August 5, 2014
Tuesday Edition
First Commerce Credit Union enters groundbreaking agreement to purchase First National Bank of Crestview

In the first deal of its kind in Florida and only the sixth in the country, First Commerce Credit Union and First National Bank of Crestview (FNBC) have entered into an agreement for First Commerce to purchase FNBC. The agreement has been approved by the boards of both financial institutions and includes the purchase of assets and assumption of liabilities. The transaction will require the approval of four state and federal regulatory agencies, which the financial institutions hope can be processed by late 2014/early 2015.

“As a growing credit union looking for opportunities to expand our services in the Southeast, we are excited about this forward-thinking collaboration and feel it is a great fit all the way around,” said Cecilia Homison, CEO of First Commerce. “We look forward to welcoming First National Bank team members and customers to the First Commerce family and bringing them our model of remarkable service, expanded offerings, and commitment to community.”

“As a multi-generational family bank, after much deliberation and with our customers in mind, our board members have decided to take a less active role in the banking industry,” said J.D. “Jake” Wingard Jr., chairman of First National Bank of Crestview, who has been a member of the bank’s board of directors for more than 40 years. “We focused on finding the right financial institution partner, and First Commerce offers many unique advantages.”

“We are confident that our search led us to an established financially secure, growing credit union in our region that shares our values and will bring expanded products and services to our loyal customers,” said Dale E. Rice Jr., president and CEO of First National Bank of Crestview, who will remain with First Commerce as the regional executive with responsibilities including oversight of the day-to-day operations in Crestview. “When the time comes, we know that our employees, customers, and the community as a whole will be in good hands with First Commerce.”

For the full story, visit Top Stories on the League's webpage.

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NCUA awards more than $1 million to 174 low-income credit unions

NCUA awarded a total of 204 grants to 174 low-income credit unions equaling $1,051,850 during the second round of Community Development Revolving Loan Fund grants in 2014. NCUA’s Office of Small Credit Union Initiatives administers the fund, which Congress established to provide grants and loans to credit unions serving low-income communities.

New product or service grants can fund activities like a credit union building its first website or expanding into mobile banking, online applications, card services, or home banking. Staff and volunteer training grants support training on lending and collections, governance, compliance, and financial counseling for front-line staff to provide to members. Certification grants help credit unions apply to the U.S. Department of the Treasury to become a Community Development Financial Institution. Treasury’s CDFI Fund provides resources to financial institutions serving low-income households and communities that lack adequate access to affordable financial products and services.

NCUA has approved a total of 331 requests at $1,569,740 through two grant rounds in 2014.

NCUA’s urgent needs grants for emergency assistance are available year-round, subject to fund availability. More information is available online here.

A list of grantees for the second 2014 grant round is available online here.

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Matz designates Metsger as vice chairman

On Monday, National Credit Union Administration (NCUA) Board Chairman Debbie Matz designated board member Rick Metsger as vice chairman of NCUA, effective immediately.

“Rick has built on his experience and knowledge as a legislative leader and a credit union board member to become a strong, objective, and thoughtful regulator,” Matz said in making the designation. “Rick is faithfully committed to our shared goal of protecting the safety and soundness of America’s credit unions and the 97 million members who count on NCUA to insure their funds. During his time on the board, Rick has stood firm on regulatory principles, asked insightful questions, and strived toward sound public policy in our board decisions.”

“I am honored by this appointment and grateful to Chairman Matz for placing her confidence in me,” Metsger said. “I look forward to continuing our work safeguarding the more than $1 trillion held by America’s credit unions in trust for their members.”

Pres. Obama nominated Metsger on May 16, 2013, for an NCUA board term that will expire on Aug. 2, 2017. After confirmation by the U.S. Senate, Metsger participated in his first NCUA board meeting on Sept. 12, 2013.

Click here for the full story.

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InfoSight spotlight: Sectoral Sanctions Identification List (SSI)

On July 16, 2014, OFAC introduced the Sectoral Sanctions Identifications List (SSI), in order to identify persons operating in sectors of the Russian Economy identified by the Secretary of the Treasury pursuant to Executive Order 13662. The list includes directives that require U.S. persons to reject certain kinds of transactions with the persons identified on the list. This is a new list, in addition to the already existing Specially Designated Nationals (SDN), Palestinian Liberation Council (PLC), and Foreign Sanctions Evaders (FSE) lists.

Note: The SSI List is not part of the SDN list; however, persons, and companies on the SSI list may also appear on the SDN list. Additional instructions will appear on the SDN list for those listed on both.

Credit unions should begin checking against this list immediately and work with vendors to make sure that these names are added to any interdiction software.

For additional information to help your credit union stay in compliance, visit the Sectoral Sanctions Identification List on the Bank Secrecy Act channel of InfoSight.

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Looking for keys to membership diversity

As credit unions approach the 100 million member milestone, the diversity of credit union membership has never shined brighter. The CUNA's 2014 National Member and Nonmember Survey reveals exactly how diverse that membership is across the country.

Overall, credit union members are an attractive consumer market. Four of 10 have college degrees, compared with 24 percent of nonmembers. More than half (54 percent) of members are employed full time, while only 39 percent of nonmembers have full-time jobs. And 76 percent of members are homeowners, compared with 52 percent of nonmembers. Members have a wide variety of financial needs, and those needs are constantly changing and evolving throughout their lives as they buy cars or homes, pay for college tuition, or plan for retirement.

For most members, their credit union is just one option for meeting their financial needs. CUNA's survey shows that 86 percent of members also are bank customers, while 65 percent of nonmembers use banks.

The challenge is to increase loyalty levels among your members so they're more likely to turn to your credit union the next time they need a financial product or service.

Total credit union membership approached 97.5 million at the end of 2013, according to CUNA. That represents a 2.5 percent annual growth rate for 2013, compared with 2.1 percent for 2012. These are net growth rates, which take into account new members as well as those who leave.

For the full report visit Credit Union Magazine.

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In This Issue
Tuesday Edition
First Commerce Credit Union enters groundbreaking agreement to purchase First National Bank of Crestview
NCUA awards more than $1 million to 174 low-income credit unions
Matz designates Metsger as vice chairman
InfoSight spotlight: Sectoral Sanctions Identification List (SSI)
Looking for keys to membership diversity
LSCU & Affiliates Media

I give because...Brad Green, Listerhill Credit Union
Listerhill CU CEO Brad Green talks about why he gives to the LSCU PAC.

I give because...Gary Vien, Suncoast Credit Union
 Suncoast CU Chief Administrative Officer Gary Vien talks about why he gives to the LSCU PAC.

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