By Christian Mullins
Executive Summary:
Southern Traditions Credit Union, of Toccoa, Georgia, recently completed their merger into DOCO Regional Federal Credit Union of Albany, Georgia. The amalgamation of the two financial institutions increases DOCO Regional FCUs total asset size to over $125 million, making them the largest credit union headquartered in Southern Georgia, serving approximately 34,000 members. Southern Traditions made the decision to merge due to a declining membership base due to job losses in the textile industry.
International Summary:
United Kingdom
The Government recently announced plans to ease the restrictions on credit unions in the UK in an effort to increase membership. Leading the changes are Treasury plans to broaden the common bond, as well as allowing groups to apply for membership. The reforms will go into effect next year. Credit Union membership has faired poorly in the UK, with only 0.5% membership penetration of the population. In contrast, Ireland has a 50% penetration rate, and the US 25%.
Robbed:
- Mission Federal Credit Union, Chula Vista, California, Tuesday. A man waited outside the credit union for it to open before displaying a handgun, jumping the counter, and forcing everyone to the floor. He left with an undisclosed amount of money. No one was injured.
- Credit Union Center of Indiana, Mishawaka, Indiana, Wednesday. Wearing a hooded sweatshirt backwards with eye holes cut in the hood and sunglasses on top of that, a man threatened to blow up the credit union if he wasn’t given cash. He escaped with an undisclosed amount of cash. No one was injured.
- Arizona Federal Credit Union, Tempe, Arizona, Wednesday. A man approached a teller around 12pm, advised him the credit union was being robbed, and left after the teller turned over an undisclosed amount of cash. No weapon was displayed, and no one was injured.
- USE Credit Union, Chula Vista, California, Thursday. Two men, one armed with a handgun, walked into the branch wearing ski masks and gloves, demanding money. They took an undisclosed amount of cash and fled in a silver BMW sedan. No one was injured.
They Fought The Law, And…
- Caroline Domanski, 62, was indicted on charges of embezzling almost $1.3 million from 1993 until April 2008 at First Nebraska Educators and Employee Groups Credit Union in Omaha. The Vice President of Accounting, Domanski allegedly falsified accounting ledgers and withdrew cash from the vault for her personal use.
