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CU System briefs (09/02/2009)
* NEW BERLIN, Wis. (9/3/09)--WISCOR CU, a $15 million asset credit union in West Allis, Wis., has merged with Landmark CU, a $1.4 billion asset credit union in New Berlin, announced Landmark. The merger was effective on June 30, with data processing systems merged on Aug. 28, enabling WISCOR members to begin using Landmark branches. WISCOR's West Allis location has closed and its five employees are now Landmark employees. Earlier this summer another West Allis-based credit union, Lifetime CU, also merged into Landmark. WISCOR CU posted a net loss of $115,563 during first quarter 2009. The loss included a $126,054 payment to the National Credit Union Share Insurance Fund (Business Journal Milwaukee Sept. 1) … * NORTH MIAMI, Fla. (9/3/09)--Mount Sinai FCU, Miami, has been approved by the Florida Office of Financial Regulation to merge with Peoples CU in North Miami. The merger was approved Aug. 26 without a shareholder vote because regulators considered Mount Sinai FCU to be undercapitalized (South Florida Business Journal Sept. 2). After the deal is complete, the credit union’s branches will be managed by Peoples CU. Mount Sinai has $17.7 million in assets as of June 30. The credit union has a net worth-to-asset ratio of 1.43%, below the 7% threshold considered to be well-capitalized. Peoples CU has $61.7 million in assets as of June 30. The combined credit unions will have $79.4 million in assets and a net worth ratio of 9.75% ... * BEAVERTON, Ore. (9/3/09)--Enterprise Car Sales presented $5,000 to Doernbecher Children’s Hospital (DCH) Aug. 25 to make a contribution to the Credit Unions for Kids program of Oregon and Southwest Washington, said the Credit Union Association of Oregon. “[The contribution] will go to help us reach our current goal at DCH, which is a two-year $1 million goal to fund the professorship of Dr. Robert Steiner, who specializes in inborn errors of metabolism and osteogenesis imperfect,” said Kasey Rockwell, association director of credit union development and Credit Unions for Kids program coordinator. Credit Unions in Oregon and southwest Washington raised more than $879,000 during the 2008 campaign year for Credit Unions for Kids …


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