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CU System briefs (12/22/2008)
* LIVONIA, Mich. (12/23/08)--Co-op Services CU has joined a consortium of more than 1,200 Midwest credit unions participating in the “Invest in America” campaign, a program offering cash discounts for credit union members from both Chrysler and General Motors as well as affordable financing on new vehicle purchases. The program includes all members in Illinois, Indiana, Michigan and Ohio. Members will receive the GM Supplier Discount plus $250 cash on most new GM vehicles through Jan. 5. Chrysler’s program, “Credit Union Member Cash,” which runs through June 30, and offers rebates of $500 or $1,000 on eligible, Chrysler, Jeep and Dodge vehicles. The Credit Union Member Cash rebates are also available in Oklahoma, Texas, Kentucky, Arkansas, Tennessee, Louisiana, New Mexico and Mississippi … * BILLINGS, Mont. (12/23/08)—Two Montana-based credit unions plan to merge, pending state and federal regulator approval (Billings Gazette Dec. 11). If approved, the $58 million asset Summit CU of Billings, which is under new management after writing off $2.7 million in loans through September, would merge with the $135 million asset Avanta FCU, also located in Billings.(Billings Gazette Dec. 14). Avanta FCU President/CEO Rhonda Diefenderfer said the merger would lower expenses and enable the credit unions to offer diverse products and services. The remaining entity would keep the Avanta name … * HAVERHILL, Mass. (12/23/08)—The CEOs of Northeast Community CU and Haverhill Bank met Dec. 15 to sign documents sealing the merger of the credit union and the community bank (The Eagle-Tribune Dec. 18). CU Treasurer/CEO Peter DiBenedetto and bank President Thomas Faulkner met in Boston to officially complete the merger. All former credit union offices are operating under the Haverhill name. All branches will be closed on Jan. 10 to merge the two institutions’ computer files. The resulting bank will have roughly $260 million in assets … * CLARKSVILLE, Tenn. (12/23/08)--Fort Campbell FCU, Clarksville, Tenn., announced that it will distribute a $1.5 million patronage dividend to its members (The Leaf-Chronicle Dec. 17). The credit union has distributed dividends totaling $5 million the past four years. Members will receive their share of the dividend based on the number of services each has and the amount of interest they pay on consumer loans. Fort Campbell FCU has $278.6 million in assets ... * ATLANTA (12/23/08)--CDC FCU, Atlanta, announced its participation in the “Buy and Build” mortgage program, which is a 203(k) streamline loan through the Federal Housing Administration. Homebuyers can finance up to an additional $30,000 on their mortgage to improve or upgrade their home before moving in. The product allows homebuyers to use the funds to pay for property repairs or improvements. Once the loan is written, homeowners have 90 days to complete the work. The loan has a low fixed rate for 30 years and the owner can put down a 3% down payment. CDC FCU has $163 million in assets ...


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