Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

September 2, 2014

NEW: Loan balances up 9.8% according to NCUA 2Q data

Washington
ALEXANDRIA, Va. (9/2/14 11:20 a.m. ET)--Second quarter data from the National Credit Union Administration indicates the highest year-over-year loan growth since 2006, the agency announced today. Data also showed federally insured credit unions saw membership grow by 909,452 over the last quarter.

Lending increased in all categories, with outstanding loan balances up 9.8%, to $673.9 billion from the same time last year.

The data released from the NCUA shows federally insured credit unions saw:
  • New auto loans grow 17% to $77.7 billion;
  • Used auto loans increase 11.6% to $135.3 billion;
  • Net member business loan balances rise 12% to $48.8 billion; and
  • Non-federally guaranteed student loans increase 26% to $2.9 billion.
First mortgage real estate loans reached $279.2 billion, up 9.9% from the second quarter of 2013. Of those loans 61% had fixed rates.

The growth in total loans over the year contributed to a 4.2 percentage-point increase in the overall loan-to-share ratio, which reached 71.7%, the highest ratio since the fourth quarter of 2010.

Total membership in federally insured credit unions now stands at 98 million, according to the NCUA.

The Credit Union National Association announced that total credit union membership passed the 100 million mark in June. According to CUNA's monthly survey, that number grew by 0.4% in July, bringing total credit union membership to 100.5 million.

See tomorrow's News Now for more on the NCUA's second quarter data. ReadMore

Other Resources

Business Rates

Market
Daily Financial Rates -- 2014-09-02

Financial Rates


Tuesday, September 2, 2014

03:55 AM CDT

TREASURY YIELD CURVE
(based on the $1 million market)

TermTue
9/2
Fri
8/29
Thu
8/28
Wed
8/27
Tue
8/26
1 month0.020.020.020.040.02
3 month0.030.030.040.030.04
6 month0.050.050.050.050.05
1 year0.090.110.110.120.11
2 year0.480.500.510.520.53
3 year0.940.950.970.980.99
5 year1.631.631.651.681.69
7 year2.052.042.052.082.09
10 year2.352.342.372.392.39
20 year2.832.822.852.892.88
30 year3.093.083.113.153.13

TREASURY BILLS

Results of the August 25, 2014 auction of short-term U.S. government bills, sold at a discount from face value in units of $10,000 to $ 1 million

TermLatest
Mon, 8/25
Week Ago
Mon, 8/18
13 weeks0.0300.030
26 weeks0.0500.050

PRIME RATE

3.25% Last changed December 16, 2008

FEDERAL FUNDS

TermTue
9/2
Fri
8/29
Thu
8/28
Wed
8/27
Tue
8/26
high0.3120.5160.3120.5160.312
low0.0300.0600.0500.0800.050
near closing bid0.0500.0600.0400.0800.070
offered0.2800.2800.0800.1100.280
effective rate20.0900.0800.1100.0800.120

FREDDIE MAC (Mortgage commitments, 30 days)

TermTue
9/2
Fri
8/29
Thu
8/28
Wed
8/27
Tue
8/26
30 year0.000.000.000.000.00

FANNIE MAE (Mortgage commitments, 30 days)

TermTue
9/2
Fri
8/29
Thu
8/28
Wed
8/27
Tue
8/26
30 year3.6863.6773.7203.7133.717

LIBOR

TermTue
9/2
Fri
8/29
Thu
8/28
Wed
8/27
Tue
8/26
1 month0.216000.215000.210000.212000.21100
3 month0.372000.371000.364000.366000.36200
6 month0.541000.541000.536000.544000.53800
1 year0.845000.846000.842000.847000.84200

COMMERCIAL PAPER (Financial, 90 days)

TermWeek ended
8/26
Week ended
8/19
90 days0.230.23

NA: Data not available at time of page generation (shown at top of page)

Sources:
Wall Street Journal
U.S. Dept. of the Treasury


All rates are from the previous business day unless otherwise noted. ReadMore

Other Resources

Consumer spending, income slip in July

Market
WASHINGTON (9/2/14)--Personal income and consumer spending both returned disappointing results in June, according to reports released on Friday.
 
Personal income increased at a 0.2% rate in July, the slowest rate since December, the Bureau of Economic Analysis reported Friday (Moody's Aug. 29).
 
Meanwhile, consumer spending, which accounts for about 70% of the economy, dropped in July for the first time in six months. Household purchases decreased 0.1% after increasing 0.4% in June, the Commerce Department reported. None of the 79 economists in a Bloomberg survey projected a decrease (Aug. 29).
 
In no other month this year has personal income grown at a rate less than 0.4%.Wage income growth also slowed to 0.2%. Rental income led gains as dividend income growth slowed. Rapidly rising tax payments limited disposable income increases to 0.1%. Nominal consumer spending fell 0.1%.
 
Overall price growth slowed to 0.1%, and core price gains held steady at a modest rate. Real spending fell 0.2%. Spending was hurt by the decline in vehicle sales as real durable goods spending posted the largest decline.
 
Real nondurable and service spending also fell for the month. The saving rate rose to 5.7%.
 
Healthy consumer fundamentals are supportive of spending, making continued declines unlikely, Moody's said. Job growth is strong and gains are now coming broadly across industries and wage tiers. Wage and salary income increases are stronger this year than they have been since the recession, although growth in wage rates remains tepid.
 
Other reports Friday indicated consumer sentiment unexpectedly rose in August and manufacturing in the Midwest region pickup more than projected, Bloomberg reported. ReadMore

Other Resources

News of the Competition (09/02/2014)

Market
WASHINGTON (9/2/14)--The U.S. Department of Justice released a 30-page statement detailing the wrongdoings of Bank of America that led to its record-setting $17 billion settlement. The documents cite how Bank of America, Countrywide and Merrill Lynch--the latter two that were acquired by Bank of America--cut mortgage underwriting requirements until they were nearly nonexistent (American Banker Aug. 29). Countrywide's policy allowed branch underwriters to refer loan applications that failed to meet guidelines to a "structured loan desk" that would consider--and often make--exceptions. Compliance and credit reviews of Merrill Lynch found as much as 50% of loan samples were not compliant with laws and regulations or applicable underwriting guidelines, lacked the sufficient offsetting compensating factors, or had a loan file missing a key piece of documentation. Even after it acquired Countrywide in 2008 and Merrill Lynch in 2009, Bank of American itself did not always meet Federal Housing Administration requirements. "Reviews of samples of FHA loans originated by Bank of America showed unacceptable rates of material underwriting defects," the statement ReadMore

Other Resources

Consumer Rates

Market

Informa Research Services, Inc.
Daily Rate Comparison

Informa Research Services, Inc.
Deposit Products Credit Unions Bank Average Difference
12 Month CD $10,000 0.46% 0.28% 0.18%
Personal Savings $1,000 0.21% 0.10% 0.11%
Personal Interest Checking $2,500 0.35% 0.15% 0.20%
NSF Fee $27.89 $32.04 $-4.15
Personal MMDA $2,500 0.17% 0.10% 0.07%
Business MMDA $2,500 0.17% 0.09% 0.08%

Consumer Loan Products Credit Unions Bank Average Difference
Unsecured Personal Loan - $5,000 - 4 Years 10.16% 10.41% -0.25%
New Auto Loan - 5 Years 2.57% 3.83% -1.26%
Used Auto Loan - 2 year Old - 4 Years 2.76% 4.03% -1.27%
HELOC - 80% LTV - $50,000 4.14% 4.41% -0.27%
HE Loan - 80% LTV - $50,000 - 15 Years 5.67% 5.99% -0.32%

Mortgage Loan Products Credit Unions Bank Average Difference
30 Year Fixed Conforming 4.11% 4.15% -0.04%
30 Year Fixed Jumbo 4.20% 4.07% 0.13%
5/1 Year ARM Conforming 2.93% 2.89% 0.04%

Credit Card Products Credit Unions Bank Average Difference
Platinum 9.02% 10.86% -1.84%
Annual Fee $25.00 $65.00 $-40.00
Maximum Late Fee $26.03 $33.81 $-7.78
Reward 10.00% 12.36% -2.36%
Annual Fee $26.71 $101.13 $-74.42
Maximum Late Fee $22.58 $33.22 $-10.64

Indirect Auto Loan Products Credit Unions Bank Average Difference
Indirect A Tier New Auto Loan - 5 Years 3.60% 3.78% -0.18%
Indirect B Tier New Auto Loan - 5 Years 5.34% 5.32% 0.02%
Indirect C Tier New Auto Loan - 5 Years 7.52% 6.77% 0.74%

Averages displayed are straight averages of all institutions within the Informa Research Services database for the selected region as of Monday, September 01, 2014. For detailed disclosures click here.

ReadMore

Other Resources

Network complexity challenges CUs: Tech council

CU System
MADISON, Wis. (9/2/14)--A new white paper from the CUNA Technology Council, "Network Monitoring and Management: The Challenges and Complexity of Your Credit Union's Command Center," offers a thorough look at the practice of network management today, including best practices for keeping it secure.
 
The white paper is the second in a series of four council white papers devoted to security issues this year.
 
Network security, as defined by Cisco Systems Inc., refers to any activities designed to protect network--its usability, reliability, integrity and safety. Effective network security targets a variety of threats and stops them from entering or spreading on the network.
 
"How do you keep your network secure but fast and reliable at the same time? With electronic crime being an international, multibillion dollar enterprise, security is becoming more and more critical," said Ron Dinwiddie, chief information officer at $850 million-asset Texas Trust CU, Mansfield, Texas, in the white paper.
 
Dinwiddie uses a castle analogy. "If you think of ancient castles, they don't have just a tall wall surrounding the castle; they have a moat, a drawbridge, the wall and, perhaps, even an inner wall. They then have guards on the walls 'monitoring,' with other protection possibly in place: arrows, kettles of hot tar, and so on. This is a 'layered security approach' that security experts highly recommend."
 
Credit unions, he says, must have the outer protection, such as a firewall (some organizations even have multiple firewalls) and then the extra layers of intrusion detection and intrusion prevention systems, web filtering, email filtering, internal anti-virus, end-point protection on the servers, and someone monitoring the network 24/7/365. Texas Trust uses a managed security service provider (MSSP).
 
Security requires a combination of prevention and detection, agrees Justin Store, director of information technology services at $60 million-asset Michigan Tech Employees FCU, Houghton, Mich. "We can prevent a vast amount of security attacks by mitigating the risks associated with given vulnerabilities," he said.
 
"These vulnerabilities include exploitable software bugs, configurations that don't follow best practices, as well as vulnerabilities that are inherent by design," Store added. "We need to prioritize the risks we can mitigate, and eliminate as much risk as possible. But we also must prioritize the risks we can't mitigate and try to develop detection mechanisms accordingly.

"We need detective measures to alert us when our preventive measures fail. This is the whole point of IDs," Store said. "If we can't prevent intrusions completely (which we can't), then we need to try to detect them as best we can."
 
There's no silver bullet to security, he said. Neither detection nor prevention will ever be 100% secure. "The key is to use both types of controls and prioritize them according to the value of each IT system or asset," he added. ReadMore

Newly merged VolCorp elects board

CU System
NASHVILLE, Tenn. (9/2/14)--Volunteer Corporate CU (VolCorp) announced the results of its board elections following its annual meeting Aug. 21 in Nashville, Tenn.  
 
The board elections were the first since VolCorp merged with Kentucky Corporate CU in June.
 
Newly elected to the board were Gayle Hamilton, president/CEO, Brown-Forman ECU, Louisville, Ky., with $11 million in assets, and Sandy Lingerfelt, president/CEO, Clinchfield FCU, Erwin, Tenn., with $76 million in assets.
 
Todd Swims, president/CEO, Leaders CU, Jackson, Tenn., with $226 million in assets, was re-elected to the board. Board members are elected to serve a three-year term.
 
Board officers include:
  • Chair: John Jacoway, president/CEO, Southeast Financial CU, Franklin, Tenn., with $458 million in assets;
  • Vice chair: Chris Johnson, president/CEO, ORNL FCU, Oak Ridge, Tenn., with $1.5 billion in assets;
  • Secretary: Bonnie Sensing, president/CEO, Nashville Firemen's CU, with $19 million in assets; and
  • Treasurer: Ken Swann, president/CEO, Memphis (Tenn.) City Employees CU, with $241 million in assets.
Other board members include Sandra Yocum, president/CEO, Strip Steel Community FCU, Weirton, W. Va., with $44 million in assets, and Rick Mikels, president/CEO, ETMA FCU, Louisville, Tenn., with $15 million in assets. ReadMore

Other Resources

No special assessment for 2014, ASI announces

CU System
DUBLIN, Ohio (9/2/14)--American Mutual Share Insurance Corp. (ASI) announced to its member credit unions that the private share insurer would not have a special premium assessment (SPA) this year.
 
ASI President/CEO Dennis Adams said the board determined at its Aug. 20 meeting that there was no need to collect a special assessment.
 
"After reviewing the company's favorable results to date--and as forecasted for the balance of the year--the board concluded that the SPA collected in 2009 through 2013 would not be necessary in 2014," Adams said, adding, "The company's partial recoveries this year from its $26.4 million in capital assistance afforded Silver State Schools CU, Las Vegas, will contribute greatly to the company's bottom line in 2014."
 
The now-$655 million-asset credit union received a capital infusion from ASI in February 2010 (News Now 2/22/10). ReadMore

Other Resources

CU System briefs (09/02/2014)

CU System
  • HERNDON, Va. (9/2/14)--Northwest FCU and its foundation blew past their goal of 12,000 pounds of food for their first summertime food drive. The $2.6 billion-asset credit union announced it exceeded its goal by 62%, hauling in 19,388 pounds--nearly 10 tons--of donations for LINK Inc., which provides emergency food relief to people in northern Virginia. "That's a lot of spaghetti sauce, peanut butter, canned juice and cereal," said Chris McDonald, president/CEO of the Herndon, Va.-based credit union. "We knew 12,000 pounds was a substantial goal--much larger than any we've set before." Employees load a truck with food items to deliver to LINK (Northwest FCU Photo) ...
     
  • ATLANTA (9/2/14)--Two Florida credit union executives are on the ballot for the board of directors for the Federal Home Loan Bank of Atlanta (eSignal Aug. 29). Dennis B. Holthaus, senior vice president/chief financial officer, Achieva CU, Dunedin, with $1 billion in assets, and George Joseph, president/CEO, Dade County FCU, Doral, with $597 million in assets, are up against three bank executives to fill three member directorships and one independent directorship. Eligible institutions in Florida, Georgia, and Maryland will elect one member director in each of those states. The voting deadline is 5 p.m. (ET)  Sept. 26 ...
     
  • REDWOOD CITY, Calif. (9/2/14)--The board of San Mateo CU announced the retirement of President/CEO Barry Jolette. Jolette has been with the Redwood City, Calif., since 1987, and under his guidance, the credit union increased its membership to 77,000 from 18,000 and its assets to $767 million from $7 million. Jolette has served on the boards of the Credit Union National Association and the California and Nevada Credit Union Leagues, including stints as chair at both organizations. He also was a director for the World Council of Credit Unions, which bestowed its Distinguished Service Award on Jolette in 2012. Jolette also received the Herb Wegner Memorial Award for lifetime achievement from the National Credit Union Foundation. He began his credit union career as an examiner for the National Credit Union Administration in 1965.  No successor has been announced ...
     
  • BOULDER, Colo. (9/2/14)--During a special meeting, members of Boulder (Colo.) Municipal Employees FCU, with $65 million in assets, approved the proposed merger with $150 million-asset Community Financial CU, Broomfield. The vote followed regulatory approval by the State of Colorado Division of Financial Services and the National Credit Union Administration (NCUA). After the merger goes into effect this fall, the credit union will operate under the Community Financial name ...
ReadMore

Other Resources

Even 1 step makes a difference in preparing for disasters

CU System
MADISON, Wis. (9/2/14)--This year's theme for National Preparedness Month is "Take Action to Prepare," and taking just one step can make a difference in getting your credit union ready.
 
Click to view larger imageThese eight steps are only part of an infographic that can help credit unions kick start their disaster preparedness plans. (Agility Recovery Graphic)
"Take a single step forward," said Scott Teel, marketing director at Agility Recovery Services, a CUNA Strategic Services alliance provider. "When it comes to disasters, any step a credit union takes will benefit its employees, members, community and business." And many of those steps don't take a lot of time, effort or money.
 
One action is creating a crisis communication plan. No matter how large or small the crisis, you must be able to communicate your status to your employees and your members, Teel told News Now.
 
"If it's a power outage that's affecting one branch, or only certain transactions can be completed on mobile banking, if you have the ability to remotely update a website with an alert, it will make it so much easier for members," he said.
 
Don't make assumptions that the cell-phone or Internet service provider will be dependable during an emergency. Think about texting people instead of calling them when cell service is down.
 
"Depending on one certain device is a gap in a preparedness plan," Teel said.
 
In order to contact them, though, you must have collected that contact information. Teel suggests updating the company's contact list. "Include personal contacts--a parent, a spouse, a friend. Have a means to communicate with them," he said.
 
Credit unions can provide something as simple as a contact card for their members. "As kids go back to school, have the parents fill out one of your cards and give it to the kids to keep in their backpacks or lockers," Teel advised. "It shows that you care for your members beyond transactions, and it keeps preparedness at the top of their mind, too."
 
National Preparedness Month is a one-month focused campaign of the Federal Emergency Management Agency's (FEMA) Ready.gov awareness program.
 
As part of its goal to "spread the gospel of preparedness," Agility provides resources year-round for individual and businesses of all types.
 
Agility, in conjunction with the U.S. Small Business Administration and FEMA, will hold four free, half-hour webinars, starting Wednesday, for National Preparedness Month:
  • "Crisis Communications for any Organization," 2-2:30 p.m. (ET) Wednesday;
  • "How to Plan for a Power Interruption ... and Recover Fast," 2-2:30 p.m. (ET) Sept. 10;
  • "The Top 5 Steps for Preparedness This Year," 2-2:30 p.m. (ET) Sept. 17; and
  • "If You Do Nothing Else This Year ...," 2-2:30 p.m. (ET) Sept. 24.
ReadMore

Engaged members fuel CU loan growth: MCUE survey

CU System
MADISON, Wis. (9/2/14)--Credit union lending numbers continue to come in strong, with July's monthly and year-over-year increases notching levels not seen in years, according to the monthly survey of credit unions from the Credit Union National Association.
 
Click to view larger image(Source: CUNA Economics and Statistics)
"The monthly credit union estimates report first and foremost makes it clear that members remain engaged--reflected in a continuation of strong results in the lending arena," said Mike Schenk, CUNA interim chief economist.
 
"Overall, the 1.4% monthly increase in loans (16.7% annualized) is the fastest monthly advance since August 2005, and the 10.2% year-over-year increase is the highest seen in nearly a decade," he told News Now.
 
Year-to-date loan growth has increased 6.2% compared with 3.4% for the same period last year.
 
"Importantly the increases are broad-based with four of the key portfolios we track reflecting double-digit increases: new autos are up 19.7% over the past 12 months, followed by adjustable-rate mortgages (14.1%), used autos (13.4%) and personal unsecured loans (11.7%)," Schenk noted.
 
"Beyond this, we see solid increases in credit cards, which increased 7% in the past year and a decent 12-month jump in fixed-rate first mortgages (6.7%). Even home equity loans reflect a healthy increase--with a 5% increase compared with July 2013 levels," he said.
 
Only second-mortgage portfolios showed some weakness, with a 2% decline over the past year.
 
Schenk said, "Look for strong loan growth to continue, fueled by improving labor markets, higher incomes and an abundance of pent-up demand.
 
"Of course, those conditions will help to buoy credit union bottom-line results and are certain to push both delinquency and net charge-off rates lower in the coming months."
 
Click to view larger image(Source: CUNA Economics and Statistics)
Savings balances declined less in July (0.1%) compared with June's drop of 0.6%. One-year certificates experienced gains of 0.8%, while declines were seen in individual retirement accounts, share drafts, regular shares and money market accounts.
 
In June, the milestone of 100 million credit union memberships was reached. July's numbers show continued growth--0.4%--bringing the number to 100.5 million.
 
Credit unions' overall capital-to-asset ratio remained at 10.7%. The loan-to-savings ratio ticked up to 73% in July from 71.9% in June, and the liquidity ratio fell to 16.2% from 16.4% in June. ReadMore

S.F. paper notes Bay Area CUs' growth, 100M milestone

CU System
SAN FRANCISCO (9/2/14)--The San Francisco Business Times last week heralded the strength of California's Bay Area credit unions in an article that highlighted the national 100 million membership milestone.
 
"In the banking world, 100 million isn't a big number," the article's lead paragraph read. "After all, $100 million will pay a year's compensation for a handful of big-name CEOs. But 100 million is plenty big for credit unions. Membership nationally crossed the 100 million-member mark in June for the first time ever, according to the Credit Union National Association. Bay Area credit unions are tapping into this surge, adding loan products and services as well as expanding their branch networks."
 
The article included CUNA statistics that indicate credit union membership rose 2.9% over the past year as 1.7 million additional members were added, marking the fastest growth since 2000.
 
"There is clearly growing recognition about credit unions among consumers," Diana Dykstra, president/CEO of the California and Nevada Credit Union Leagues, told the Times. "They understand credit unions place their interests above all else, particularly in returning financial benefits to consumer members in the form of lower rates on loans, higher returns on savings, and lower and fewer fees."

The article described how credit union growth has occurred in step with publicity surrounding bank fee hikes and account balance requirements. Those actions aren't the case at most credit unions.

Patelco CU, Pleasanton, with $4 billion in assets, recently reduced 39 different fees, a strategic decision that is expected to save members $800,000 annually. Patelco also saw loan growth of almost 18% over the first seven months of 2014, compared with less than 18% gain in 2013. The credit union's product-per-member rate is 4.04, CEO Erin Mendez told the Times.

Credit unions built their reputation on auto loans, and San Francisco FCU, with $884 million in assets, continues to build relationships with that product, President/CEO Steven Stapp told the paper. When they finance their vehicles, members often switch other accounts to the credit union, and banks have created more opportunities for the credit union to market its free checking, Stapp said.

Bay Area credit unions also offer business loans. Santa Rosa-based Redwood CU expanded into member business lending in 2005 to meet member needs because members couldn't find credit elsewhere. Now member business loans account for $221 million in the credit union's lending portfolio. ReadMore

Creative uses for your tax-advantaged accounts

Consumer
NEW YORK (8/26/14)--Just as with finding unconventional uses for common items--did you know crushed aspirin is great at removing sweat stains?--there are multiple ways to use your tax-advantaged accounts. 
 
A report released this month from the Employee Benefit Research Institute, Washington D.C., found that the average person contributing the maximum allowed to a health savings account (HSA) could save up $360,000 in 40 years assuming a 2.5% rate of return. That amount jumps to $600,000 after 40 years at a 5% rate of return (The New York Times Aug. 19).
 
HSAs were created a decade ago to help people with high-deductible insurance plans pay for health-care expenses. The reason financial planners are beginning to recommend them as a potential vehicle for retirement savings is that they're triple tax-advantaged: contributions reduce your taxable income, grow tax free, and can be withdrawn tax-free for eligible expenses. 
 
And although the max you can contribute annually to an HSA now is $3,300 for an individual and $6,550 for a family, the balance can be rolled over from year to year and invested. 
 
You can only contribute to an HSA if you're enrolled in a high-deductible health insurance plan, and it only makes sense to use it as a long-term investment if you have enough money to cover your out-of-pocket healthcare expenses.
 
Here are some other outside-the-box uses for conventional tax-advantaged accounts (Forbes Aug. 14):
  • Make your Roth IRA an emergency fund. Ideally, you'd have an emergency fund equal to three to six months of expenses. What could help get you there more quickly is using your Roth IRA (individual retirement account) as an emergency fund. You can withdraw any money except earned interest, tax-free, from a Roth IRA at any time.
     
  • Tap your 401(k) for a down payment on a house or for education expenses. You can withdraw up to $10,000 from your retirement account without paying the 10% penalty if it's used to buy a new home--to qualify you cannot have owned a home in the last 3 years--or for education expenses. Both a degree and paid-off home can be huge assets later in life, but make sure you're still on track for retirement without that money.
     
  • Use your Roth IRA for health insurance in retirement. If you retire before you're eligible for Medicare at 65, you may be eligible for subsidies that significantly lower the cost of buying a plan through a healthcare exchange. Because Roth IRA withdrawals are tax-free, you can use that money to pay for the health plan without affecting your eligibility for subsidies.
For related information, read "Interest Deferred: Beware Zero-Percent Medical Credit Cards" and "Self-Directed IRAs: With Flexibility Comes Risk" in the Home & Family Finance Resource Center. ReadMore

Statement providers LaserTec, DataMail form new company

Products
MADISON HEIGHTS, Mich. (9/2/14)--DataMail Services Inc. and Lasertec Inc. have announced an alliance to create Intelligence Document Solutions, an e-delivery, printing and mailing company.
 
Existing DataMail Services and Lasertec customers will continue to receive their current product offerings and additional features and services available through IDS.com.
 
"We are looking forward to working with our new team as we bring our companies together to deliver the most innovative products and services and a superior customer experience," said William "Bill" Hayden, IDS.com CEO.
 
IDS.com will continue to provide high-speed, full-color printing, lettershop and marketing services.

"This alliance creates a company that delivers great opportunities for our employees and a superior experience for our customers," said Wendy Lokken, IDS.com president. "Over the years, DataMail Services and Lasertec have been the nation's leaders for innovations within the statement industry, and this unification will accelerate the pace of these modernizations." ReadMore

Other Resources

RSS print
News Now LiveWire
Even 1 step makes a difference in preparing for disasters #creditunions #NewsNow http://t.co/eFUmMJnIwA
8 hours ago
From today's @USATODAY front page, a shout out to #CreditUnions courtesy of @CUNA http://t.co/881vLPeECN
9 hours ago
Happy anniversary to the ATM! 45 years of self-service cash HT @GOBankingRates http://t.co/ycsm3GFwk5
11 hours ago
.@USATODAY print edition features #creditunion membership march to #100mm. Zoom in on lower left hand corner #NewsNow http://t.co/Xv8fyX7ces
11 hours ago
No special assessment for ASI member #creditunions in 2014. See #NewsNow http://t.co/NwL9eJwbiQ
11 hours ago