Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
United FCU works to revive Clearstars auto lending
ST. JOSEPH, Mich. (10/2/09)--United FCU--the St. Joseph, Mich.-based credit union that acquired the ailing Reno, Nev.-based Clearstar Financial CU last week--is working to revise Clearstar's auto loan program with new standards. Duane Nelson, United chief operating officer, told a local newspaper that auto loans, not risky mortgage loans, were the main factor in Clearstar's failure (The Herald-Palladium Sept. 30). Clearstar's policies on what it would loan on collateral were liberal and its rates were probably too low considering the risk involved, he said. The deal, which was coordinated with support from the National Credit Union Administration, will help United get a foothold into one of the nation's fastest-growing areas, Nelson told the publication. The Reno-Sparks metropolitan area grew 21% from 2000 to 2008. Once the economy turns around, the Reno area will grow again, Nelson said. He added the merger gives United some diversity in its member base. With the merger, United will have more than $1 billion in assets and serve more than 111,000 members in Michigan, Ohio, Arkansas, North Carolina and Nevada. Of those totals, $141 million in assets and 16,000 members are from Clearstar.


RSS print
News Now LiveWire
July 's Fed Bank's "FedFocus" has some interesting articles: incl cost/benefits of $1 currency 2 coin conversion ttp://tinyurl.com/nybmnhh
1 Day ago
Do you wish you were a News Now subscriber? Go here: http://t.co/7evfBSjeMx
1 Day ago
Financial education for student body key part of Altura #creditunion, UC-Riverside partnership #NewsNow http://t.co/Xp6OJd66o6
1 Day ago
.@VTcreditunions gains 200 new FB followers in just 2 wks to reach 1,000 http://t.co/I89xJcv4Jg
1 Day ago
.@CUNA is testifying on reg relief Tues,July 15 at 2 p.m. be4 Hs Fin Serv Subc. Here is the agenda and witness list: http://t.co/yBRhlmdqHt
11 minutes ago