Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
VolCorp launches educational campaign
NASHVILLE, Tenn. (7/8/09)--Volunteer Corporate CU (VolCorp) recently launched an educational campaign, “Strength. Stability. Service. Today and Beyond,” to educate its member credit unions about how the corporate has stayed financially stable amidst a struggling economy. As a part of the campaign, VolCorp has posted two articles on its website, “VolCorp--Today and Beyond,” and “It’s a Balancing Act.” Both were written by VolCorp CEO Rick Veach. “It is critical each member realizes that VolCorp has the financial resources to withstand the current economic turmoil and continue indefinitely into the future,” Veach said. “We have suffered losses, as almost all financial institutions have, primarily through our capital accounts at U.S. Central. VolCorp, however, has adequate retained earnings to absorb these losses without affecting its members’ capital accounts.” In the articles, Veach emphasized VolCorp’s conservative investment philosophy. According to Veach, VolCorp:
* Only purchases paper with a minimum 90% owner occupancy rate; * Only purchases bonds with loans originated prior to the housing crisis, with an average FICO score of at least 720 and a loan-to-value less than 70%; * Has securities classified as available-for-sale (AFS), instead of held-to-maturity. AFS provides more transparency for members, VolCorp said; * Has a marketable securities portfolio of about $300 million, with $6 million of unrealized losses.
VolCorp also has upgraded its hardware and software applications to offer members more efficient and up-to-date services, Veach said. “We are now in the process of installing a new core data processing system and should be live on Jan. 4,” he added. “More important, we have accomplished all of this without increases in member fees or reducing rates paid to members.” VolCorp, Nashville, Tenn., has more than $1.3 billion in assets and serves 266 credit unions.


RSS print
News Now LiveWire
September is National Preparedness Month. Read how your CU can get ready in #NewsNow #NPM @AgilityRecovery @Readygov
8 hours ago
Bay Area #creditunions featured in @SFBusinessTimes article http://t.co/SE7W81Ulia
11 hours ago
#NewsNow: 8 CU advisory board, new senior leaders named at @CFPB. http://t.co/EPKgHEDRRN
12 hours ago
#NewsNow: @FTC warns of government impostor scams. http://t.co/MMWBOcrqwJ
13 hours ago
Registration open for @CUNAMutualGroup's Discovery Conference #NewNow http://t.co/CATF0j9ct1
13 hours ago