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News Now

CU System
Regulator Mid American CU in charge of Enterprise CU
WICHITA, Kan. (9/14/11)--Wichita, Kan.-based Mid American CU on Friday took over the day-to-day operations of Enterprise (Kan.) CU, which was put into conservatorship last month by the Kansas Department of Credit Unions (KDCU). John Smith, administrator of KDCU, which acted as conservator of the $1.8 million asset Enterprise, ordered a fraud audit after an examiner found an accounting irregularity, he told the Abilene Reflector-Chronicle (Sept. 13). K-State FCU, Manhattan, had agreed to temporarily take over Enterprise's operations in August while the department looked for a credit union that used similar computer systems to Enterprise's systems. Jim Holt, president/CEO of the $167.3 million asset Mid American CU, said the goal now is to supply personnel and ensure Enterprise's members receive services. He told the publication his credit union is assisting on a cost basis and does not intend to make a profit. Enterprise, which has about 577 members, was chartered in 1949 to serve employees of the ABB Raymond Co. Its field of membership later expanded to serve residents in Dickinson County, said the article.


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