Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Inspire CU start-up merges into larger CU
BATTLE CREEK and PARCHMENT, Mich. (9/18/12)--Inspire Community Development FCU in Battle Creek, Mich., a small start-up community development credit union (CDCU), merged into the larger First Community FCU in Parchment, Mich., on Aug. 31.

The $400,000 asset Inspire, which opened in 2010, was afflicted by start-up delays, eroding funds and understaffing. Those factors, along with a desire to expand its services, led to Inspire's decision to merge with a larger credit union (BattleCreekEnquirer.com Sept. 14).

First Community's commitment to serve low-income members made the $700 million asset credit union appealing to Inspire's board, when it was looking for a merger partner, Nancy Macfarlane, president of Inspire's board, told the newspaper.

Inspire offered several services geared to low-income consumers such as low-interest micro loans, automatic deposits and savings accounts. Those programs made Inspire eligible for federal funds to run under its CDCU designation, the paper said.

Because of understaffing, Inspire was only open three days a week, with limited hours, Macfarlane said.

Significant losses on the credit union's loans led the National Credit Union Administration (NCUA) to examine Inspire's books. Together, the credit union and NCUA decided a merger was the best path to take, Macfarlane told the paper.


RSS





print
News Now LiveWire
Construction spending drops in January, according to @CommerceGov http://t.co/W9J1mDyF8X #Market #NewsNow
9 hours ago
During Nat'l Consumer Protection Week, @TheNCUA reminds #CU members of agency resources re: rights as consumers. http://t.co/aYgW1HoDmF
11 hours ago
.@TransUnion: #millennials climbing into driver's seat with loans http://t.co/S4H9OIB3Av
12 hours ago
Breaking at #NewsNow: @CUNA backed bill introduced by @RepEdRoyce @GregoryMeeks would raise MBL cap. #CUSmallBiz http://t.co/ZDAb2UMoQz
13 hours ago
Loan growth at federally insured #creditunions in 2014 climbed to highest level since 2005, @TheNCUA reported today. Watch News Now Tues.
13 hours ago