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CU System briefs (02/19/2010)
* PARKERSBURG, W.Va. (2/22/10)--CORRECTION: In its original article posted Friday about West Virginia Corporate CU's financials for 2009, News Now reported three facts incorrectly. The correct facts are: The corporate's net income for December was $22,000. The corporate's losses totaled $2.9 million in 2008, and the corporate is located in Parkersburg, W.Va. News Now regrets the errors ... * LOUISVILLE, Colo. (2/22/10)--Boulder Valley CU opened its second student credit union branch in the Boulder Valley School District at Monarch High School Feb. 12. The Coyote Student CU, named for the school's mascot, will provide an opportunity for students to learn about financial services and credit responsibility through experience in a safe environment with parents' involvement and support. It will feature an Educational Student Visa Credit Card that requires a parent's signature and joint involvement. Students are required to take an online credit responsibility course provided by a financial literacy website. A Boulder Valley CU branch manager will oversee day-to-day operations. Attending the ribbon-cutting ceremony were, from left: Coyote Student CU student staffers Rochelle Bergen, a senior, and Mandy Murray, a junior; U.S. Rep. Jared Polis (D-Colo.); Monarch Principal Dr. Jerry Anderson; and Coyote student employee Andrew Eberhardt, a sophomore. (Photo provided by Boulder Valley CU) ... * GRAND RAPIDS, Mich. (2/22/10)--Lake Michigan CU, a $1.7 billion-asset, Grand Rapids, Mich.-based credit union, more than doubled its net income in 2009 while recording double-digit volume growth. The credit union said it recorded net income of $15.6 million last year, compared with $6.2 million in 2008. Last year’s financial results include an “unbelievable” 2.7% net interest margin, said Sandy Jelinski, president/CEO. She added that 2010 should be an even better year because an improving economy should generate greater loan demand (Mlive Feb. 19) … * MANHATTAN BEACH, Calif. (2/22/10)--Kinecta FCU announced that Korn/Ferry International, a recruiting firm, will help the credit union search for a new president/CEO. The firm was selected based on its track record of attracting highly qualified and diverse candidates, the credit union said. Steven Lumm, Kinecta interim president/CEO, is working with the board to advise the CEO search process and is overseeing Kinecta's operations. Kinecta has 3.5 billion in assets ...


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