By Christian Mullins
Executive Summary:
Anchor FCU, or Warwick, Rhode Island, will merge into Wave FCU (also of Warwick) no later than August 31, after 87% of Anchor’s participating membership voted in favor of the proposal. The combined credit union will support 9,000 members and $90 million in assets. Wave President/CEO Paul Archambault will retain his position, and Anchor’s CEO David Dupéré will assume the title of Executive Vice President/CEO. Three of Anchor’s Board of Directors will join the Wave FCU Board.
Cal State 9 CU, of Concord, California, has found a buyer in Patelco CU one of the nations largest credit unions, with assets over $4 billion. In 2007, $330 million asset Cal State 9 sustained losses in excess of $60 million, and has suffered losses of $50 million in the first quarter this year. The National Credit Union Association (NCUA) assumed control over the ailing financial institution last November, and had been searching for a buyer. The deal is expected to be completed by the end of June.
Home funding company Freddie Mac released survey results showing that 30 year fixed mortgage rates have fallen for the third consecutive week, from 6.01% to 5.98%. 15 year fixed rates also declined, from 5.60% to 5.55%. One year ago this week, the 30 year fixed rate was 6.37%, while the 15 year fixed rate was 6.06%. Adjustable Rate Mortgages (ARMs) rose slightly on the speculation that the Federal Reserve Board would not cut rates over the short term.
New York Governor David A. Patterson signed into law legislation that aims to close several loopholes that will strengthen the state’s identity theft laws. Among the highlights are restrictions to how employers may use and store employees personal information and outlawing ’skimmers’, in addition to other changes. In addition, identity theft victims now have the right to seek compensation for time spent correcting the damage caused by perpetrators.
Robbed:
- Pen Air FCU, Gulf Breeze, Florida, Monday. A man entered the credit union, approached a teller, displayed a gun, and left with an undisclosed amount of cash. No one was injured.
- Sterlent Credit Union, Sacramento, California, May 12. The ‘new to us’ robbery was committed by the ’straw hat’ bandit, who is responsible for at least three other robberies in the Sacramento area over the last several weeks.
Arrested, Arraigned, Charged, or Sentenced:
- Nothing to report today.
Posted by Christian Mullins 