May 14, 2014
Wednesday Edition
Five Star's bank acquisition clears another hurdle

Five Star Credit Union, based in Dothan, has been given the go ahead from the Alabama Credit Union Administration to acquire Flint River National Bank in Camilla, GA. The ACUA is the fourth of five steps in acquiring the bank. The ACUA, FDIC, OCC, and the Georgia Department of Banking and Finance have all signed off on the deal. The credit union is just awaiting the approval from the NCUA. 

Flint River had $23 million in assets at the time that the deal was signed. When approved, this will become the fifth deal in the past two years where a credit union acquired a bank.  Five Star, which already operates branches in Georgia, expects to hear from the NCUA shortly.

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NCUA releases 2013 Annual Report

During 2013, NCUA took significant steps to adapt the agency to an ever-changing financial services industry. The agency focused on protecting the National Credit Union Share Insurance Fund and modernizing regulations while at the same time reducing the regulatory burden for smaller credit unions and expanding access to affordable financial services for millions of Americans.

NCUA’s 2013 initiatives and accomplishments can be grouped into six broad categories. Specifically, the agency sought to:

  • Implement an effective supervision program to ensure the continued safety and soundness of federally insured credit unions.
  • Adopt safe, targeted, and flexible regulations to protect the credit union system and maintain a strong and independent National Credit Union Share Insurance Fund.
  • Modernize the agency’s operations.
  • Minimize assessments for the Temporary Corporate Credit Union Stabilization Fund.
  • Engage and provide assistance to key stakeholders.
  • Serve as a responsible steward of the public’s trust.

The 2013 Annual Report also assesses the agency’s performance in meeting its strategic and priority goals. The report additionally contains the audited financial statements of each of NCUA’s four permanent funds, as well as historical data and statistics.

Click here for the full report.

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Filene Research Institute accepts applications for i3
Filene Research Institute is looking for the best and brightest next generation of North American credit union executives to participate in its prestigious i3 innovation program. Since 2004, 191 credit union executives introduced more than 150 product, service, and business model ideas for credit unions through the i3 innovation program.

Click here
to learn more and apply for the program.

Applications are due June 1.

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Winner of the lucky sevens contest announced

The lucky winner of a free Southeast Credit Union Conference & Expo registration is LaToya Scott, spouse of John Scott, board director at 121 Financial CU. She was the 777th person to register. Congratulations, LaToya! We'll see you in Orlando in June!

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In This Issue
Wednesday Edition
Five Star's bank acquisition clears another hurdle
NCUA releases 2013 Annual Report
Filene Research Institute accepts applications for i3
Winner of the lucky sevens contest announced
LSCU & Affiliates Media

Risk-Based Capital Presentation
The League is holding risk-based capital meetings across both states ahead of the May 28 NCUA comment due date. This presentation is perfect to show to staff and boards.



Florida Financial Literacy Bill
In 2014, the Florida Legislature considered HB 367 and SB 212 which would require a half credit of financial literacy to graduate. Bill sponsors Sen. Dorothy Hukill and Rep. Heather Fitzenhagen talk about its need and how credit unions can help.

Upcoming Event Deadlines
May 19 Last Day to Register - LSCU Disaster Recovery Conference - Mobile, AL
May 19 Last Day to Register -  LSCU OFAC/BSA Basic & Advanced School - Birmingham, AL
May 21 Last Day to Register - LSCU Disaster Recovery Conference - Jacksonville, FL
June 18 Last Day for Early Bird Rate – LSCU BSA Essentials & Advanced Workshops – Mobile, AL
June 18 Last Day for Early Bird Rate – LSCU BSA Essentials & Advanced Workshops – Huntsville, AL
July 1 Last Day for Early Bird Rate – Southeast Supervisory Committee Conference – Point Clear, AL
July 15 Last Day to Register - LSCU BSA Essentials & Advanced Workshops - Mobile, AL
July 15 Last Day to Register - LSCU BSA Essentials & Advanced Workshops - Huntsville, AL
Upcoming League Events
TODAY - Auditing Your Loan Portfolio
May 15 - How to Avoid Lender Liability Claims
May 20 - Disaster Recovery Conference, Mobile AL
May 20 - OFAC & BSA Basic & Advanced School, Birmingham, AL
May 20 - New ACH Security Requirements
May 21 - OFAC & BSA Basic & Advanced School, Birmingham, AL
May 21 - Increasing Regulatory Requirements
May 22 - Disaster Recovery Conf, Jacksonville FL
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