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CU System
CU System briefs (01/21/2011)
* WARRENVILLE, Ill. (1/24/11)--Balance Sheet Solutions LLC, an investment brokerage firm, has hired the staff of Financial Solutions Group, a former department in Western Bridge Corporate FCU. The eight individuals, led by David Scott, senior interest rate risk consultant and office manager, will remain in their current San Dimas, Calif., location. "This addition compliments our strategies and services in the balance sheet risk management arena," said Jim Toliver, president. "There is little doubt that the role risk management will play within the credit union industry is sure to grow. The skill sets are a unique niche and the best tools are expensive. With the expertise in complex modeling, both team and tools, this group allows Balance Sheet Solutions to expand our infrastructure and range of ALM services," he added. The San Dimas office currently serves the balance sheet risk management and consulting needs of 150 credit unions … * MACON, Ga. (1/24/11)--Lisa R. Cox, 48, a 17-year employee and former head teller at Macon-based MidSouth FCU, was sentenced Wednesday to three years in prison for embezzling $624,608 from the credit union. She also was ordered to pay more than $600,000 in restitution and serve five years' supervised release after her prison term (Macon.com Jan. 20). Cox pleaded guilty in September in a U.S. District Court to the embezzlement and to falsifying teller drawer and vault records. She used the money to gamble, take vacations in Europe, make car payments and pay other expenses, said authorities … * BANGOR, Maine 1/24/11)--Donovan W. Steen Jr., 20, has been charged in the robbery Jan. 18 of Penobscot County FCU, based in Old Town, Maine (Bangor Daily News Jan. 19). Steen had been arrested on Jan. 7 after his mother reported the theft of about $4,000 in jewelry and a computer, which Steen allegedly sold to pawn shops. The robbery occurred at about 4:25 p.m., just before the credit union closed. Other details were not made available … * GREEN BAY, Wis. (1/24/11)--PCM Employees CU, based in Green Bay, said last week it had made a $534,000 rebate to its members for 2010. The rebate included 7.5% on loan interest paid in 2010 and a 50% bonus dividend on interest earned on all regular share accounts. During the past six years, the credit union has given a combined total of $1.5 million to its members. The $135 million asset credit union serves employees and their families of Paper Converting Machine Co., and about 30 other select employee groups. It has about 7,700 members (Green Bay Press-Gazette Jan. 19) …


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