Share Tweet Share Email Comments Print A strong new player has arrived on the Toledo area financial lending scene with plans to take a slice out of the local mortgage lending pie. Lima-based Superior Credit Union, one of Ohio’s top-rated credit unions with more than $853 million in assets, will complete its acquisition Wednesday of Co-Op Toledo Credit Union, of Maumee, an institution with $10 million in assets and one branch. And on Jan. 31 it will close on a second Toledo area acquisition, Great Lakes Credit Union, of Perrysburg, which has $27 million in assets and locations in Perrysburg and Sylvania. The Co-Op Toledo and Great Lakes locations are being rebranded as Superior Credit Union branches. The two purchases will make Superior the state’s fifth-largest credit union with more than 90,000 members, nearly $900 million in assets, and 25 branches. But more importantly, it gains immediate access to the Lucas County customer base. “We’re … [Read more...] about Lima credit union expands to Toledo area
County federal credit union
Breana Noble The Detroit News Published 10:00 p.m. UTC Jul 31, 2018 Michigan regulators shut down a Detroit church-owned credit union with more than $600,000 in deposits on Tuesday for "unsound" operations. The Michigan Department of Insurance and Financial Services said in a statement it closed Greater Christ Baptist Church Credit Union for "operating in an unsafe and unsound manner." The state-chartered credit union at 3544 Iroquois in Detroit had operated since 1957. It served 396 members, credit union employees and immediate family members. The credit union had $608,000 in assets and $470,500 deposits as of its last quarterly filing. It had two part-time employees. The National Credit Union Share Insurance Fund protects the deposits of the credit union's members up to $250,000. The National Credit Union Administration's Asset Management and Assistance Center will mail account-holders individuals with information about insurance coverage and how … [Read more...] about State closes church-run credit union for ‘unsound’ operations
Susan Tompor Detroit Free Press Published 7:04 p.m. UTC Jul 31, 2018 Detroit-based Greater Christ Baptist Church Credit Union was closed Tuesday because of unsound practices. The National Credit Union Administration will reach out to individuals holding accounts at the credit union. Insured deposits are protected. The credit union, which opened in 1957, has 396 members. It has $608,000 in assets and $470,500 in deposits as of its last quarterly filing. Deposits at federally insured credit unions are insured up to at least $250,000 per individual depositor. Greater Christ Baptist Church Credit Union served members of Greater Christ Baptist Church in Detroit, employees of the credit union, and related parties. More: Will your 401(k) feel the squeeze of higher tariffs? More: How to get a credit card when you've never had one Patrick McPharlin, director of the Michigan Department of Insurance and Financial Services, sought a petition in Ingham County Circuit Court … [Read more...] about Detroit-based credit union closed by regulators
Christopher A. Hopkins Photo by Contributed Photo /Times Free Press. Nearly half of all Americans with an account at a financial institution hold that account at a credit union. Many who don't (and some who do) are not entirely clear on how credit unions differ from banks. Here is a quick primer. The history of banking traces back 4,000 years to Mesopotamia. The 18th century BCE Code of Hammurabi contains the first recorded regulations on money lending. Over time, local temples became depositories for gold, and priests began making loans from the temple treasury. So began what is essentially modern banking. By the 4th century BCE, privately-held banks proliferated in Greece, taking deposits and making loans, but also verifying purity of coins and exchanging foreign money. Since that time, banking has been a for-profit enterprise, expressly committed to maximizing returns to shareholders, just like any major corporation or mom-and-pop store. By the early 20th century, small and … [Read more...] about Personal Finance: What is the difference between a bank and a credit union?
The former president of Bragg Mutual Federal Credit Union sued the credit union and its board chairman, Republican state Rep. John Szoka of Cumberland County, this month on allegations she was wrongfully and illegally fired due to her age and to punish her for being a whistleblower.Szoka, on behalf of the credit union and its board, said Thursday there were valid reasons to fire the president and the case is without merit. He declined to go into detail. The credit union has several weeks to file its formal response to the complaint.The former president is Betty Eileen Donovan. She was Bragg Mutual's president and chief executive officer until she was fired in February. In her complaint, Donovan says she worked at Bragg Mutual for more than 30 years and the board appointed her to the president and CEO job in November 2015.Now Donovan is seeking damages from the credit union in federal court.The suit alleges Bragg Mutual’s board failed to maintain all the corporate records that are … [Read more...] about Fired CEO sues Bragg Mutual credit union and Rep. John Szoka