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CU System
CU System briefs (08/26/2008)
* KANSAS CITY (8/27/08)--Free State CU, a $9 million asset credit union in Lawrence, Kan., has agreed to merge into Credit Union of Johnson County, a $196.6 million asset based in Lenexa, Kan. Free State emerged from a regulatory conservatorship in May 2007. It operates a branch inside the larger credit union's Lenexa headquarters and has two Lawrence locations. Members of both credit unions will vote on the proposal next week. If they approve, the merger could be completed Sept. 15. Credit Union of Johnson County said the merger will allow its outlet in Douglas County and provide a new group of members seeking additional services (Kansas City Daily Star Aug. 26) … * KAHULUI, Hawaii (8/27/08)--Two credit unions in Hawaii expect to close a merger in October (Financial Deals Tracker Aug. 19). Lahaina (Hawaii) FCU, with $6.1 million in assets, would merge into the $80 million asset Valley Isle Community FCU based in Kahului. They expect to close the merger on Oct. 1. The merged credit union would retain the Valley Isle Community FCU name. The National Credit Union Administration approved the merger earlier, said the publication … * SAN FRANCISCO (8/27/08)--Arthur Eli Cheney, 65, of Napa, Calif., pleaded guilty Monday to robbing 20 banks and credit unions from June 18, 2007, through Dec. 12, 2007, along the Highway 101 corridor in California and in Utah (States News Service Aug. 25). According to an announcement by U.S. Attorney's Office for the Northern District of California, Cheney admitted he took a total of $46,040 from the institutions and threatened to use a pistol in at least seven incidents although he displayed no weapon. The heists earned him the nickname, the "Highway 101 Bandit." In addition to the highway corridor robberies, he robbed banks and credit unions in Vacaville, Fairfield, West Lake Village, San Diego, Carlsbad, Palm Desert and Sandy City, Utah. Sentencing is scheduled for Oct. 20. Maximum penalty on each charge is 20 years, plus a $250,000 fine and restitution …


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