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CU System
CU System briefs (02/29/2008)
* ABERDEEN, Md. (3/3/08)--Aberdeen Proving Ground FCU has been named No. 1 in Maryland for youth financial literacy efforts by the National Youth Involvement Board (NYIB). In 2007, the credit union delivered 226 financial presentations to more than 4,500 students across Harford and Cecil Counties. The $621.5 million asset credit union also ranked in the Top 10 in the nation of the total number of students reached and presentations delivered … * EDMONTON, Alb. (3/3/08)--The boards of three Alberta, Canada, credit unions have separately and unanimously agreed to a merger that would make the combined credit union one of the largest in Canada, with $8.58 billion in assets. The board chairs of Servus Credit Union, Common Wealth Credit Union and Community Savings made the announcement Wednesday. The credit unions' members will vote on the merger at separate meetings this month. The resolution requires two-thirds majority support from those attending. The merged credit union would serve 357,000 members in 63 communities throughout the province and employ 1,925 people. Canada's largest credit union, Vancouver City Savings, has $12.3 billion in assets, 2,300 employees and 57 branches (Canada.com Feb. 29) … * VANCOUVER, B.C. (3/3/08)--Vancouver City Savings CU, Canada's largest credit union, said its net margin dropped 37% in 2007 and was down 50% from record earnings in 2004. Last year it earned $28.3 million, down from $45.3 million in 2006. The drop was due partly to a $13.9 million write-down of non-bank asset-backed commercial paper owned by its subsidiary, Citizens Bank of Canada, which held $77 million in those investments. Still, assets reached record levels of $14.1 billion, up 14.8% from $12.3 billion in 2006 (Vancouver Sun Feb. 28) … * MICHIGAN CENTER, Mich. (3/3/08)--A former vice president and chief financial officer of a Michigan Center credit union was charged with embezzling more than $339,000 from the credit union. Terry L. Brandt, 56, is accused of wiring money last year and this year from the general account of Cascades Community FCU to his personal investments accounts to cover stock market losses. No members were affected by the theft. Brandt is charged with two felonies: embezzlement of more than $100,000 and embezzlement from a financial institution. If convicted he faces up to 20 years in prison (mlive.com Feb. 29) …


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