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Archive for category: Where the Money Goes

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Wall Street Journal: Credit Unions Go On Bank Buying Spree

Lalita Clozel of the Wall Street Journal reports: WASHINGTON—Credit unions are buying small banks in record numbers, a trend that is prompting pushback from the banking industry. Credit unions have a...

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‘Nonprofit’ Maine Credit Union Selling $2 Million Luxury Condo

One credit union here has an unusual item for sale: a $2-million condominium. cPort Credit Union has listed a luxury condo on the top two floors of its newest branch in Portland’s East End. The 2,570-...

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PenFed Acquires Progressive

From Jim DuPlessis at Credit Union Times: PenFed announced Wednesday that it has acquired Progressive Credit Union, a New York City-based credit union that has suffered heavy losses because of its tax...

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Kam Wong Municipal credit union embezzelment

Kam Wong Pleads Guilty to $9.8 Million Embezzlement: Prosecutors also say the former CEO obtained drugs from supervisory committee member.

In June 2018, Municipal Credit Union CEO Kam Wong was charged with embezzlement and accused of using members’ money to maintain a lavish lifestyle, despite already earning a $2 million salary. F...

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Advia To Become First CU To Acquire Three Banks

Did A Massive Multistate Credit Union Just Close Another Small Community Bank? From CUtoday.info: $1.7-billion Advia CU here announced it intends to buy $155-million Golden Eagle Community Bank in Woo...

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Melrose Credit Union Closes; Teachers Federal Credit Union Assumes Members, Shares, and Some Loans and Other Assets

Melrose CU finally closes After taxi medallion losses, but another large credit union picks up the pieces. From the National Credit Union Administration: ALEXANDRIA, Va. (Aug. 31, 2018) – The N...

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PenFed Credit Union acquires WHITE64, a Massive Ad Agency

Is this an appropriate use of PenFed Credit Union’s tax exempt status? From CUInsight: TYSONS, VA (September 5, 2018) — PenFed Credit Union announced today its acquisition of the award winn...

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