Southeast Corporate Extends Subscription Deadline
TALLAHASSEE, Fla.-Southeast Corporate FCU last week said it is still short of its planned capital raising for its merger into Corporate One FCU and has extended the deadline for subscriptions another month, until June 29. The board of the $1.6-billion corporate had planned to bring $75 million of perpetual contributed capital to the merger-but it had only raised $66.4 million from its members by May 31, leaving a shortfall of about $8.6 million at the previous deadline for subscription, according to Brad Miller, president of Southeast Corporate.
Most of the new PCC consists of the conversion of $43.7 million of Southeast's $62.4 million of membership capital shares. Miller said he is hoping to convince more of the MCS holders to convert so the corporate can reach its goal of $75 million. "I'm pretty confident we're going to get the capital," he told Credit Union Journal.
Even if Southeast falls short of the $75-million goal, the Corporate One board, which has approved the merger, could choose to proceed with the combination at a lower capitalized ratio for the merged corporate.
CU Hands Out $1,000 A Day, 60 Days
PLYMOUTH, Mich.-Community Financial CU will be handing out $1,000 a day for the next 60 days as part of its second annual "Summer of Sharing." With each giveaway the credit union will be asking: "What GOOD could you do with $1,000?" Community Financial, which started the campaign during last year's 60th anniversary celebration, is asking people to visit www.SummerOfSharing.org to answer that question and nominate a nonprofit organization in the process.
Kinecta Rolls Out Special Lock Policy
MANHATTAN BEACH, Calif.-Kinecta FCU rolled out a new price adjustment for agency loans, which will apply to applications locked on or after June 4. The Kinecta Wholesale Lock Policy will allow any lock that has expired to be re-locked for 30 days using either the original lock date pricing less 50 basis points or current market pricing, whichever is lower. Locks that have expired are eligible for current market pricing 45 days after the cancellation or lock expiration date, whichever is longer. Locks re-locked within 45 days from the expiration or cancellation date are subject to all prior extension fees.
Filene's Gabel To Emcee Wegner Awards
MADISON, Wis.-Denise Gabel, chief finance and strategy officer of the Filene Research Institute in Madison, Wis., was named last week as emcee of The National Credit Union Foundation Dinner Presenting the Herb Wegner Memorial Awards. The 25th annual dinner will take place on Feb. 25, 2013 in Washington, D.C. Gabel succeeds Bob Schumacher, former CEO of MountainCrest CU in Arlington, Wash., who emceed the dinner for the past 15 years.
Webinar On IRR, ALM Set For June 18
MUSKEGON, Wis.-With NCUA on Sept. 30 requiring all federally insured CUs to develop and adopt a written policy on interest rate risk management and a program to effectively implement that policy as part of their ALM responsibilitied. Corporate Central CU is pairing with Farin & Associates to offer CCCU members a free webinar on June 18 on related issues. For info: www.corpcu.com
CU Among Workforce Training Grantees
BOSTON-Massachusetts Gov. Deval Patrick's administration announced $2.1 million in Workforce Training Fund grants to 28 Massachusetts companies, including City of Boston CU. The funds will provide training for 51 employees and five new jobs expected to be created as a result of training.
Fannie Mae Taps New CEO
WASHINGTON-Fannie Mae named its general counsel, Timothy Mayopoulos, former general counsel at Bank of America, as its new president and CEO, effective June 18. Mayopoulos has served as Fannie's chief counsel for the past three years. He replaces Michael Williams, who announced his intention to leave in January.