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CU System briefs (12/14/2010)
* BISMARCK, N.D. (12/15/10)--Doug Wolf, the former president/CEO of Midwest Corporate FCU, has been hired as vice president of ProDraft Services Inc., effective Dec. 1. "We are excited to have Doug join our staff, and to help us bring a complete correspondent and payment processing services to credit unions that are looking for alternatives," said the credit union service organization's (CUSO) press release. Wolf was president/CEO of Midwest Corporate for 14 years and served nine years in executive management positions, including CEO and chief financial officer, in natural person credit unions. Wolf noted he has been "involved in the development of ProDraft and its services over the past few years…" He will be responsible for credit union client relations and service conversions. The CUSO is owned by 38 credit unions … * KINGSPORT, Tenn. (12/15/10)--Eastman CU announced it will pay a $4 million dividend to eligible members in February. Dividend payments will be deposited into members' savings accounts about Feb. 10, with deposit notifications included with its January statement mailed to members (timesnews.net Dec. 11) … * PORT EWEN, N.Y. (12/15/10)--Ulster County (N.Y.) Industrial Development Agency (IDA) has given its blessing so Mid-Hudson Valley FCU can receive tax incentives while building its Port Ewen branch--a $2.48 million, 2,800-square-foot building. Officials agreed to set a payment-in-lieu-of-taxes schedule and waived sales taxes on construction costs. The credit union is not bonding and will be self-financing the building, said IDA CEO Lance Matteson. The $698 million asset credit union, which is based in Kingston, N.Y., will add three jobs when the branch opens. It will be the first financial institution in Port Ewen since Bank of America closed in July 2009 (Daily Freeman Dec. 14) … * WHEELING, W. Va. (12/15/10)--A sentencing date has been set for Jan. 3 for Bernie Metz, 57, the former CEO of Center Valley CU in Wheeling, W.Va. on an embezzling charge. Metz pleaded guilty to embezzling more than $9 million from the credit union and forging a check to a construction company that built her restaurant and cabins in West Liberty. In exchange for her guilty plea, officials agreed they would not prosecute her family members. Metz faces up to seven years in prison (WTRF.com Dec. 13) … * EDMONTON, Alberta (12/15/10)--Servus CU, a Canadian credit union based in Edmonton, Alberta, announced its member-owners will receive $43 million through its annual Profit Share program. The amount is an increase from 2009's $42.2 million distribution and will be the largest amount shared to date. Members will receive the distribution this month. The 2010 program pays cash as well as a dividend on common shares and investment shares. Commercial and agricultural members will receive cash as a service charge rebate. Servus members, in a survey, said profit sharing and member ownership wither the most important benefits of being members of Servus CU (Marketwire Dec. 13) …


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