Jan. 18, 2012 – NAFCU’s membership rolls continue to swell with the recent addition of five new members – Vantage West CU of Tuscon, Ariz., San Diego Firefighters FCU of San Diego, None Suffer Lack FCU of Suitland, Md., Hawaii Central FCU of Honolulu and New Brunswick FCU of Edison, N.J.Vantage West was originally chartered in 1955 to serve military and civilian personnel working on Davis-Monthan Air Force Base in Tuscon. The credit union has $1 billion in assets and approximately 109,000 members.San Diego Firefighters FCU was chartered in 1984. Since opening its doors, San Diego Firefighters FCU has grown to more than $77 million in assets and 3,500 members.None Suffer Lack FCU was chartered in 2001 and has about $15 million in assets. None Suffer Lack is a faith-based credit union that serves members of The Heart Church Ministries and their immediate family members.Hawaii Central FCU and New Brunswick Postal FCU also joined the association recently. Hawaii Central was chartered in 1937 and now has approximately $155,000,000 in assets and 12,200 members. New Brunswick Postal FCU was also chartered in 1937. The credit union has approximately $10,400,000 in assets and 1,500 members.
The National Credit Union Administration has finalized a rule to improve board and executive succession planning within the credit union industry. This strategic move aims to curb the trend of mergers driven by technological stagnation and poor succession strategies, ensuring more credit unions maintain their independence and enhance their technological capabilities. By Ken McCarthy, Manager of marketing communications at Tyfone Credit unions are merging out of existence because of an inability to invest in technology, the National Credit Union Administration Board wrote when introducing its now finalized rule on board succession planning. The regulator now requires credit unions to establish succession planning for critical positions in their organizations. But it’s likely to have even wider effects, such as preserving more independent charters and shaking up the perspectives of those on credit union boards. “Voluntary mergers can be used to create economies of scale to offer more or ...
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