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CU System briefs (10/05/2011)
* MOUNTLAKE TERRACE, Wash. (10/6/11)--A former Washington State credit union-turned-bank plans to raise up to 432 million in an initial public offering, reported American Banker (Oct. 3). 1st Security Bank, the former Washington CU, based in Mountlake Terrace, Wash., converted charters in 2004. Its new holding company will be known as FS Bancorp. The bank has been under supervisory agreements until recently, said the Banker, and had reduced its branches to six. It had 14 branches as a credit union. In 2009 it streamlined its operations to restore profitability, said the publication … * DUBUQUE, Iowa (10/6/11)--After 47 years of service, Dupaco Community CU President/CEO Bob Hoefer will retire, effective Feb. 12. He will be succeeded by Joe Hearn, Dupaco's chief operating officer. Hoefer joined the then-$3.4 million asset Dupaco Employees CU in 1964. At that time it served employees of Dubuque Packing Co., had one branch and served 4,600 members. Today, the $955 million asset credit union serves 63,000 members from 12 offices. Hoefer is an honorary director and past board chair of the Iowa Credit Union League. He served on the Credit Union National Association's (CUNA) Renaissance Commission and was a member of its Governmental Affairs Committee for more than 20 years. He also was active in the Credit Union Executives Society, National Association of State Credit Union Supervisors, Filene Research Institute. Hearn joined the credit union as director of marketing in 1986. He became chief operating officer in 2008 and then executive vice president. He is serving his second term as league chairman and is a member of CUNA's state credit union subcommittee. Hearn was inducted into the CUNA Marketing and Business Development Council Hall of Fame in 2010 … * OTTUMWA, Iowa (10/6/11)--Community 1st CU's Board of Directors has appointed Philip Van Mersbergen as president/CEO, effective immediately, the board announced Wednesday. Van Mersbergen joined the $356 million asset, Ottumwa, Iowa-based credit union's team in 2008 as chief financial officer. His duties included being instrumental in a credit union merger, the opening of two new branches and generating asset growth of more than $90 million. His career in financial services began in 1996 at MidWest One Bank, where he held several positions …


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