (The Wichita Eagle July 2) … * TAMPA, Fla. (7/6/09)--Florida Central CU in Tampa has selected Laida E. Garcia as its new president/CEO. Garcia has been executive vice president of the $250 million asset credit union for eight years. She succeeds Ed Gallagly, who died in March. Garcia is also a board member of the Credit Union National Foundation board and serves as treasurer of the board of the National Credit Union Foundation. The credit union serves about 36,000 members and more than 1,000 select employee groups (MoneyCentral.MSN July 1) … * DEL MAR, Calif. (7/6/09)-- Michael Buecher, board member and Supervisory Committee chairman at San Antonio, Texas-based Air Force FCU, has been appointed to the board of directors of the National Association of Credit Union Supervisory and Auditing Committees (NACUSAC). Buecher was appointed during NACUSAC's 2009 Annual Business Meeting on June 19. Buecher is a former Region IV board member for the organization, which serves credit union supervisory and auditing committees exclusively. He will fill a one-year unexpired term …


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