Effort In Oregon To Recall Board Members Falls Short

ST. HELENS, Ore.-A campaign to recall five of the seven St. Helens Community FCU directors fell short last week, with none of the five targeted board members recalled. The rare recall bid was prompted by the failed merger of the $166-million credit union with Wauna FCU, a $145-million credit union in nearby Clatskanie, Ore. Some St. Helens members had objected to the dismissal of CEO Jeff Schwarz last May.

The recall was initiated by a petition drive of 492 of the credit union's 15,000 members. St. Helen's officials said 1,431 ballots were cast and 175 members attended a special meeting Tuesday to debate the recall.

Former CEO Pleads Guilty To $2.3-Million Theft

PHILADELPHIA-The former CEO of a Borinquen FCU pleaded guilty in federal court last week to a $2.3-million embezzlement that sunk the small CDCU a year ago. Prosecutors said Ignacio "Nacho" Morales used the CDCU's funds to purchase real estate in his own name and took almost $600,000 to buy drugs. The fraud scheme forced NCUA a year ago to take over the 38-year-old credit union, which served several hundred Hispanic families in a low-income neighborhood of Philadelphia.

USE CU Gets $40K Grant To Assist Former Prisoners

SAN DIEGO-The FHLB of San Francisco has awarded USE FCU a $40,000 grant to help fund a training and employment program for former prisoners at San Quentin State Prison. The program is aimed at integrating a living-wage re-entry green jobs program. Fifty edible community gardens will be created at the homes of both full-paying clients and subsidized low-income households throughout the San Francisco Bay Area.

Promo Marks 75th Anniversary

EAST LANSING, Mich.-Michigan State University FCU is celebrating its 75th anniversary with a contest to pay off a Visa cardholder's balance-up to $575. Five members will be randomly selected to win.

Members can also enter the 75th anniversary online video quiz for their chance to win a CU prize pack, which includes MSU FCU gifts and a $200 gift card to Wheat Jewelers. Until the end of September, MSU FCU will be highlighting information about the credit union from the 1970s and 1980s. Members who receive 100% on a quiz are entered into the grand prize drawing of a $7,500 Wheat Jewelers gift card at the end of the year.

Trunzo Promoted At CUNA Mutual

MADISON, Wis.-Robert N. Trunzo has been promoted to president of CMFG Life Insurance Company at CUNA Mutual Group, where he will be responsible for the products, distribution and service of the company's U.S. CU businesses as well as its 401(k) business. CUNA Mutual's Asset Accumulation and Retirement Services businesses will also now report to Trunzo, along with the company's IT area.

Scholarship Dedicated To Johnson

MADISON, Wis.-The Credit Union Executives Society and the National CU Foundation have established a scholarship to honor retiring CUES President Fred Johnson. Johnson is stepping down at year-end after 23 years of service. The Fred Johnson Scholarship will support individuals who wish to attend CUES' CEO Institute. "What could be more appropriate than a scholarship given in Fred Johnson's name?," said NCUF Executive Director Bucky Sebastian. "He and CUES are all about education."

For info: www.cues.org.

PFCU Debuts 'Defender' Card

ALEXANDRIA, Va.-Pentagon FCU last week rolled out a new card it calls a "Defender" American Express rewards card restricted to active or retired U.S. military personnel. The Defender card features 1.5% cash back on eligible spending; 6.99% APR introductory purchase rate for the first 60 months; no fees or penalty pricing; cash back credited automatically as a statement credit to the account each month, and no tiers, caps or limits to the amount of cash cardholders can earn.

Subscribe Now

Authoritative analysis and perspective for every segment of the credit union industry

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.